All Forum Posts by: Carlos Araujo

@andrew so even after I go under contract I can have a period where I can decide not to move forward with the deal? I thought that would only be possible within a conventional loan not a cash only deal. What kind of experiences have you had with water damage if you do t mind me asking ?

Hey everyone, I’ve been in the market to start investing in real state the last few months I currently live in NYC, but been looking in PA. A few days ago I cane across a home in NYC in an upcoming Neighborhood with what I think are great numbers. The home is an all cash deal but I believe the would be open to a conventional loan, now the property is on sale for 180 but it needs to be completely gutted. From the description of the realtor it has water damage and it may have mold. I’m currently looking to offer 200k and I asked around a few contractors they all say roughly around 80k-100k to fix. The house has a value of 400k according to one real state agent but the homes around it are selling for 450k. Has anyone had any experience with water damage and mold removal?? Also since it took me a few days to talk to the agent. The offer must go in by Sunday, but I haven’t finalized the hard money lender because if the short time I’ve had. I need some advice on this deal ****** it’s also a two family home Thank you Guys

The house needs work I seen the pictures and I showed it to my friend who is a contractor he said there’s water damage and the house needs work. I’m not sure if I want to live in it yet, If my numbers are right I get more benefits from renting it out

Hey guys, any ideas would be helpful.. I have an opportunity to buy a two family house, needs work but I ran numbers on fixing it as well as renting out one of the units and it looks like a good buy. Problem is it’s a cash only deal and I only have 20% down any ideas or banks that are willing to finance anything like this?

Hey guys, I'm looking for a mortgage company so far I looked at going to a big bank like Bank of America and Wells Fargo but what about all these online, any recommendations would help I'm located in New York! I'm looking to buy a 3 family home for 140k but most lenders want 25-30 I don't want to put so much down because I want to have money left over to pay the mortgage for a year just in case of vacancies. I get a lot of people saying I should do an fha loan but I don't want to live there or change my address. If anyone knows good banks or lenders please let me know Thank you guys.

Hey guys, I'm looking for a mortgage company so far I looked at going to a big bank like Bank of America and Wells Fargo but what about all these online, any recommendations would help I'm located in New York! I'm looking to buy a 3 family home for 140k but most lenders want 25-30 I don't want to put so much down because I want to have money left over to pay the mortgage for a year just in case of vacancies. I get a lot of people saying I should do an fha loan but I don't want to live there or change my address. If anyone knows good banks or lenders please let me know Thank you guys

Hey it's great to hear that people are looking in New Jersey, I live in Staten Island and the cheapest homes start at 400k. Right over the bridge in jersey I found homes around 80-150k for 1 or 2 family homes, from the looks of it they are good to start but yes the area is not the best. Im looking at a 3 family home in Newark for 160k it looks like it needs very little work I'm going with my realtor at the end of this week to go check it out. It brings in 2.5k a month for rent each month. It would be great if I could get some experience feedback. My plan is to put down 20% on it and mortgage the rest and rent it out and do work little by little over the next 6-7 months and try to refinance it.

Hey that's awesome way to start house hacking. Listening to the BP podcast I learned that there's banks that would finance on mortgage for 10%. I would suggest call every bank you can big or small you can always refinance later on

Hey guys, I'm looking for a mortgage company so far I looked at going to a big bank like Bank of America and Wells Fargo but what about all these online companies??

Hi Tien, I'm on the same boat as well I'm in system island and I'm looking to start in New Jersey. I have two partners one has little money but great credit rates and the other has little money as well but his a master builder he works jobs on and off in construction, but I don't know how much percentage to offer, if you come up with ideas please let me know.