All Forum Posts by: Andre Fierro

@Zeke Liston that is for sure!

@Michael K Gallagher hey thanks for the Referal

Hey Bp fam,

So In short my lender/ loan officer caused me the deal. I really don’t like to blame anyone but there is just no other way to put it. I remember hearing one of the podcast where David green I think it was said you have to build your fantastic four and let me tell you that is so true especially in my experience.

I don’t like to throw anyone on the bus but this guy really pulled such an amateur move.

Lesson learned use only professionals recommended from BP lol.

I was really bummed out as this would have been my foot in the door to this exiting world of investing but hey can’t get emotional in this game, right!?I was so so close but no cigar!. Oh well here we go again back to hunting.

Anyone one recommend any good lenders to use for the Florida market?

Also looking for investor friendly realtors?

Any recommendations are highly appreciated!

@Wayne Brooks

Hey Wayne thanks for reply. Forgot to mention the money wouldn’t come from his bank account it’s in his wife account he has no accounts in his name due to him filing soon.

Hey guys so I been working with a bank officer for about 1 month now things are moving slow due to this whole covid situation.

Bank officer initially told me if shouldn’t be a problem using my partners money for the down payment. I’m the one with the good credit his credit is not the best but it’s not the worst either his maybe in the low 600’s so we didn’t use him on the loan but I need him for the down payment which is 25%.

Underwriting declined using him and my loan guy is telling me I can have my partner deposit the money in my account and season it for 60 days before I can use those funds. To be honest I don’t feel comfortable doing that and do not want to have to pay taxes on that money either.

Is this really only option I have to use my partners funds on this deal ? Other option they gave me is open a joint account with him but I believe my partner doesn’t want to go this route because he is going to file for bankruptcy soon.

Any advice is greatly appreciate guys.

I was really looking forward to this deal and it would have been my 1 st investment property. The numbers are great with a ROI of 20.43% and a monthly cash flow of about 1150 a month.

Getting discouraged all my attempts are falling through but hey number one rule is never get emotional ! But still ☹️

@Shawn K Hicks hey so it’s In Alachua county area. I do believe some tenants are on sec 8 but I wouldn’t know until I get those records.

@Will Fraser lol :). Absolutely. Seller releasing the records soon as I sign the good thing is I can pull out and get my deposit if I don’t like what I see. Verbally he has stated they are up to date and one of the tenants paid 2 months ahead.

hey guys so i have a fourplex property under contract in gainesville area. All units are rented. I know there's  little hope things might look up but i am feeling a little nervous that things can get worst and my rentals will suffer. The property is well located and in a area with high demands for rent based on the info dug up and discussed with multiple people this units stay rented most of the time and there is a high demand for rental in the area. 

Can this thing get worst ? is it a good idea move fwd? just curious to hear your thoughts and experiences especially in Florida area.

thanks guys

@Account Closed makes total sense. Commissions where never discussed with me. I had an attorney go over it and it checks out pretty much he stated its a standard "AS IS" contract and i can back out of it. Relying on the inspection if i don't find any major surprises we plan on moving fwd. As for as the discount fee all it states on my loan offer is the approximate cost of $250 doesn't specify how many points its actually discounting. I will be having a conversation with my loan officer today.

@Jack Bobeck used it and it all adds up and checks out close to the number quoted. Thanks Jack.