All Forum Posts by: Bradley Miller

Bank notified me days before closing gift money wont do for an investment property.  I in turn l learn I can sell assets (IE vehicles) and that will do.  I return the gift money to my father, and sister, 12k apiece.  I now sell a vehicle to my father for 24000$. Great.  Still am short because the withdrawn money from my account is not viewed as repayment but as a further decrease of funds, in ADDITION to the gifts.

Stressful, educating experience here.  Something my ******* mortgage company could have let me know a month ago when I submitted all the gift letters and bank statements, etc.

Anyway - before I get too far gone here, this is my question:

Closing should have been on Tuesday - seller is accommodating and is ok with me working on securing funds for mortgage.

Is it too late to approach them about owner financing?

I was thinking about presenting him with an offer something to the tune of 50K down (20%) and even pay it off over 5, 10 years. Or offer more - perhaps as much as 100K.

I am sick with this mortgage company because of several issues ive had with this transaction and if I could cut them right out of the equation, I'd love to. Theres a lot to this story here but here is a condensed version.

Back info:

I own a 4 family that I currently live in.

This is a 3 family home, for 250k.

Any advice, thanks.

Friday at 430 bank calls to tell me I cannot use my two gifts totaling 24000 toward my down payment on my second three family. They say because it is an investment property gifts are no good. Closing was supposed to be this coming week. I submitted gift paperwork over a month ago and now I’m hit with this. Advice? Suggestions?

Hi all. New here doing a lot of reading, listening, and learning.

I bought my first four plex about two years ago and have been “living for free” since. I am getting ready to do number two.

Here’s my question:

I purchased my fourplex via FHA and owe 240000. I paid 285000 for this property. After some investment, this house is worth approximately 375. Is it wise to refinance? Cash out?

I got a little lax this last year and a half with some other ventures aside from RE. I am back on track and hungry with this RE again though. Full steam ahead.

Looking for some opinions here is all. Thank you all very much. 

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Hi all. New here doing a lot of reading, listening, and learning. I bought my first four plex about two years ago and have been “living for free” since. I am getting ready to do number two. Here’s my question: I purchased my fourplex via FHA and owe 240000. I paid 285000 for this property. After some investment, this house is worth approximately 375. Is it wise to refinance? Cash out? I got a little lax this last year and a half with some other ventures aside from RE. I am back on track and hungry with this RE again though. Full steam ahead. Looking for some opinions here is all. Thank you all very much.

Hi all. New here doing a lot of reading, listening, and learning. I bought my first four plex about a year and a half ago and have been “living for free” since. I am getting ready to do number two. Here’s my question: I purchased my fourplex via FHA and owe 240000. I paid 285000 for this property. After some investment, this house is worth approximately 375. Is it wise to refinance? Cash out? I got a little lax this last year and a half with some other ventures. I am back on track and hungry with this again full steam ahead. Looking for some opinions here is all. Thank you all very much.

Hi all. New here doing a lot of reading, listening, and learning. I bought my first four plex about a year and a half ago and have been “living for free” since. I am getting ready to do number two. Here’s my question: I purchased my fourplex via FHA and owe 240000. I paid 285000 for this property. After some investment, this house is worth approximately 375. Is it wise to refinance? Cash out? I got a little lax this last year and a half with some other ventures. I am back on track and hungry with this again full steam ahead. Looking for some opinions here is all. Thank you all very much.