All Forum Posts by: Tom Server

Purchasing a rehab co-op unit.  Basically, needs everything new. it's around 850 sq ft in New Jersey.

Where should I start first??  This unit needs a whole new subfloor thru out the unit (3/4in plywood), a floor (FVP), new kitchen (cabinets and counters), and bathroom (Vanity Toilet, tub.   All appliances (washer dryer, refrigerator, dishwasher, stove), paint thru the unit

Do you think it's doable for under 15k for labor, material, appliances?  

so if someone on the HOA has a family member or friend interested in the property and even thought they aren't the highest.. they can sell it to the family member or friend ?

I know they have strict rules they follow.. I'm sure they must have some ethics rules they must follow?

Hello I have a question, if anyone might know. A rehab property in a co-op has been put up for sale. The co-op is the one selling it since the original owner didn't pay their taxes the co-op became owners. So now the property is listed. my realtor is the listing agent. The co-op HOA wanted "Highest and Best". There were 4 other offers. Since my realtor is the listing agent, I'm pretty sure I have the Highest offer, its all-cash offer, no inspection and I have same things in the contract as the other offers. so, my offer is more and i should be the winner?

They were supposed to have a response yesterday and now my realtor states the HOA is meeting up again to decide.

I have nothing against me, no criminal record, good credit, job, income, savings, single male, no kids... could the HOA decline my highest offer the property to whoever they choose?

I'm in the process of purchasing a triplex. Currently all 3 units are rented with tenants.  2 are month to month and the third  is up in September. Closing at the end of March..  I was thinking about possibly living in the third unit that is up in September. I currently live at my families house, so I do not have a main residences. The only issue is my job is 2 hours away from the triplex, by September I was looking to transfer and find another another job down where the triplex is

   When I apply for my loan would i be able to apply as owner occupied? Or I have to apply as a non owner occupied ?

Hey what are the rates are you seeing for investment mortgage rate for non owner occupied 

750 credit score 

@Andrew Postell im trying to understand what youre saying here

Also, keep in mind that if that 2nd loan is paid by your savings account, your checking account, a HELOC, another loan...it still means you are net negative on that property. So, if you make $200 in cashflow with the first mortgage, and then have to payback $300 for your 2nd loan, that means you are negative.

am i still in the negative? if I'm taking my own 401k money and using it as the down payment, and then just repaying myself back over 5 years?... i still will have 60k equity in the home, I'm paying myself 401k back to myself at 9% interest rate.. so I'm adding to my 401k.. and I'm making 4.60 interest from the money in my saving accounts that Ill be using to pay back the 401k loan.. 

Im not fimilar with stocks to pledge and leverage.. I do have a lot of my company stock 

@Andrew Postell

The 60k 401k loan would be paid by my savings account each month. 

and the mortgage would be paid by the rents. 

Only reason I'm thinking of getting the 401k loan is 

1 I borrow from myself and pay myself back with interest 15k over 5 years

2 I'm making interest over the 5 years of holding the 60k in my saving accounts at a 4.60% monthly rate. 

the only question is how much money I would make over 5 years of that 60k sitting in my 401k

over the 5 years of interest paying off the 401k loan

Purchasing a triplex, the property is about a little under 2 hours away. Would you suggest hiring a property manager or run it myself ?

Hello, I'm about a month out from closing on a triplex with tenants. 2 of the tenants leases are expiring end of February and the third is on a sec 8 til Sept.  The owner has a personal property manager taking care of the property 

Should I do anything with the tenants or property manager prior to closing? 

Am I allowed to reach out to the tenants?

Am i allowed to reach out to the property manager ?

thanks in advance