All Forum Posts by: Charles Mangum

I"ve seen a couple of these pop up in my area as well.  Multifamilies that are being auctioned on auction.com .  Tax records don't show that the property is being foreclosed or anything, so I'm not sure if this is a distressed seller, or I'm kind of thinking that b/c the market is so hot right now, they think they can use this auction tool as a ways of potentially selling without having to utilize and pay a local broker?  

I wonder if they are a 'cat chase'?  Any experience with them?

A lot of single family houses are being sold on hubzu.com .  It appears to me that the majority of them are just marketing techniques and they are going to produce a killer deal.

I"ve seen a couple of these pop up in my area as well.  Multifamilies that are being auctioned on auction.com .  Tax records don't show that the property is being foreclosed or anything, so I'm not sure if this is a distressed seller, or I'm kind of thinking that b/c the market is so hot right now, they think they can use this auction tool as a ways of potentially selling without having to utilize and pay a local broker?  

I wonder if they are a 'cat chase'?  Any experience with them?

A lot of single family houses are being sold on hubzu.com .  It appears to me that the majority of them are just marketing techniques and they are going to produce a killer deal.

I'd like to get opinions on whether or not you would do a 1031 in this situation.  I have a house I have owned for 2.5 years.  It is currently under contract and I my estimated capital gain is $40k which will result in an estimated tax bill of ~$11k.  1031 Exchange fees are ~$1k.  I have a property already lined up as a replacement. 

I'm thinking it is worth the hassle to do this but wanted to get some opinions on what you would do. 

I have a duplex I am going to buy from a friend of mine. He is a handyman so it is in really good shape and cash flow looks real good. So far I've gotten two loan quotes, one conventional 70% LTV, 30 year amortization, with 5% interest and another commercial lender who will do 80% LTV, 20 year amortization, 5% interest, with ARM in 3 to 5 yrs. I'd like to get highest LTV possible. Do you think there are better options out there for me if I keep looking?

Thanks,

cool thanks Jeremy

I'm selling a house in the country that has a septic tank.  The house was built in the 1960's and I believe the original septic tank is still there.  The realtor for the buyer asked me today if I had the septic tank permit.  I don't but wondered if I should?  That didn't come up when I bought the house and I'm assuming it was permitted when it was built.

Thanks!

Thank you all.  i was able to get a pre qual letter from a local bank.  The property I put an offer on is presently 50% occupied.  The on-site manager said the bank that owns the property asked him not to continue to lease the units.  I anticipate getting only 6 months worth of financials because the bank took it back only 6 months ago.  

What type 

 of lender should I be looking at?  ie local bank, mortgage broker, hard money?

Thank you both.   Is it common that in a scenario such as this that some sort of pre qualification or preapproval be submitted with the offer to purchase? 

I am going to put an offer in on a 16 unit for $500k.  The property just came back on the market and i would think the seller would want to see a prequalification or preapproval letter from the local bank I've been talking with.   Is this a good assumption?   Also the property is a value play and presently only 50 percent occupied.  Will the bank provide a preapproval or prequalification on the property or just me at this stage in the game? 

I am going to put an offer in on a 16 unit for $500k.  The property just came back on the market and i would think the seller would want to see a prequalification or preapproval letter from the local bank I've been talking with.   Is this a good assumption?   Also the property is a value play and presently only 50 percent occupied.  Will the bank provide a preapproval or prequalification on the property or just me at this stage in the game?