Will have the opportunity to buy a couple of properties in the near future.

Purchase price: $55,000 Cash invested: $85,000 Sale price: $280,000 I feel like luck and timing played a roll in scooping up this Garfield Park home.

It would not - your financing will be based on the lesser of the appraised value or purchase price.

At 0 completed rehabs in the last 3-years you'd be looking at 75% of the purchase price + 100% of rehab with no prepayment penalty periods.

Have you thought about STR opportunities for the property?

There are occasions where the borrower does have ability but does not qualify for traditional - but that is rare.Throw in the fact that I am not a bank so I can create loans out of thin air and only need a 10% reserve as another reason.I can share good and bad stories - it really goes to underwriting the borrower and the price they pay (paying more) is irrelevant if they cannot make payments

Also pricing is very important.  

@Alec Jacobs it’s been a few years but when we did it, we got a ridiculous range of pricing so definitely get more estimates.

It's hard to say if his quote is a fair price without a bit more detail about the systems they quoted. 

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