Posted by STEWART SKIBITZKE on August 21, 2003 at 19:03:35:
Michael, I have been wanting to make contact with you for a long time. I hope you will feel the same. Our home phone is 360-258-8601 3504 kauffman ave. # 4 Vancouver, Wa 98660
business plan-rehabbing - Posted by r. miller
Posted by r. miller on October 24, 2002 at 22:19:00:
Anyone have a business plan specifically geared toward obaining bank financing for rehab projects?
Re: business plan-rehabbing - Posted by Jonathan Kerendian
Posted by Jonathan Kerendian on June 14, 2003 at 08:02:27:
Hey I just read your idea about the FHA (203b) loan. I wanted to tell you that that was a very clever idea. I have an important quaestion though. I have around ten to 20 thousand dollars and i want to get started in real estate. What are my options. I cannot buy a 4 or even a 2 residential apartment building because thats not enough for a down payment. What are my choices. It would be greatly appreciated if you could email me at JKerendian@aol.com Thank you so much for your help
Re: business plan-rehabbing - Posted by Michael_NJ
Posted by Michael_NJ on October 27, 2002 at 09:08:05:
First off, banks will not finance distressed properties!! Rehabbing is the type of business were you may need to start off with a substantial amount of cash. Hard Money Lenders is an option but you would have to buy a property at the right price for room for profit. Also, one option I would recomend is to find a distressed property where you can apply for an FHA (203b) loan(First Time Home Buyer) BUT you would have to live in there for atleast one year, the cool thing is you only have to put down 3-5% down and they will assist with construction cost. This the approach I’m starting off with and I’m closing on my first property on NOV 22nd. After 1 year I will refinance and pull money out here are the figures.
Purchase $38900.00
Fixup Cost 12K
After Repair Value 100-105K
Sweat Equity 54100.00$$
Refinance and pull out 84K
pay off existing FHA loan 50900.00
Tax Free money to invest again 33100.00
Hope this paints picture
Hope this helps.
Michael W. Skibitzke
Re: business plan-rehabbing - Posted by Billy McBealy
Posted by Billy McBealy on July 25, 2003 at 18:32:10:
what u have to do is take it easy and go with flow, wirk foir a company and then after u have gained experience and earned some money then invest in real estate
Real Estate Tycoon - Posted by Sir Wellington
Posted by Sir Wellington on July 25, 2003 at 17:51:05:
Well well well
Re: business plan-rehabbing - Posted by terrence
Posted by terrence on October 28, 2002 at 15:46:18:
I would just go to a hard money lender and get an ‘investor loan’ which will give you usually up to 65% ARV (as repaired value).
25K is what you get it for
15K is what it needs in repairs
70K is the ARV or it’s full selling potential
This is how it works:
+$45,000 is your loan amount (65% of 70K)
-$3,000 is your closing cost
-$25,000 is your cost for the house
-$15,000 is your repair cost
-$2,000 is your holding cost & cushion cost
Your profit is IF you sell it for 70K will be a total of about $25,000 ($70,000 minus $45,000). When you take out closing costs then let’s say $23,500.
I know some lenders that do these loans so call me if you want, 281-300-3180
Re: business plan-rehabbing - Posted by Hi
Posted by Hi on July 29, 2003 at 16:46:14:
Thank you for replying so quickly. I asked you for some advice concerning real estate investing. I told you i had twenty thousand dollars what can do with it because it is not enough money. You replied by saying “what u have to do is take it easy and go with flow, wirk foir a company and then after u have gained experience and earned some money then invest in real estate” When i gain enough money what do you think my first investment should be?? Thank you so much for your help, Sincerelu Jonathan Kerendian age 19
Re: Real Estate Tycoon - Posted by Jonathan Kerendian
Posted by Jonathan Kerendian on July 29, 2003 at 16:50:08:
Hi, my name is Jonathan Kerendian, I am 19 about to turn 20 tommorrow. I have saved up 20,000 and i want to already go into realestate. I have read many books about investing. I do not feel that 20,000 is not enough money to invest,. My question is, what can i invest in with 20,000 or what is the next big step i can take toward investing.