All Forum Posts by: John Bucci

@Tom S. Great, thanks Tom. Yeah that would be the plan. I believe it will appraise over 70k, but worse case I would do as you said. I'm fine with being in the property for 20k for a solid cash flowing rental. 

Follow up question, I am in NY and the property is in MD, do people typically work with banks local to themselves, or local to the property? Want to start calling banks asap. 

If I purchase a rental property with 45k cash down and 25k in seller finance, 10% interest only, with a balloon in 3-5 years will a bank allow me to take out a mortgage on the property and cash out in order to pay off the loan amount as soon as possible? Or will the seller finance loan cause issues trying to get a mortgage from the bank? Thanks in advance!

20 rental units.

If you purchase a rental property cash, or seller finance, would there be the same seasoning period to take out a mortgage/ re-fi, or could you do it right away since it is a first mortgage?

@Vincent Martin  Hey, I'm interested in this....

Is rent a high or low estimate, or market value? 

what are property taxes?

Does driveway require 4wd in winter?

Would seller consider seller-financing?

Thanks

@Michael Iskhakov Going to pass, but thanks. Feel free to keep me in mind for future deals

@Michael Iskhakov Thanks for the response.

Are you from or familiar with this area?

ARV seems high IMO. Probably could bump rent up a bit though

Michael Iskhakov current rent? What repairs does it need?

Tony Marcelle Before it hits the market? Like others said, probably impossible. Banks don't have time to deal with individual buyers. They'll either auction it, list it with someone, or sell it in a bulk pool.

John Hickey if your numbers are right it looks like a decent deal to me. Are you going to rent to college kids? My sister went to Marist. Poughkeepsie can be sketchy for sure, but decent rental market. Also heard there may be a lot of new student housing apts being built which would hurt the surrounding rentals. Something to look into. Are you going to BRRRR this one?