All Forum Posts by: Ivan Reyes

I'm looking at a house that's a good candidate for the ductless hvac systmes I've been seeing. Ducts are now all busted and crawl space is SMALL.

Has anyone used these and can anyone give info on costs? The house I'm looking at is a single-story bungalow 3/1.

Thanks.

Thanks for the info Finance. Are you working on some seller finance deals in AL? How do I contact you?

The searches I made online seem to say that the max usury in AL is 8%. Can this be right? Does that mean if you provide seller financing that the max you can charge your buyer is 8%.

That seems very low considering the risk of providing seller financing on a property. Does anyone have any different experience in AL?

Thanks.

When selling a rehab with owner financing do you normally give a contract for deed or warranty deed. Isn't a contract for deed basically a lease option contract in some states? I'm in AL.

Seems like I would give the deed if selling with owner financing??

Can anyone chime in and give their thoughts on what interest rate you would charge when giving owner financing.

We are going to rehab a 3/1 property that will have an ARV of $60k. We're selling it with owner financing. What would be a reasonable interest rate. Or do you base it on a certain ROI.

I'm thinking 8% but that only yields $440 for a property in good condition, in a good location. As a rental I could get more. Any thoughts?

Its a rehab job. Asking price is $30,000 in Bham AL. I'm trying to work out some seller financing right now. A contracor bought it and now can't do the job.

Its in a transitional neighborhood.

I looked at a house yesterday. It's a four square style. A big two-story box of a house. Built in 1912 and 3100 square feet. It's leaning to the right side and you can see it in the staircase. I read on BP about piers. Is this different from putting jacks in the basement or is this digging to bedrock and piers like boardwalk piers. Are we talking thousands of dollars for this?

I'm looking to live in it.

This isn't a success story yet, but I hope to be back in a few months with my first deal. I have my signs up, my ad is coming out next week and I'm ready to go.

Spent too long trying to learn but I was getting into the rut of not doing. My goal for 2010 is 6-7 deals including 1-2 rehabs.

Wish me luck.

There’s an old house in disrepair in a transitional neighborhood near where I live.

House is 4br/2.5 bth 2500 sf, built 1920 and Victorian in style. Its listed with an agent but it’s a private seller. It’s on the market for $30k and needs $30-40k in repairs to bring it back.

I want to offer full price with $3k down, seller financing and a 2yr balloon. My thought is this thing will be on the market for ever before someone buys it.

I want to repair it and then live in it. In a few years or so when the neighborhood development improves (and receives historic designation) it should be worth $150k or so.

How would the agent get paid if this were to actually be accepted? Is this a long-shot based on your experience?

The property I'm shortselling has mold on the walls in a couple of the bedrooms. Small house needs new roof. Is that a strategy you would use to get a rock bottom price from the lender?

Would you state that in your list of repairs and get a mold removal estimate?

Stats:

$65-70k ARV.
Owes $65K with current fees.
$773 payment with escrow
1200 s.f. 3/1 needs roof, remove mold, paint, cleaning, some broken windows, other cosmetic

Will offer $28k