All Forum Posts by: Jesus Villarreal

it's a 3 bedroom , 1 bath with attached garage. The house shoud rent for $700 in this area.

dear Bp members,

I am in the process of acquiring a property that is 50k arv but in need of 20k in repairs. The owners were wanting somewhere close to 20k. I offered 8k and they countered with 15k. We agreed verbally on 10k. What formula do buy and hold investors use? I believe that my efforts in selling this property without doing any repairs aside from pulling carpets and demoing a bathroom will be aimed at them. Also any advice on how this deal looks pls feel free and comment. I am a new investor, I am closing with cash and I appreciate any advice.

Steve,

Thanks for the advice. There are several investors who do buy houses in this condition .

Bill,

Great advice also , and I appreciate it very much. The plan is to offer 8k 50/50 with my partner and resell quickly at 50/50 profit.

3 bed , 1 bath , attached garage , nice fenced in back yard with a little over 1,000 sqft.

The seller is very motivated and says she's wanting 20k or less. Very good rapport with seller so far.

After looking at the residence once by myself and once with a knowledgable fix and flip investor he stated that the house needs 20- 22k in repairs. I estimated around 20k , in which he brought up new issues that I was unaware of.

The house comps around 50k maybe 54k .

Here's why I'm doubtful ,

50,000

X.70

= 35,000

-22,500 repair costs

= 12,500 moa

- 5000 assignment fee = 7,500 max offer after my profit.

My plans were to close w cash and try to resell with 10k profit . I don't know if making 5k is worth it to me.

thank you all.

I'm in abilene texas. I was wondering if anyone was willing to share the contracts that I need before I do my first deal?

I'm currently interested in a property that is 3/2 with attached garage. The owner is wanting 50k since that's what the home is valued at on the tax rolls. In speaking with my friend who is a real estate broker he believes the house is worth 75k with around 6k in repairs, 1400sqft.

If I understand the 70% rule the deal lays out like this:

75k X .70 =52,500

- repairs 6,000

= Mao 46,500.

I've offered 40 k and the owner didn't budge . Before I offer 45k I was wanting to get input on weather or not this seems like a good deal. I plan on going conventional 20% down.

Thank you !

Update:

Since the last post I've decided to use equity funds from my rental that is paid for.

The seller agreed to sell for 13k and I plan on listing the property as is for 27k as my re agent has advised me. The price will be ref to the comps in area. The home is tenant move in ready, 2 bed, 1 bath.800 sqft.

Seeking last bit of advice before I pull the trigger.

Thank you to all for the help!

Bryan, I was leaning on closing with funds and re- listing with my agent to make around 10 k profit. The assignment fee seems to small and I don't think it would happen if I show a 10k assignment fee.

Jack, I'm meeting with the bank i am planning on getting a conventional loan. My plan would be to list the first property as is for around 25k. my re agent says investors are buying these quickly.

I know with everything there is risk, I'm receptive to all advice.

Thank you!

I've been driving my neighborhoods, talking to home owners and advertising via Craigslist, and I'm at a place where I have a chance at two properties.

The first : 2 bed , 1 bath home 800sqft . Seller is asking $16,000 I plan on offering $14,000. The home is investor potential , needing hardly any repairs and ready for tenants. My real estate agent states we could quick sale for $25,000.

The second: 3 bed two bath, needing 6k in repairs . The owner is at $50,000 and I'm wanting to offer 42k. Re agent states house should bring in 75k.

If these deals have good potential what type of loan would you recommend, given that I would like to sell quick and not use any of my money?