All Forum Posts by: Tommy Volpe

We're investors in multifamily and commercial (retail). But we're looking to break into SFR's via the foreclosure auction in our market. I have a few questions below, I'd be very grateful if someone can answer them, or at least point me in the right direction to get them answered. Thanks!

1. 1. How do you find out how much you need to pay at the courthouse? Auction.com in our market typically says 10%, how do I confirm this?
2. 2. Who do you make the cashiers checks out to, and what denominations do you bring?
3. 3. How do you find the amount of debt on the property?
4. 4. How do you find out the exact amount the bank needs?
5. 5. How do you find out if there are any other obscure liens on the property? For instance: Title lien, First mortgage (or other), HOA, Mechanics lien, Gov't lien, IRS lien, Environmental lien, utility lien, code enforcement lien, child support lien

Thanks for the help, Andrew!

Hi guys!

If anyone on here has knowledge of the Chesterfield & Petersburg VA market, please reach out to me. We're looking to establish some connections in this area to purchase smaller multi-family deals and some single family homes. We'll be looking at the higher range of lower income to higher range of median income for our renters at these locations.

Thanks!

Hi guys! With all the extra time I now have I'm taking all my deal spreadsheets and turning them into one comprehensive sheet that can easily be passed along to lenders. It'll include pages such as deal highlights, the deal analysis, cost of all products down to every dollar, and of course return simplified and detailed.

For the lenders, when someone brings you a new deal to invest it, what are numbers/figures/details you need to see to continue to the next phase of the deal, to know if it's even worth your time?

Thanks guys, I'll share it once it's finished!

Hi Guys,

The bathroom that I am fixing up (only 30 sq ft) has a large tub, and a toilet in it currently. I am taking out the tub and putting a stand up shower in. I want to install a sink (vanity) next to the tub seeing as there is not one there right now.

It seems that there is a water line running to the toilet (not large enough to be  waste line). Is it possible to tap off of that water line and run water to where the sink would be? How much would this cost? If anyone has ever encountered something like this, I'd love to hear your suggestions! Thanks!

Hi Everyone!

So this is my first property and I am rehabbing the back unit of a double. The unit itself is about 600 square feet. I am curious which is the better option, vinyl plank flooring or laminate.

From my research, laminate is a lot more cost efficient however it can become a liability in wet areas like a bathroom or by a sink. The 2.99 per sq ft price point of the vinyl plank seems a little over the top and seems like it could get expensive very quickly. However, I don’t mind spending it if I won’t have to redo the floors for 5-7 years.

So my question is this. From your experience, what have you found to be the most cost efficient, and drive the most longevity for your rental units, vinyl plank or laminate floors?

Thanks in advance!!

@Anthony Dooley thanks for the response! So I found a deal that is cash flowing 1.8% of purchase price the numbers work great. My problem is how to find and structure a deal so that I’m still profitable. Thanks!

Hi guys! Obviously real estate can be profitable. I have literally zero money to spend or put down, like zero. Not even enough to cover closing costs. What I do have is work ethic, some knowledge of real estate investing, ambition, and time. How do you guys recommend structuring or creating a first deal to get a flip going or to get a first rental, even if it doesn’t cash flow much. What have you guys done if you’ve been in this position before? Thanks!