All Forum Posts by: Stephen Wiater

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $155,000
Cash invested: $5,000

Live in flip.
plan to hold for about a year.

How did you find this deal and how did you negotiate it?

MLS

How did you finance this deal?

3% down conventional loan

How did you add value to the deal?

Work in progress - ceiling fans, high hats, crown molding, new stainless steel appliances & tile in bathroom

Hello all,

I am looking into a property in Florida with my father that seems to be a very good deal, due to, it is not listed on the MLS, it is a elderly man who became close friends with my father and he mentioned that he wants to sell his house within a few months and my father let him know that him and I would be interested in buying it if its at the right price. The elderly man said that he would be willing to sell for about 150K.

Comps in that neighborhood are about 225k but this house is older and dated and definitely needs to be updated which we are figuring will cost about 20k.

So my question is, if we bought for 150k and put 20k into the property to make a total of 170k, would the 225-170=55k left over be our equity that we can cash out to refi? and if so how soon can you typically do this? is their a waiting period or can you do it right away after the work is done?

we will be using a traditional 20% down payment conventional loan.

Thanks in advance for any info.

Steve

great, thanks for the info @Joe Villeneuve

Hello All,

Can you put in two offers at the same time for two different properties?

I am hoping one of the owners accepts, my question is what happens if both accept? can I get out of one?

Thank you for any advise, much appreciated

Steve

Thanks @Bob Okenwa I appreciate the advice. 

Thank you @James galla 

@James Gallaundefined

Great this helped a lot thanks. @Christopher Phillips

ok thank you man! @Jason D.

Please see the picture above and advise on what the "Very Hot " (market temp) means?

I know this is probably a dumb question to most of yoou but I don't understand if this means is a good time to buy or good time to sell

Any tips or advise will be much appreciated

 Thanks

Please see the picture above and advise on what the "Very Hot " (market temp) means?

I know this is probably a dumb question to most of yoou but I don't understand if this means is a good time to buy or good time to sell

Any tips or advise will be much appreciated

 Thanks All