All Forum Posts by: Tabitha Fox

@Tanvir Sattar okay, I'll look into that. Hopefully it's not as long here. I know the seller has a couple other people interested in the property so I was hoping to do something may be quicker than anybody else can if all my numbers still work after meeting with the contractor on Thursday.

Also in the last paragraph that should say if we CAN'T raise all the money should we book into hard money.

@Tanvir Sattar that's a good idea. Especially since it looks like there may be several different investors. Does creating an LLC take a lot of time?

@Jeff Copeland I don't think that's an option from the information she was giving me yesterday. It sounds like she has power of attorney over the house because it was a family member's home that died. They saw their lawyer last week to get the go-ahead to sell the house. I will see her on Thursday and I will bring it up and see what she says.

Hey BP!

I found an off market single family home in my neighborhood. I've spoken to the owner and know her asking price ($75K). It needs a lot of rehab. Probably around $40K. ARV should be around $160K. This home would be a non owner occupied flip. I'm meeting a contractor out there on Thursday to get closer rehab numbers.

I'm trying to figure out how to fund the deal if the stars align. My MIL has set aside about $25K for us, and I have a few more people who are interested in loaning capital (not sure on the amounts just yet). If we can raise enough to pay cash & rehab, how is that drawn up legally? Or even if we just use the $25K from my MIL? 

It'd be iffy if the home could qualify for a conventional mortgage considering all the rehab it needs, so I don't think a regular mortgage is in the question. Plus, we haven't had down payment funds in our account long enough to season.

Personally, we have about $12K. No debt other than our personal mortgage. Excellent credit. 

Should we look into hard money if we can raise all the capital? Being our first deal, I'm pretty nervous about hard money. 

Greenville here! We don't have any properties yet, but are itching to get started. Just been reading and absorbing information right now.

There's a home in my neighborhood that I'm interested in. I noticed it hasn't had any activity around it lately and after doing some digging around, found out the lady who owned it was in her late 80's and was either in a home or moved in with a family member. I wrote a letter on April 13th inquiring about purchasing the home. Well, I haven't heard anything and when I checked the obituaries this morning, she was on there. She passed last Friday. According to the obit, her husband has passed, and she didn't have any children. She has a sister and nieces, and nephews.

So, they already have my first letter. I'm wondering if I should follow up with a condolence letter and still let them know I am interested in the home so they don't have to go through the trouble of listing it and whatnot? Is this proper etiquette? Should I leave it alone and see if they contact me?

Thanks for that breakdown.

The mortgage is a 20 year 5/1 at 3.5% which is $307. Add $100/month for taxes and insurance. It was the only option we could get for such a low mortgage with closing costs rolled in. We actually close on the refi on the 29th. We are refi'ing out of a seller finance at 8%.

We don't have the funds for the repairs. It would be sold as is. 

If the other house doesn't work out, then we will do the repairs in our house as we can afford them.

 This is what I'm leaning towards. I just wanted to get others opinions.