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All Forum Posts by: Arpit Gandhi

Arpit Gandhi has started 5 posts and replied 20 times.

Post: Looking for GCs in Philly

Arpit GandhiPosted
  • Real Estate Agent
  • Hatfield, PA
  • Posts 20
  • Votes 4
Hi All,
I am in process of buying a SFH in West Philly. I am looking for a GC for a semi-gut remodel. Do you have any recommendations?

Thanks

Post: Help me analyze this deal

Arpit GandhiPosted
  • Real Estate Agent
  • Hatfield, PA
  • Posts 20
  • Votes 4

@Dustin Tucker

Thank you Dustin. I will look around for other lenders as well.

Thanks

Post: Help me analyze this deal

Arpit GandhiPosted
  • Real Estate Agent
  • Hatfield, PA
  • Posts 20
  • Votes 4

Hi All,

This is my first fix and wanted to run this through the BP community.

Report: https://www.biggerpockets.com/...

Location: 19121

Offer: 175,000
ARV: 310,000

Rehab  - Rough estimate $50,000.

Holding - $12000

I reached out to couple of Lenders but nothing concrete yet.
The best I got so far was:

80%LTV, 100% rehab at 9.625 for 18 months. and 0.75 points.

Would this be a good deal? I am just not 100% sure about the ARV value. It looks to be around $300-$325.

How long did it take to get the check? My tenant and I applied back in September and haven't heard back from them at all.

Post: Seeking Multi-Family Investors

Arpit GandhiPosted
  • Real Estate Agent
  • Hatfield, PA
  • Posts 20
  • Votes 4

@Brian G.

Interested. Please send details

Post: Turn-key Montgomery County Section 8 Investment with Tenants

Arpit GandhiPosted
  • Real Estate Agent
  • Hatfield, PA
  • Posts 20
  • Votes 4

Hello Tim,

Would you be able to send me the address?

Post: Is my mortgage broker trying to scam us?

Arpit GandhiPosted
  • Real Estate Agent
  • Hatfield, PA
  • Posts 20
  • Votes 4
Originally posted by @Mike Cumbie:

I pretty much agree with everyone else. One thing you said though. " I need the commitment letter ASAP". If you go cash you Dont need a commitment letter at all.

Correct. I ideally would like to get the commitment letter asap but if I don't see that happening, I will just go with the all cash option.

Post: Is my mortgage broker trying to scam us?

Arpit GandhiPosted
  • Real Estate Agent
  • Hatfield, PA
  • Posts 20
  • Votes 4

Before I go with the all cash option, I wanted to see what you guys think of this. From the way I interpreted it, I, the buyer, should get all the money back in case we don't deliver the commitment letter by the 1st.

Post: Is my mortgage broker trying to scam us?

Arpit GandhiPosted
  • Real Estate Agent
  • Hatfield, PA
  • Posts 20
  • Votes 4
Originally posted by @Russell Brazil:

There are a lot of red flags here. Cash kickbacks. Negotiating that subsidy behind your back.  Lying to you about which credit score they will use. Lenders use the middle score of the worse borrower. (But btw, credit karma means absolutely zero)

We were told that they use the lowest score of the worst borrower. Now, I understand credit karma means absolutely zero but there are several other sources which is showing 775-785. On top of that, I haven't had a single late payment in last 6 years. Had over 100K in student loans debt and paid all of it off in 4-5 years. All my accounts are always paid on time. So when I saw 705, it came as a BIG surprise for me. 

My wife and I really think that he actually modified it to sell us how we would get a higher interest rate because of it. 

Now, the funny thing is - We are getting a new construction (for ourselves) separate than this - We had to use the builder's prefer lender for a commitment letter. The loan amount for our personal home is 6 times higher and that lender didn't say anything regarding my score. I am sure they would have raised serious questions if they had seen 705.

Post: Is my mortgage broker trying to scam us?

Arpit GandhiPosted
  • Real Estate Agent
  • Hatfield, PA
  • Posts 20
  • Votes 4
Originally posted by @Charlie MacPherson:

@Arpit Gandhi If I'm reading this right, @Account Closed may have nailed it. If you are buying as individuals, and if the MFR is no more than 4 units, the transaction falls under RESPA regulations. Here's a good article to look over: https://www.thebalancesmb.com/...

Further, whether the agent is your fiduciary or not depends on whether you've signed a buyer's broker agreement with him or whether he's a disclosed dual agent - meaning that both parties have signed off on him being a neutral party to the transaction.  That means he's not representing either side's best interests, but instead taking a neutral position and shepherding the deal through. 

Depending on your state's laws, if there's no buyer broker agreement signed, he may just be a transaction broker or a representative of the seller - neither one owing you any fiduciary duties.

However, from all appearances, the agent has a side deal (undisclosed kickbacks) with the lender he's brokering for as well as the with the contractor.  Given the caveats above, these could be RESPA violations that could land him in a lot of hot water.

If you have the cash to buy outright, I'd suggest doing so.  Not only will you avoid all this chaos, but you'll save on lender fees and other closing costs. 

Then red flag this guy in your database and re-fi at your convenience.

Thanks for the reply Charlie. I am buying as an individual and it's a SFH.

He's not a representative of the seller for sure. He's my agent for my new construction I am buying for myself. Since it's a new const, we haven't really needed him for anything at all so didn't have to deal with him much. We also wanted to invest in rentals so we figured he would be a good person to start with. I came across a property and emailed it to him and we went to see it together.

I am waiting on a well-known lender in the area before I just end all this and go with all cash option.

The biggest hurdle at the moment is the commitment letter. I need that asap.