All Forum Posts by: Tom Camarda

@Jeff B.

Aha! Thank you!

Tech question - how do I get the @ symbol in front of people's names so that they know when I reply to their posts??  (Aside from simply typing the "@") I can't get it to create a hyperlink.

Thanks!

Tom

Thanks Gentlemen,

I agree the Subject To is not a good option and run away I will... Wondering though...

How would one go about negotiating a short sale for this property? 

TC

Greetings all,

I found a motivated seller. He owns the house but lives out of state. It's currently rented by a "friend" who pays well below market - just enough to cover the mortgage. He owes 95k and the house is probably worth 95 after repairs. (He used a VA loan with no money down and was instantly under water). He says it needs about 15k in make ready. I have not yet been inside to confirm the rehab needs.

Typically I am a buy and hold investor. This property would rent for 950/ mo. With so little equity and potentially 15k or more in repairs, is this something worth doing as a subject to?

Any other creative options out there? 

I'm all ears!

Best,

Tom 

HI Chas,

I will be in Killeen next week and would love to take a look. Can you send me your prop mangers info and I will touch base. 

Thanks!

Tom

Does anyone have a preference of using one over the other? If so, why? pro's / con? I reside in CA and invest in TX so the holding co. will be opening LLC's in TX.

Thanks for the input!

Greeting all,

I am looking for wholesalers in the DFW area, mostly FW. I have completed a couple of BRRR houses and have hard money financing. Property management is in place, looking to build the rest of my team. Feel free to reach out.

Best,

Tom

 Hi Kevin,

Just curious, Did you ever make the new purchase here? I am considering a similar sale of a BRRR that did not appraise as much as I'd like.

Tom

 Hi All,

I just completed my first BRRR and before I add another R to the acronym, I wanted to point out one thing to be aware of using this system. Your rents! Make sure they are based on the best case scenario ARV and that you will still cash flow if you have to come down for any reason.

For instance, After the rehab, the ARV was 82K ( I started on a small house). Well I went out at 950/mo initially and had to drop to 895 after a month to get it rented. Now because of that fat cash-out refi, I have a larger note to pay and the property doesn't cashflow like I'd hoped. Yes, I got most of my cash back out of the deal but it's a bit skinnier than I'd like.

Cheers,

Tom Camarda