All Forum Posts by: Yannik Cudjoe-Virgil

Does anyone know any lenders in the area of east Texas that invest in multifamily properties. Thanks!

The last several Wholesalers I’ve worked with had the buyer pays all closing cost in their canned contract as though it’s a given rather than negotiable.

So my question is, is it common practice to just assume buyer pays closing when working with a wholesaler?

I'm a 23 year old recent college graduate that wants to dive in the world of real estate investing. I'm been focusing on real estate education by reading books, podcasts, and BP for some time now. Two months ago, I got my first credit card in order to build credit. 

How should I focus on building credit?

Other than building credit and saving capital, what else should I be doing to prepare for my first deal (which I hope to be sooner rather than later)?

Thanks!

I found a 7 plex for $185k.   It has 4 1br and 3 2br apts.  Exterior is stucco, roof is flat and clad in an elastomeric foam membrane (one of my biggest issues).   The 2 bedrooms rent for $550, $550 and $575.  The 1br are $475, $475, $300 and $425 rents now equal $3350 a month, $40,200 a year.  All units are rented and there is a waiting list.  The landlord pays ele, sewer, water, phone and cable (I would like to make these more hands off), property mgmt. is in place and would like to stay for $3k a year about 7.1%.  Total expenses last year were $19,902.   I would change the 4 1br to $475 a month and the 3 2br to $575 these rents would equal $3625 a month and $43,500 a year.  A 15yr loan w 5.2% and 50k down monthly payments would be $13,341a year plus operating exp (which are rounded up for each category incl 5% vacancy) of $17433 (took the phone out) equaling $30,744.   So that gives me $12,756 a year in profit.    Elastomeric roof coatings last 5yrs and then need to be scarified and reapplied. 

The expenses seem high to me....I would have to change that somehow.  I am a new investor and I'm trying to get some encouragement....I have been looking for 3yrs!!  Help me grow a pair (if u think it is a good idea)!   What do you guys think?  Should I try to get it????????

1st time buyers. We just got approved for our first home loan. We understand that we need to look at many, many, many properties to educate ourselves on what is a good property and what is not. Our realtor is willing to show us as many properties over however long a span we need/ want (at least today that is what she said). We have viewed three homes and we love the realtor. Keep in mind we are comparing her to nobody because she is the first realtor we have seen in person. We have viewed 3 houses. Everything is going great. We already know one house is a “no-go” and have the other two to compare against each other. Everything is perfect which is why I’m worried. Our realtor wants us to sign a contract (which we haven’t yet) that basically states she is our official realtor and we won’t use any other realtors to view properties.

I do not like contracts.

I like flexibility.

I like learning.

I like comparing and contrasting people in the same way I intend to compare properties.

So far I like the realtor.

We intend to live in the house for a year or more before selling/ renting.

Advice?

Hello 

I want to flip a house. The ARV on the house is about $260k.

I have a pretty good idea what the rehab costs, closing costs and holding costs. I do not know the cost to resell the property.

I have never sold a house before so I intend to use a realtor. How much money should I budget to pay the closing and realtor fees?