All Forum Posts by: Account Closed

Something I learned today in Houston. Cedar roof houses can't be financed. The past owners had a shingle roof placed over the original cedar roof and it was just caught. Now it seems I'll be adding another 7000 to the cost of the rehab. It has to be completely stripped and redone. Anyone know an inexpensive roofer in Houston?

Someone else picked this up before I got to see it, but I think I would have passed on the fact that it was only 1 bath and the neighbor's house was in worse condition than this one.

Danny,

I'm new to this and am still anxiously awaiting the right property for my first flip. I love reading your blog and learning everything I have from it. Can;t wait until your next post.

Joel,

Thanks for the response. I will know more tomorrow when I see the place, but the comps pulled in the area that sold recently all had 1 1/2 to 2 baths. The rentals in the area are the same with only 1 bath. You did answer my question about refinancing with a conventional. I do have pre-approvals for both a HML and conventional.

I would have the same attitude as a buyer, wanting a second bath.

This came across my desk today from a wholesaler and I need second eyes on it. I would be using a HML, by the way.

3B/1B home in Houston.
Asking 30,500
ARV 90,000
Rehab Est 25,000

I drove by the neighborhood today and it's old but nice. I'll be looking at the house tomorrow so I wanted some input tonight.

A couple of things make me hesitant on this property.

First, it's a 3bed 1bath which is harder to sell after rehab and 2, the next door neighbor's house is in bad shape.

I looked at comps in the area and the ARV is accurate. The rental for the this home would be 900 to 1000 a month if I couldn't sell it right away.

Final question; after rehab, would I refinance through conventional if I had to rent instead of selling it?

Thanks in advance. Love this site, by the way.

Not yet Jon, I have a two contracts out waiting acceptance. Hope to have my first deal soon.

So I finally got my credit sorted. I mailed letters to all the credit agencies and they could not verify the collection as being legit. I have approval from both a conventional mortgage company and a hard money lender. I'm back in business.

I got an approval from them a few months ago, but hated dealing with them. They are slow to answer emails and phone messages and didn't seem to know the answers to the questions I had. Even when they did answer, I felt the answer wasn't a confident one. They seemed to answer yes to everything just to sell the loan.

I am presently using a Real Estate agent, still looking for my first deal to flip. I have found a few abandoned properties and am looking to market fairly aggressively to find my first property. My question is: If I find a house without an agent, what is the process for me to buy the house? I'd like a fairly detailed answer in step-by step form if possible.

I have spent the last 3 month trying meticulously to take care of my credit and not have anyone check it unless absolutely necessary. I have a pre-approval letter from an investment mortgage company, but wanted to have one for hard money, based on a need with working with a wholesaler.

I applied last week with a hard money lender and woke up this morning with a rejection email in my inbox. Come to find out, a company called RJM Acquisitions, LLC has put a collections on my credit report on an account from a book club that I was never a member of. Also, one of the mortgage companies that I previously applied for ran my credit twice the same day and it showed up on my report.

I'm in the process now of sending letters to the credit company and the collectors to verify the account or have it removed immediately, but this has set me back at least a month, maybe more.

Has anyone in Houston worked with a hard money lender that basis less on score? My score is still above 660, but the collections and excessive inquiries are eating my lunch right now.