All Forum Posts by: Kantcho Traykov

Hello, everyone. Looking for some advice if this seems normal for closing costs on this piece of Land my wife and I are trying to buy. The closing costs seem to be astronomical for the cost of the property. Thank you.

I feel like we could, I am only uncertain of what the occupancy rate would be.

Hello everyone. My wife and I have been looking to invest into real estate for a while now and this would be our first time dipping into it. Our plan currently is to get a piece of unrestricted land with utilities on it and put a tiny home on it and Airbnb it. I have found an off market property from someone that we were referred to by word of mouth who is selling a lot in the North Carolina mountains, the lot is a little over half an acre. House pad, gravel, and all utilities are already in. It's build ready basically. He is asking for 65k and is also willing to finance the land. He is asking for a 25k down payment and then a 5% interest with a loan for 7 years. And he is also charging a 1 time yearly fee of $300 for sharing his well. So that means that the payments will be pretty high every month, however what are your thoughts on this? I appreciate everyone's opinions. My wife and I are new to this, so we are trying to find a good deal to go into for out first investment. Thank you.

Hello everyone, looking into possibly making an offer on two properties being sold by the same owner. Trying to see if they can be bundled up for a better deal. My question is, how do you go about this from the lender side of things? Can you buy two properties at once? Can you use one loan to cover both properties? How do you go about this? Thank you in advance for the answers!

Hello, I have a question about someone offering owner financing for a property. The numbers I was quoted seemed high and I was wondering if that seems like a normal/good deal. I am new to real estate investing and haven't pulled the trigger on my first deal yet so I am still learning. I got quoted for a property that costs 69,900, 3k down payment. They quoted 760 dollars a month (taxes and insurance included). And I asked in an email about the terms and they said that their typical financing would be a 30 year term fixed rate at 10% interest. No penalties to pay off earlier. I tried doing some calculations and what I came up with was that I would be paying 550 dollars of interest a month and only about 200 of that would be going towards principal which doesn't seem like a good deal for the cost of the property. Thank you in advance for your thoughts.

Hello, everyone. Looking for some advice on what to do in this situation. My wife and I bought our primary residence in 2021, which was a new construction at the time. So our house is listed everywhere ( public records and Zillow/realtor.com) at 1615 sq ft, 3 bedroom 2 bathroom house. However....., even as a brand new construction our house has had a complete bonus room that is cooled and heated above our garage and there is stairs that were built leading to the bonus room from the first floor of the house (inside). So for whatever reason, the sq footage of our bonus room isn't showing anywhere in any documentation of the house which is about 300 sq ft missing from our house so our house would be 1915 sq ft. So, long story short, recently we have been shopping around for a Heloc because we have built some equity in the house and the market has grown in the area and I am looking to take action into real estate investing. So when we applied for helocs and stuff and we had those drive by appraisals and stuff, we keep getting a lower appraisal than I could ever even imagine. And so I feel like the extra living space, our bonus room not showing any of the documentation is hurting our appraisals. On top of all of this the comps that they show in the report in our surrounding areas are nowhere equivalent to our house. They show houses that are 20+ years older and some of them don't even have garages etc... that I feel are unfair comps for our property. Our house is less than 3 years old. So basically, my question is how should my wife and I proceed to try to get a fair appraisal and how do we go about having the 300 sq ft added to our house that's missing from any documentation? Thank you in advance for the answers and I apologize for rambling.