All Forum Posts by: Chris Seveney

It is difficult to find a lender for that much on an investment property. I don't think you will find one.

Did you have a home inspector ? It will be difficult to get anything back from the homeowner especially if sold as is. If you had a home inspector then potentially you may have a claim against them but at the end of the day you will spend more $ to Pursue it than what it is worth. Also $2k seems like a high price to to that work

Options will depend on what your credit score was, do you have any other delinquincies and the reason for the short sale. I believe short sale does not allow for a conventional financing loan until after 4 years from the short sale, but local lenders who are portfolio lenders may waive that requirement. You can also due a rent to own or get private financing for a year and then refinance.

You could file a complaint with the real estate board. Also depending on location, I highly doubt you will ever get zoning to change a single family to a duplex. But in all reality unfortunately your gonna be out the $.

I am looking at a property that is a six unit (actually 3 separate buildings on 1 property but legal). It's two single units and a main house with 4 units. It's in Maryland and I am wondering if I will be required to put sprinkler systems in the buildings or would be required too if I upgraded the homes? Any insight would be helpful - and yes I am gonna call and visit the building and zoning department as well but also like to get actual perspective from investors on what they have had to do Thanks

Beach property is best to get financing from. Local bank in that area. Beachfront properties typically require larger down payments 25% min and some places higher. Also make sure the expenses include flood insurance. Remember that beachfront properties also have much higher capex costs as HVAC systems last on average 5 years and painting and redoing decks etc is also required more frequently. Based on info you provided on price the property would be negative cash flow of $3000+ a month.

Does that include vacancy, repairs, capex, taxes, insurance, water/sewer etc. $800 cash flow on a property with roughly a 1.5% rent to purchase seems high. Did you use the BP calculator

Unfortunately the real world doesn't work the way people are taught today. Not everyone gets the trophy and the free ride. If you want something you need to earn it and find a way on how to learn it. And to learn is typically not free. You can read all the articles and books but experience is the best way to learn. While everyone thinks wholesaling is the way to start because you don't need money unfortunately it's not that easy as you need $ to send letters and need to know how much to pay which comes with experience. As noted in a prior post - get a real estate license and start getting educated on process and pricing. It will not happen overnight and it will take years before you may become successful I. Real estate investing. If it was that easy then everyone making minimum wage would be doing it.

Depends on rental income as a small house that's gets $400/month in rent in a C neighborhood and a similar home in a city in an A neighborhood may get $1000. The furnace is gonna run you $5000+\~ either way you look at it See my point.

Not sure option 2 would work as the seller is currently not paying his mortgage so if he sells it and doesn't get any cash out how/where would he live since his credit is most likely shot and he will have a hard time getting a rental (and paying it is he cannot pay his $800/month mortgage) I would think making an all cash offer for someone in distress would be the most beneficial for you as the buyer.