All Forum Posts by: Alfredo Martinez

Hello, 

I am a contractor licensed and insured in New York & New Jersey.  We normally ask for a downpayment whenever we sign a contract for a remodel.  This deposit is indeed for materials, permits etc...  So to answer your question; You should not be required to give a downpayment/deposit if you are buying materials.  I would be very careful with a contractor demanding a deposit before they start work. We also work with 203K construction loans which NEVER give a deposit.  With the 203K construction loans, we must start the work and get paid in phases.  The 203K loan officers will allow up to 3 withdrawals on the loan.  For example...  We finish a bathroom we can request an inspection, they come in inspect we get paid say 25%.  We finish a kitchen we do the same we get another 25%.  The remaining balance is paid once the project has been completed.  Feel free to message me if you have additional questions.  

Thank you, 

@Alex Bekeza So we are doing a cash out refinance, with a heloc. We are going from an FHA to conventional with a fixed rate. I asked the question about the interest only payments and this is his response. “Like most heloc it is an interest only payment is based on 30 year term, 10 year draw, and 20 year repayment. No prepayment penalty” Thoughts?

@Alex Bekeza Thank you for your quick response. There‘s really nothing that stands out. We would rather not spend $800 for someone to just look at the documents and say its ok.

Hi, I am in the process of refinancing a property and wondering if I shoukd get an attorney to review the documents. We are refinancing with the bank we originally got our initial mortage with.

I am getting ready to move forward on a bank owned 4 plex. This 4 plex is about 4 blocks away from the beach. Nice boardwalk with a water and theme park. Restaurants, supermarket and all entertainment are all within walking distance. This property has potential. The property is a total rehab and is listed at $135,000. Been vacant for over 2 years and on the market for over 6 months. Will banks accept offers on a property like this or will they keep their list price locked?

Welcome to BP @Elijah @Elijah Voigt Once you’re in here you’re hooked... Great community. I’m in Teaneck NJ...

Thanks for your input Gabe. I just reached out to a realmestate agent friend of the family to ask a few wuestions. She immediately asked that I have her submit the offer for me. Is it a good idea to have her submit the offer for me or should I deal directly with the listing agent which showed me the house?

Hello Josh, Thank you for your reply. I just spoke with the agent, and this is cash/rehab only. The house needs to be completely renovated. The roof was done 1 year ago and, siding is in good shape. The house has only been on the market for 7 days. Thanks again for your input.

Hello BP team, I am getting ready to make an offer on a bank owned MF unit. List price is 73,000. This would be a complete gut on both apartments to include new plumbing and electrical. The property has been vacant for over 2 years and has been vandalized. Pipes were stolen along with water heaters. I am wondering if making an offer of $40,000 is too aggressive and will the bank entertain that offer? I would love to get a mortgage to purchase the house in order to apply the BRRR strategy, but not sure if I will able to get a mortgage for it. If this is not the case I will make a cash offer. Interested in hearing from the team on this. Thank you

What is the best legal entity to use when flipping houses?