Been visiting and reading for a little while here on the forums and the blog but finally decided to introduce myself :DAbout me.

With some very, very rough analysis, this one doesn't look like a deal to me.I didn't do a take off but let's just assume your rehab costs will be $40,000 (although it could be more work than that off the cuff).Holding Costs (utilities, insurance, loan payments, etc.) assumed at $600/mo) @ 6 months = $3,600Fixed Costs (inspections, permits, purchase closing costs, property taxes, realtor fees, buyer's closing costs) = $20,000Renovation Costs = $25,000$135,000 ARV-$3,600 holding costs-$20,000 fixed costs-$40,000 renovation costs=$71,400 Max purchase price So unless there is a bunch of room to negotiate the $85,000 purchase price, you aren't even in the ballpark.

And the final project only has 4 investors.

Well... at least the ones responding to this thread anyway :)@ Brian L- My final bid was 35k.

Finally, leave a call to action at the end of your talk.

Hi everyone, been lurking for awhile and finally joined.

A lot of the issues at underwriting are "complex," because the underwriters themselves are not very versed with how to review financial statements either they use "self employment income evaluation," methods designed from Fannie Mae which help in determining risk analysis but to objectively know how to read the statements like a finance professional thats a different story as most loan officers are not finance professionals.

The corporation will pay tax on any gain when the RE is finally sold, and then if the proceeds of the sale are divended out to the shareholders, they will pay tax again.

I just got my final figures and my total closing costs are 2660.00That seams very high to me.

Here's was my Pre-Purchase Checklist when I first started:Upon Contract AcceptanceEnsure Access to Property: * Make Copy of Property Key(s) * Purchase New Lockbox * Place Key(s) in Lockbox and Install at Property (hidden)If Certified Funds are Required for EM: * Get Certified Funds for EM from Bank * Submit Certified Funds to AgentIf Financing the Purchase: * Send Contract to Loan Officer * Provide Loan Officer Property Info * Connect Loan Officer with RE Agent Info * Have Loan Officer Schedule Appraisal * Make sure Loan Officer Knows Anticipated Closing DateDue DiligenceInspections: * Turn On Utilities for Inspection (water, gas, electric) * Schedule Termite Inspection * Schedule Property Inspection * Attend Inspection and Take Notes for “Scope of Work” * Get Final Inspection Report and Review for “Scope of Work” * Get Termite Letter/Pest Inspection ReportContractor Prep: * Create Scope of Work * Create Materials List * Determine Which Contractors Are Needed: * GC * HVAC * Roofer * Electrician * Plumber * Pest/Termite Control * Painter * Landscaper * Carpenter * Schedule GC Walk-Through(s) * Get Contractor QuotesPurchase Decision: * Perform Final Financial Analysis Using Estimates/Quotes * Perform Both Flip and Rental Analysis * Make Go/No-Go Decision on PurchaseUpon Contingency FinalizationFinal Purchase Prep: * Get Closing Date from Lender/Agent * Arrange Landlord Insurance Policy * If Financing, Connect Insurance Agent with Loan Officer * Follow-Up on Appraisal with Lender * Choose a General Contractor * Choose Sub-Contractors (if no GC) * Determine Exit Strategy * Create Rehab Schedule (if no GC) * Create Final BudgetPrior to ClosingFinal Loan and Closing Prep: * Obtain and Review HUD-1 * Obtain and Review GFE (if financing) * Ensure Loan is Ready for Closing (if financing) * Get Certified Funds for Closing * Determine How to Hold Title * Get Partnership Agreement Documents Signed (if partnering)Upon ClosingDay of Closing: * Get Keys * Change Property Tax Records to Home Address * Get GC and Sub Contracts/Docs Signed * Arrange GC and Sub Start Dates