All Forum Posts by: Levi Benton

Hello everyone! 

I am under contract to buy my first investment property. We wanted to use this 500 sqft addition in the back that has no windows and is on a concrete pad as a garage. It would work perfectly and seamlessly. There is one parcel next to us connecting to the alley and it is owned by the city. the parcel is currently 12 parking spots and that's it. 

We tried asking for an easement over 2 of the spots so we can complete the garage and make a path to the alley, but we are waiting on the city to get back to us. Is this the only way to go about making access to a garage over another's

property? 

It is our deal breaker if the city denies. 

I am purchasing this home that is downtown in the business district. I got the home rezoned residential. The county auditor site says the building includes 12 parking spots. When I call the city they say that the parcel next to the building is owned by the city and those 12 spots are the cities. The parcel is between our home and the alley (road access).

We want the parcel for an easement to our garage and to remove the spaces and make a yard. Since the auditor site says it’s included with the address is there an argument there? Or is there a form I can submit to the city to request that parcel?

No one has paid property tax on that land since 1955 and I would love to maintain it and take it off the cities hand.

Has anyone dealt with anything like this and how would approach the city?

@Lee Burns I do intend to hold it and pull out equity from the property on our first multi family later down the road when a good deal approaches.

My wife and I are looking to purchase this fixer upper for our PRIMARY residence as our first property.

We initially wanted to do a house hack but this opportunity came up. The home is about 50% higher then what we were wanting to spend on our first home but the equity it will build for us is 200k+.

My thought process was we could get our dream home instead of working our way up to it and open up a pool of equity that we did would not of had access to in the first place. We are starting with low capital and I saw this and thought it could be a huge jump start to our business.

I know it’s different than a lot of the lessons that are taught on BP, but I wanted to see if the community thought it was a good idea too.

Numbers below

FHA 203K loan

140k purchase

35k rehab budget

175k TOTAL

Refinance at 260k to finish rehab

ARV = 440k+

Hello,

I have been looking at a home for my wife and I and our baby on the way. It is in a great location where homes are usually going at $250K as shells just to start rehabs. The home is offered at $140K (commercial but I got the city to rezone) and needs a big renovation. ($100K). It should ARV at $375K+. We just got off the phone with the seller today and they are so motivated that they offered Seller Financing and for us to just get a construction loan.

I am very interested but I have some questions. 

-What are the limitations for a Seller Finance and what how will it be different from normal financing?

-Can I negotiate the $140K that it is listed for for the seller finance? I know they purchased 3 years ago at $90K. 

-Will it be difficult to get a construction loan on a seller finance? $100K MAX 

-Would I be able to refinance the home down the road to pull out MASSIVE equity to start our property business? How would I go about doing so. 

-What would our payments look like? 1 Payment towards the seller + 1 Payment towards our Construction Loan? 

Thanks for checking this out. Any direction would be great so I could get into this home.

Hello!

I have come across a subject deal. They are asking $15K + Subject Deal ($58K + $310 per month interest). I am trying to finance via Hard money and around $30K-$40K in rehab. Do I add the $15K to $30K-$40K rehab as an all in at $55K and pay the existing mortgage on the home? Or do I buy out the owner and include the left over debt and rehabs at an all in $113K?

I am just confused and would like some guidance. I have a lender lined up for a Fix and Flip loan but I am not sure if something like this would qualify or benefit me.

I would love to cover the existing mortgage and then have my hard money lender loan be $55K. Then refinance and BRRRR this great property. Is that possible?

Here is the description - "This is a 2 unit duplex. Property is being sold as a subject to deal- take over the mortgage payment on this property with no bank approvals. Property was getting 1200 for each unit. Inquire for more details on mortgage and assignment fees." Subject to Info: Mortgage principal owed: $58,000 Principal and interest per month: $310

Hello! 

I have come across a subject deal. They are asking $15K + Subject Deal ($58K + $310 per month interest). I am trying to finance via Hard money and around $30K-$40K in rehab. Do I add the $15K to $30K-$40K rehab as an all in at $55K and pay the existing mortgage on the home? Or do I buy out the owner and include the left over debt and rehabs at an all in $113K? 

I am just confused and would like some guidance. I have a lender lined up for a Fix and Flip loan but I am not sure if something like this would qualify or benefit me. 

I would love to cover the existing mortgage and then have my hard money lender loan be $55K. Then refinance and BRRRR this great property. Is that possible?

Here is the description - "This is a 2 unit duplex. Property is being sold as a subject to deal- take over the mortgage payment on this property with no bank approvals. Property was getting 1200 for each unit. Inquire for more details on mortgage and assignment fees." Subject to Info: Mortgage principal owed: $58,000 Principal and interest per month: $310

Hello, I have been using my father in law for my General Contractor needs to get our business started, but I feel he isn’t ambitious enough to see what we are trying to accomplish. We have every part of our team lined up except for a GC. We are looking to rehab and flip in the greater Cincinnati area and Northern Kentucky.

If anyone has any recommendations for a GC we could contact that would be greatly appreciated.

Thank you!

Hello everyone! 

I am looking to pull the trigger on my first deal which I plan to BRRR but I am scared about the refinance. It is a duplex in downtown Cincinnati ($60K Asking / $30K Rehab). My comps are a bit weird and they are freaking me out and making me hesitate. I am trying to pull an ARV but the only evidence I can pull in the small pocket of downtown is a home selling 2 doors down for $165K. Nothing else has sold in the 2 block area but around the corner homes are being turned at $500K. Also a few other properties in the area are listed but low activity. Not looking to sell, just refinance and hold.

Should I bail because the activity? 

Can I guarantee my refinance value with my lender before the offer? 

Is it good to be the first in an area that is in the middle of a community (Cincinnati OTR) turning around with high rents.