Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Abena Cannady

Abena Cannady has started 4 posts and replied 22 times.

Post: Buyer Unemployed Any Recourse

Abena Cannady
Pro Member
Posted
  • Rental Property Investor
  • Cambria Heights, NY
  • Posts 22
  • Votes 14

Hey BP,

My flip went under contract on Feb 22. Original closing date was March 31th. The buyer was using a small bank and doing an FHA loan and things were moving slowly. Granted an extension to close on Apr 23. Had to get a second appraisal due to the FHA guidelines, which wasn't back so last week granted another extension to close on May 7th. All the while frustrated that this lender seemed to be dragging their feet with doing their part.

April 23rd lender does employment verification and finds out buyer is unemployed as of March. So today we have to terminate contract and get back on the market. Frustrated is no longer the word. Broker wants to get damages from buyer. This is new to me. Beyond getting to keep the emd could damages be sought from the buyer?

Thanks

Abena

Post: Spreadsheet For Working With Partners

Abena Cannady
Pro Member
Posted
  • Rental Property Investor
  • Cambria Heights, NY
  • Posts 22
  • Votes 14

Hi BP family!

I'm working on a BRRR and this will be the first time that I will be using funds from family/friends. I will partner with them for the BR and return their capital plus some interest when I RR. I typically do these alone but they want to get involved and learn so I'm more than happy to use their money 😁

Is there a spreadsheet I can use to determine how much interest I can afford to give them?

Thanks

Abena

Post: My first multi-family generating over $7,500/mo passive income

Abena Cannady
Pro Member
Posted
  • Rental Property Investor
  • Cambria Heights, NY
  • Posts 22
  • Votes 14

Congratulation Gary!! That's amazing. And the building looks beautiful. I hope to be able to do a deal like that in a couple years. Great inspiration

Post: Any investors in the DMV (DC, Maryland, Virginia)?

Abena Cannady
Pro Member
Posted
  • Rental Property Investor
  • Cambria Heights, NY
  • Posts 22
  • Votes 14

Hey Jevon. Let's connect. I'm in NY but I invest in baltimore.

Post: Baltimore City ... Should I invest now ?

Abena Cannady
Pro Member
Posted
  • Rental Property Investor
  • Cambria Heights, NY
  • Posts 22
  • Votes 14

I invest in Baltimore and it's been great for me. In the 3 yrs I've been buying there I have seen prices go up a good bit. I stay primarily on the east side. You definitely don't want to buy in Baltimore without checking out the area first. You'll quickly learn that baltimore is a very block by block city. Baltimore is great for cash-flow but i'm not banking on appreciation... although I have seen some appreciation with my properties, that's not by goal for that market.

Post: Anyone investing in Georgia?

Abena Cannady
Pro Member
Posted
  • Rental Property Investor
  • Cambria Heights, NY
  • Posts 22
  • Votes 14

I'm in NYt but planning to start investing in GA. I was there in April connecting with investors down there. I'm hoping to go back down there in November to start doing some deals.

Post: Anyone Used AMZA Capital

Abena Cannady
Pro Member
Posted
  • Rental Property Investor
  • Cambria Heights, NY
  • Posts 22
  • Votes 14

I used AMZA to do a cashout financing on a single family property. I also worked with Adrian. He is very accessible and answered all my million questions. That was my first time using a non-traditional lender. The process was also very quick. I intend to continue to use them going forward for my future funding.

Post: Getting out of an AS-IS Cash purchase?

Abena Cannady
Pro Member
Posted
  • Rental Property Investor
  • Cambria Heights, NY
  • Posts 22
  • Votes 14

@Bill B. ahhh good point. Gotcha!

@Chris T. I'll stick with just the inspection contingency. I did see the form as an addendum to the contract.

@Wayne Brooks good to know. I'll scrap that method then. 

Post: Getting out of an AS-IS Cash purchase?

Abena Cannady
Pro Member
Posted
  • Rental Property Investor
  • Cambria Heights, NY
  • Posts 22
  • Votes 14

Thanks guys! I'm going to add a 3 day inspection contingency. I also like the partner approval contingency as well.

Post: Getting out of an AS-IS Cash purchase?

Abena Cannady
Pro Member
Posted
  • Rental Property Investor
  • Cambria Heights, NY
  • Posts 22
  • Votes 14

@Dennis M. Thanks for responding. I would rather my offer be turned down before I make the 3+ hr drive. This way I can also make more offers in less time and still increase my odds. With the inspection contingence is there something specific that has to come up to back out or it can be anything I deem unacceptable?