All Forum Posts by: Spencer Harootunian

Hey everyone, im new to this community but always wanted to be in real estate. Last week I acquired my FIRST wholesale deal! I'm looking around to find some investors to take it from me and just feel a little lost with dispo, i want to make my deals super sweet sugar coated cherry on top for all my investors on my list so what i ask is if you can rip apart this deal for me and make sure i have enough meat on the bone for my investors, below are the stats

First off address, 1011 Richard Bell Ave Perry FL

Purchase price $110,000

Seller says the bank is willing to let go of mortgage for $91,000

ARV $180,000-$200,000

Needs new roof (20 years old) and central ac system went down about a year ago (around 4k for 3 ton ac)

Ive been in roofing for about 2 years and im estimating the roof will cost between 18k-20k

I take constructive and negative criticism very well and i only want to improve, no opinions are unwelcome i want full scrutiny with this deal please.

Some additional details needed:

1. How are you financing this? What is the cost of financing. Lets say you needed $100k in financing at 12% + 2 points and it took you a year to rehab and refinance that is an extra $14k + closing costs.

2. you mention roof is 18-20k. That seems like an expensive roof - does it need to be completely torn up and rebuilt to hurricane standards?

3. /Have you been inside the property and walked it to do a full estimate of costs? I can only imagine a home in florida that has not had AC for a year what the interior looks like.

This is a very good point! Make sure you are taking into account closing costs as well as the repair money! Those two alone may run your deal over.

0 Votes

Fort Lauderdale, Florida

Hello my name is Spencer! I am 20 years old and for the last 5 months I have been learning hard money lending and I am diving into the real estate community to meet new people and learn. Nice to meet everyone!!!

1 Vote

Fort Lauderdale, Florida

Congratulations on your deal! May I ask how you went about funding for it?

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Loans from $50,000 to $5,000,000

Fast and Easy Closings

No credit check, no tax returns, no income verification, or no assets required. Equity based only

70% LTV purchase

60% LTV cash out

1 Year term

10 - 12% Interest only

No appraisal required

2-4 points

NO-PREPAYMENT PENALTY

Conventional fall out

Property must be purchased in LLC or Corporation

Quick funding in 48 hours

Foreign Nationals to 70% LTV

Construction loans to 5,000,000

0 Votes

Miami, Florida

All Forum Posts by: Spencer Harootunian

Spencer Harootunian has started 2 posts and replied 4 times.

Post: Wanna be a surgeon? Dissect this deal with me.

Post: New Member Introductions

Post: On the right track?

Post: Private Mortgage Specialist and Expert Loan Arranger