All Forum Posts by: Account Closed

 Thanks for the confusing diagram 

Good morning

As a seasoned real estate investor, I would invite rookie investors and another seasoned investor to a skype roundtable discussion on investing 

Do you need a mentor 

Depends what market we are talking about here

 Be more specific what are you confused about.  Refinance just means getting a brand new 30 year mortgage on the property for its current value. 

It looks like the margins are cutting it a little close, not much meat left on the bone if you chose to do Hard Money loan.  

I would go with the FHA rehab loan, this gives you a 30 year low interest low down payment mortgage, this will give you a feel for the whole concept. Its low risk, after you fix it up you can refinance the property and pull some more money out. Again just play it safe here, and for the 2nd deal you can attack with hard money.

Or find a better loan to value purchase, then you can use hard money 

I would be interested in helping you, please see my profile first 

No, it takes 6 months or more to kick out a bad tenant.  Be very careful with this city, I know big building owners in Bronx who went through hell because of this.  

Aaron, 

This is a classic example of a bad landlord rushing in a tenant with a over priced rent in order to sell the property for more. You tell him to vacate that unit, add an addendum, fix the floors, or you are out of the deal. 

You do not want, nor do you deserve this as your first investment, or any investment for that matter.  You should have a good working relationship with your buying agent, and discuss it together first