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All Forum Posts by: Catherine Javier

Catherine Javier has started 26 posts and replied 87 times.

Hello BP!

Newbie here, asking for help.. I am from FL, my spouse and I started an LLC (partnership) and last Sep 2021, and the LLC is 50% for each member. We were able to close on a Townhome last week and of course we want it to be in our LLC.

We made a decision to do a DSCR loan and our lender asks us to redo the percentage of membership on the operating agreement. My spouse will have 85% (since her mid credit score is higher than mine) and mine as 15%. I have been searching but I might be typing incorrect information. How do we Change the percentage of membership in Operating Agreement? Do we go to Sunbiz or just make another operating agreement? I am not really sure how it works.

Thank you in advance!

@Steve K. & @Chris Pasternak & @David Avery,

Thank you so much for your wise opinion, this will definitely help us on hpw we will proceed!!!

@Chris Pasternak 2 condos which fell off contract due to HOA, 1 duplex that got away who has higher bid :(

Thanks @David Avery, I am going to share the photos here… so others can learn too.. you’re a big help.. 

FYI everyone, this is not a wonderful sight…..

@David Avery no there was no other offer. 

@David Avery Thanks so much for you reply.

We are Travel Nurses.

I do not remember seeing any windows for both kitchen & bathroom

Is there much space underneath the house for floor joist area? I can share pictures on the next reply or thread

Were there other offers at the time your offer was accepted? Posted for 205k, we offerred 188k, they countered 198k, we countered at 192k then seller agreed after a long discussion with  our 

what is your agent thinking about the repairs/inspection? Given the age of the building, he said that there were really ware and tear. Since the duplex is not in the nicest neighborhood, he said that lower rates & lower income families are needing this. 

I want to share the reports for the inspection.... 

Hello everyone, Newbie here. Needing your expert opinions.

My spouse and I are under contract for a 1942 Duplex in FL. Yes it is old and we are wanting to BRRR this in the future. This is our first time in real estate and we are both overwhelmed.

The price we agreed before inspection was  192k. We are also expecting a lot of issues and things that will needed to be repaired and addressed. We are not sure if it is still wise to pursue this deal with the overwhelming defects & issues. Please help & guide us.

The pros: 

1.) It is already rented total of $1975 for both units. Unit A is 3bed/1bath; Unit B 2bed/1bath. 

2.) It is already cash flowing. 

3.) According to the inspector, since the lot is huge, we can still add another duplex in the future.

The cons:

1.) Unit B is grandfathered, if it is destroyed it cannot be rebuilt. (But per our real estate agent, we can still repair)

2.) Lots of repair needed which we know it will have (but we are overwhelmed).

_______

Here are some of the issues:

Main Concern- The toilet drain pvc to cast iron connection is leaking under the home. This has raw sewerage emptying onto the ground (poop & pee). Noted a cesspool drain on the right side of the home.

-Active termite, termite damage in Unit B.  Treated Termite in Unit A

- Both units have some sub floor joist sagging

-Both Units does not have vents in bath & kitchen

- Exposed electric wirings

*** Some are not priorities...

If you were us:
1. Can we still negotiate the price and by how much? Or do we just walk away? We are still under Inspection Contingency.

2. Any idea on how much we're going to spend on the major issues listed?

Thank you so much in advance everyone!!!






@Brett Miller, Newbie here!

We are under contract for our first Duplex and We are torn between US Commercial (also speaking with Tom Potter with <5% Interest at worst using DSCR Loan) and Whole Mortgage (who was our lender on our primary home giving us 6.875%)

It will be our first time using US Commercial, any thoughts? Will the estimate fees be the the same or close enough to final loan fees?

Thank you in advance!

Post: Portfolio lender, Conventional loan

Catherine JavierPosted
  • Investor
  • Posts 87
  • Votes 17

@Tristan Gardner Thank you so much!

Yes, we just started the LLC in September and it doesn't have any income. This duplex will be our first rental.

I spoke with the credit union guy and he said the the loan cannot be under LL- is this true?

After reading some topics in the forums, we are thinking about QuitClaim deed, but we are not sure how this works and quite afraid of the outcome..

Again, Thanks for answering my questions!

Post: Portfolio lender, Conventional loan

Catherine JavierPosted
  • Investor
  • Posts 87
  • Votes 17

@Stephanie p  Thank you so much for all your input! The duplex is fully rented and will not be owner occupied.

I just spoke with the Credit Union guy and he gave us 5.85% (or 5% if we buy the points)

We will be in contract by tomorrow once we read and signed the disclosure.

Again, thank you!