All Forum Posts by: Vincent Monaco

The deep dive on comps is incredibly helpful. Really appreciate your input!

The deal is 250k. Comps in the area are for sale at 470k. FOR SALE though, not sold. Other comps are at or around those numbers as well. 

The place needs around 80k in rehab. 

So 470k × .7 = 329k

329k - 80k rehab = 249k

I don't have the money for the deal, I want to wholesale it. Assuming my numbers for rehab and comps are correct, would an investor buy an assignment for that deal at 260k?

I wandered into the SBA site looking into a 7 (a) loan, described as a micro loan.  Figuring if I got a $25,000 loan I could use that as down payment with a hard money lender to fix and flip a property. The first criteria for ineligibility was real estate investment!  Wondering if someone has found an angle into any type of SBA loan program.

Investment Info:

Single-family residence buy & hold investment in Pflugerville.

Purchase price: $262,000
Cash invested: $12,000

FHA loan on a 4bd 3 bath to live in and fill with renters.

What made you interested in investing in this type of deal?

To reduce monthly living expenses and begin gaining equity.

How did you find this deal and how did you negotiate it?

My realtor found it and negotiated the whole thing.

How did you finance this deal?

FHA

What was the outcome?

3 roommates that pay 71% of mortgage and 58% of the bills

Lessons learned? Challenges?

Challenges getting the the amount of rent I thought I would per room coupled with property tax increase means I pay out of pocket on average $650 to meet mortgage and $125 to meet house bills.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Agent