All Forum Posts by: Tyler Lushbaugh

@Stephanie P.  

I was more interested in buying and holding the property so I just don't think the numbers will work for us.  I super appreciate your input though and can see exactly where your going...we're just not in a situation to move into a project house at the moment.  With that being said, theres plenty more out there!  For instance, a duplex rancher behind my current residence is in fantastic condition, built in 1997, two large beds, large bath, living room and kitchen per side.  Asking price in our area is very high at $190,000.  Are there any owner financing or alternate financing ideas you can think of that may entice the buyer to drop their price and work with us?  Going conventional is just too costly at 20% down on a duplex that will gross $1800 per month.

Best Regards,

Tyler

@Chris Pohlson I really appreciate your input.  I feel like my eyes got real big when I saw the deal but running the numbers, its just too close for my liking!  Thanks for helping out! 

Hello everyone,

I'm looking to purchase my first investment property in my home town so I need to run it by you all to make sure I'm making a decision with my brain and not my heart. 1910 SFH in highly desirable school district, bank owned $99,000 asking price. It needs max $20,000 in repair, has a new furnace, new water heater, foundation is solid, .2 acres just needs paint and carpet removed. I have a buyers agent telling me that fair market retail is around $160-165K. I'd like to BRRR the property and rent it for $1100/mo. Since I don't have the cash to make the deal work I'm planning on going with a hard money lender at these terms:

Loan: 12 Months 3.5 Points at 10%

Purchase Price: $99,000.00

Renovation Price: $15,000.00

Total (Purchase + Reno) $114,000.00

3% Closing Cost: $2,970.00 (Estimate)

Insurance: $900.00 (Estimate)

Lawyer Fee: $1,000.00 (He reviews all closing docs and title company docs to make sure they do not include any aggressive verbiage or title exemptions that would be a risk to your and our benefit)

Appraisal Fee: $450.00

3.5 Points: $3,192.00

Proposed Loan: $91,200.00

Released $76,200.00 ($15,000.00 Release for construction)

Buyer Brings: $31,312.00 (Estimate)

Downpayment $22,800.00

Is this really a deal? Will banks budge much on price? Am I just trying too hard?

Any thoughts would be a great help to me!

Best Regards,

Tyler

Trying to move this fast, willing to negotiate!

Within Walking distance to Historic Funkstown, MD

Highly desirable area, great flip opportunity!

@Iverem Rose

Thanks for the great wholesaling link! I appreciate you reaching out to me as a new member.  I have a question, I see that your a real estate agent in New York, I too am pursuing a license here in Maryland but am having second thoughts about getting my license while also attempting to start wholesaling.  Here in Maryland, if your a licensee, you legally need to disclose to all your potential sellers that you are in fact a licensee and I feel like that could be a hinderance to making deals.  Would not having a license in this case make potential sellers more comfortable?  I'd like to get started in wholesaling and then hopefully move on to buy-and-hold properties, but does getting a license help in those ventures at all?   What are your thoughts?

Hello Bigger Pockets Community, 

     My name is Tyler Lushbaugh and I'm new to real estate investing.  I'm 30 years old and have a strong background in residential construction as well as lots of experience renovating our own home.  I recently left my corporate job in search of something more personally rewarding.  Since then, my fiancé  Jocelyn (@Jocelyn Borg) and I have been researching real estate investing as an opportunity to get out of the rat race.  We don't have a large amount of capital to invest and it seems that wholesaling may be the perfect fit to get our business off the ground.

     I'm thrilled to be joining this forum.  There are lots of valuable resources here and I can't wait to interact with you all and give back from what I learn along the way.

Regards, 

Tyler Lushbaugh