Yes, Chris this is sure true. I’m thinking about going out there myself and overseeing the upgrade if she’ll allow it. She has already completed most of two upstair units needs to rewire and rehab bottom unit though. We
have plugged in more than enough to handle all contingencies including a prepay of 6 months of interest back to investor at close. She also has
$40K due her from the city at completion and
inspection of the project. Exit will be sale
next year after she protects a $70 tax liability.
Then I look for her to sell. I just saw a similar
home in the area with a market value of over $800K
this is income property remember and upscale area
where no flooding happened and prices have already
firmed here and are going back up. Close to shopping
and transportation etc. Thanks for you comment. EAB
I have a close associate who has over $650Mil in sales in her REO pipeline. I told her not to count on a dime of it, until it closes. In the meantime she owns a Tri-Plex in one of the better parts of New Orleans, they had no flooding there, but did have wind damage. She needs $250K secured by first deed of trust and note for upgrades on main floor and some minor on both upstairs before she can rent out. Will comp at over
$675K after $100K of improvement in 90 days, that money can go into contractor control 3 payments ok. Balance to be used for fees, cost, points, prepay interest 6 months ok. and Pay off $80K on California home. Leaves $35K for expenses until her rental income, and pipeline commissions start coming.
Contact me, Al Boek, 530-549-4476 Time is of the essence.
the plan to rent it out is like a wet blanket. There is so much to do to get a house ready! It all ads up and a PM company asks for thousands for potential repairs, so the first few months’ rent won’t go to the owner.