All Forum Posts by: Taye N.

HVac Systems installs always require a permit. In California you need a HERS report from a 3 third party too.

So I found a property that I would like to buy and flip the price is 1m. I don't have the cash to buy it. My partner has a home that is paid off and want to use the equity to purchase this home to flip.

The house is worth 2m and he willing to put the house up to get the loan.

We need a loan for about 4 months only. However we need to move quickly because the house will hit the market by Monday. We would like to lock it up before this happens.

Question:

What kind of financial option do we have? 

A home equity line of credit to setup would take too long.

Both of our credit is 780+.

What option do we have that we can close quickly and use his home for Collateral.

Thanks!!

Then information is out there . Focus in one area. Use apps like redfin, zillow to create automatic listing fir price ranges. You get new listing prices changes everyday. After a while you will see the price trends.

Pex is listed for underground but you need to transition to metal once you come up. Second you need 18g blue tracer wire. Why not use copper? Pvc is listed for underground too and for drinking water.

Prices in peninsula around from 250 to 350 a sqft.

In San Francisco or bay area? Sf is hard to get permits and takes years for planning.

If you know that some covered items are going to break soon a warranty is good.

Not sure if you should start with a tear down.

I purchased a Duplex for $574,000, It currently Rental income was A=unit 1100, B=1150 total: $2250

I remodel both units and rerented with a 2 year lease. A=$2100 and B=2100 total $4200.00

So basically I almost doubled the rental income.

I had put down 25% percent because it was not home owner occupied, Down payment = $143,500

Repairs and remodel cost for both units about $30,000 totaling around $180,000 on my HELOC.

I would like to do a cash out refi, to pay off my HELOC, however since it a duplex, I dont know ARV.

1.How much would my house need to appraise for me  pull most of my money back out? my bank only does 70 percent non-owner occupied. Does any know of any banks or loan companies that does 80 or even more with good interest rates?

2. Since I doubled the income does it increase the value of the property? The place is cash flowing, about 350.00 a month.

3. Does duplex use the income approach? or is it still comparable?

thanks!

Those numbers are crazy high no wonder yiu get no calls, even tho that prolly the going rate.