All Forum Posts by: Andrew Hofing

@Alex Hamilton are you a non-profit organization?

We are looking @ purchasing SFR house that needs a lot of work, probably $45K in renovations. The property has a section 8 tenant that is mo. to mo. and seller is willing to evict prior to close. These tenants have basically destroyed the property so we are ok with this. My partner made the point that the tenants could possibly do damage before they leave and we would like to eleveate the risk with a clause stating: " Closing of transaction is subject to condition of property meeting acceptable conditions based on initial inspection and remaining in said condition as of day of closing. Seller and Assignor will hold harmless buyer for withdrawal from contract to purchase based on any excessive damage caused by tenants causing a significant change in condition of property at time of final walk thru." We are purchasing thru a wholesaler and he has in his assignment contract that basically has a non-refundable deposit clause. He said today that he hasn't and would not enforce that clause and would refund the deposit if we walk away. Should I use the clause or take him for his word?

Yes, Mon is typically good.  Thanks

@Eric Fernwood can I get your break even property analyzer to use?  

Utmost regards,

Andrew

@Ian Hoover Hey, unfortunately I had a last minute family obligation so I couldn't make it last night.  How did it go?  What was the turnout?  If you are going to continue having this meetup then keep me in the loop.

Sounds great!  I think I should be able to make it.

@Tyler Mills Ok so you are saying that if a mortgage is assumable that the current rate the borrower has is locked in for the assuming party? If so, is the full UW process for new borrower merely to judge credit worthiness? I am looking @ a deal that possibly has an assumable mortgage with a very low 2.75%. This would be key if we could be locked in @ that rate. Also, my partners and I would be purchasing in our LLC, which does not have any established cashflow or history. Will this be a problem and if so then could we purchase as individual with 2 underlying partners as co-borrowers?

@Ian Hoover That date and time works for me as of now.  Thanks

@Ian Hoover I would be interested getting involved in a local Pittsburgh investors meeting.   I have been to Jerry's meeting and it's excellent, but haven't made it out recently as I am in North Pittsburgh. I think somewhere in North Hills would be a good general location.

@John Thedford What are you saying in your CL marketing?  How often do you place the ads?