All Forum Posts by: Bryan Tomko

Thanks all for your input. @jjconway I do in fact have an emotional attachment to the house, My Grandparents and I were and are very close. My grandfather built the house himself in 1955 and I would love to keep it in the family.  but I also need to be sure that my numbers will work! I have already told my family in my offer that I would not be offended in any way if they decided to put on the open market. They also don't seem to be offended either by my offer. I have asked them though to consider all the holding costs and realtor commission that they will incur. The house is frankly a mess. It became very hard for them to keep up with cleaning in the last few years. Outside landscaping is all over grown.  @Markgallagher  I will probably offer 115k if they think it was too low. My calculations show I could do and still be ok i think

Currently i do not have 20/25% down plus the funds needed for repairs. I do have cash but was planning on using for repairs to get the appraisal up for the loan. 

They are currently paying close to 700.00/mo in homeowners ins due to the house being vacant. 

Hi everyone. Long time lurker here. 1st time investor .My situation is the following. I am trying to purchase my Grandparent's home. 3 bedroom/1.5 bath 1/4 acre lot, 1 car garage, driveway . built 1955 Easton, Pa (West Easton, fairly nice area)

Grandfather passed away in February, since then my grandmother has been in a home. The home needs clean up and some cosmetics but the house is solid. 

My Father and his siblings have had offers from a flipper 1st time 75K then came back with 90k with 5k down and the balance at sale of property after flip. 

Realtor said they could sell for 130k with some small fixes.

I took a friend who is a realtor/investor in the area who rents 5 other homes within 3 blocks through the house and he thinks i could rent for 1200/1300 per month 

I've offered them 100K seller financed 4.5 % interest Amortized over 30 yrs with a 1 yr balloon (plan on taking out a bank loan to payoff. Using calculator i am estimating cash flow to be at around 450.00/mo and after bank loan to be around 250.00/mo

What can i do to convince them to accept this offer?

If my grandmother passes within that year what happens to the seller financing?( I assume I would pay the estate?)

I have an appt with a local real estate attorney monday. Just looking for imput

Until you have a good grasp on why you are making poor financial decisions do not transfer your debt to a new card. All that will do is free up the possibility of more credit which you will use. You need to become educated in how to either not use credit(have an emergency fund) or use credit wisely and to your advantage(never carry a balance and pay off every month. I personally had over 39k in credit card/personal loan debt from years of poor decision making. After education myself i will be consumer debt free in mid 2016 after 5 years of hardcore repayment. A written budget is key and not going into more debt. 

I will have enough saved by 2017 for my first buy and hold rental and I am super excited to start this journey! Good Luck! 

Hi everyone , just wanted to introduce myself. I have been a lurker for quite some time. I am hoping to purchase my first buy and hold duplex or tri in the coming 12 months. My full time career is as an executive chef for a semi-private golf club in New Jersey. My wife and I own a successful hair salon and I also have an Amazon FBA business that keeps us quite busy. Two of my closest friends have had great success with real estate and I hope I can too!

Thanks in advance for everyone's help !

Bryan

hi I am from Nazareth and just getting started in buy and holds. Looking to make my 1st purchase in the coming 12 months.