All Forum Posts by: Nicholas Weckstein

Grant Ward we'll do u have a mortgage on it or do you own it free and clear ? If you own it free and clear well then you have 100% equity and can borrow 75% or more of it depending on your situation. If you don't own it free and clear you would have to get an appraisal and and then see how much money you have into the property and work with that percent to see how much you can take out.

Grant Ward

Grant Ward if you have equity in that apartment you can pull equity out and use that towards a down payment. Assuming your DTI ratio would support it. And your credit is in order.

So after the upset sale, and after the judicial sale. Apparently the house goes into the repository and offers can be made and accepted at anytime "free and Clear". I found the list of homes in the area I'm looking in and the prices are very cheap to buy free and clear. Now the list starts from 2016 and goes back to 2014. Not exactly sure how to read the info and understand it, like if they were all sold or not. But I'm curious has anyone ever had any luck with this ? I love the idea of buying tax liens. But only if they are free and clear. The area I invest in is Pennsylvania. Mainly the north east.

I was doing some research and came across a government rural development loan. Started reading into it and it offers no money down. I didn't dig to deep, but am just curious if anyone has ever used anything like this to buy properties. Seems to good to be true but it is a government backed program. Hypothetically if it were obtainable, I could buy a multifamily property (yes I read that you can use it to for a multifamily as well). Maybe only cash flow a little bit if I'm lucky. But it's a way to acquire more properties. And if the deal is right I should be able to cash flow. Any one know anything about this ?

Frank Sanchez I need to just find a contractor to give me a real idea. I have to put in a kitchen as well. Thank you for the input ! Jaclyn McClellan yes agreed. As long as I can get in done within my price range, it will be a great investment

Jim Adrian well I have electric heat in the other units. So I would go with that option again. My understanding is that it's cheaper to install then other methods of heating. As for air conditioning, I wouldn't install any air conditioning. Maybe just provide window units or tenants would have to have their own. I would do the sheet rocking and painting myself. 50$ per sq ft seems very expensive. The space is close to 1500 sq ft

Ben H. No no no not at all ! I meant I bought a property for long term buy and hold it's fully rented. Now I want to keep buying properties and I want to get into FIX and flips

I would like to start doing rehabs. I just bought my first long term buy and hold property. And I'm ready to keep moving. Paying cash won't work for me right now so I would have to finance So I would need to find financing that will give me money to buy the house and money to fix it. Is that possible ? Hard money lending Is what I was thinking.

Mark Fedorov Yes all contingent on zoning. I have an off street parking lot for 6 cars so that will help. I won't do cooling they can use window units, but yes head I will have to do as well. Like I said I'm thinking between 20-25k should do the trick