All Forum Posts by: Sean Kuhn

@David Thomas

I actually had that happen to me. An old drop ceiling was closed off and the guy left an old smoke detector in there. Took us an hour to find where the beeping was coming from.

Brant, that's very common now a days for it to be listed way under market value. I recently found a rehab listed for 72k and offered 94k on it. The next bidder up was 115K I found out later.

If you flip it for 150-160k and the ARV is 115k you're profit is somewhere in the difference. Imagine how long it would take to make that profit from a rental. Now imagine how much money you would make flipping that and leveraging the profit into several rentals. I hope it works out for you!

After seeing the ARV I agree with Trent. Flip it and take the profit and leverage it into several other rentals.

BTW I'm interested in the Chicago meet up too.

Enter the @ button then his name should pop up below and select it. @George Foster

That's a little higher then what I would feel comfortable with, but its close. I would say if you could get either rehab or purchase price lower(20 percent?). Its easier to get a lower purchase price than renting out for a higher amount to offset costs :)

That is with an non owner occupied loan, which you would have to do.

I believe my lender would say that 75% of that rental income can be used. Instead of a bank try a private mortgage broker.

Oh if you're going to be living in it then yes, I would definitely do that over anything. I wish I had done that starting out.