All Forum Posts by: Christopher Prince-Barry

Any recommendations for GCs to reno a ~2k sqft house in Rutherford NJ?

Must see previous work and have references to be considered.

GCs looking for business relationship preferred.

Rough SOW:
-demo to studs
-demo non structural wall
-demo staircase
-new electrical
-new plumbing
-new HVAC
-new roof
-new kitchen
-new bathrooms (3)

Hey BP Nation,

TL;DR: Do banks really expect $350k seasoned in an account to accept an offer on a short sale?

Short version:

Hopefully my first equity deal!

- Found a tall grass house in my neighborhood.

- Wrote a letter to the owner.

- Turns out to be a short sale.

- Three lien holders.

- Primary is Wells Fargo.

- Seller's agent now repping both seller and my partner and I as buyers. He represents that the hard money loan (HML) approval letter is not enough for the bank to accept the offer. He relayed that bank wants to see $350k (asking price) seasoned in an account.

Questions:

1. Is that normal? (How many people have $350k not out there working for them?)

2. Contract is under my partner's LLC. Is showing funds in either of our 401k-s an option?

3. Would showing access to funds via line of credit work?

4. Would having a friend with a seasoned account write a letter "backing" the purchase work?

Bonus:

The selling agent is a long time friend of the seller, real estate investor, never used HML for deals, "doesnt want this to go to sheriff auction" for friends sake.

How much do I trust what he relays about the bank's position? 

Last: I am a big fan of BP! I have learned tons here. Thanks all. 

PS. @Joshua Dorkin @Brandon Turner @David Greene thank you for changing the lives of my family forever!

@bob green requires rehab

@cameron thanks!

There are no agents. That’s it I quit real estate. Where are those Cheetos and my remote?! Hehehe. Just kidding. Time to look under another rock.

Thanks for the insight folks. I actually started a REI club (by accident) last week. The people who have properties know their farms like the back of their hands. It is amazing. Seems like it would take a while to know so may Street names and the details of each block. That won’t stop me though!

@patrice penda I am hopeful.

Michael Gessner looks like you website is down.

Jessica Zolotorofe I am looking for what i believe would be full gut jobs. Hard to say what the budget is, if it’s a good deal financing can always be found.

Any contractors in North NJ happy to work with a rookie determined to close a deal before the end of 2018? Hopefully much sooner. Let me know what details are helpful to post.