All Forum Posts by: Carlos Rodrigues

I'm going to have to schedule a one on one with my lender to better discuss. My debt to income is at 27% and I keep trying to bring it down, also my credit score is 753 currently.. And not to mention I received a 11% pay increase from my last pre-approval 5 months ago.. Don't know but I'm not sure if I'll be able to get a co-signer. I need a new lender maybe, any recommendations? Location Union NJ.

Good evening BP my name is Carlos Rodrigues and I'm currently looking to purchase a multi family in Elizabeth NJ. I was just under contract with a two family for $260k and I was able to pass under-writters and got the commitment letter from the bank. Unfortunately the contract fell through due to a oil tank underground. I'm now back to square one and I'm still looking to find properties 24/7.  

I'm having a issue though. My lender only approved me for $250k on a two family property and I'm having a hard time finding properties for $250k in my area. I'd honestly feel like I would need to get pre approved for $300- $325k to find a good deal and in a better area of town. I tried to have my lender approve me for more money but he says I'm maxed out on what I can get a loan for. But when I first got my pre-approval for $250k it was for FHA 3.5% down. Now I'm willing to go up to $50k down and he still says I can't get more of a loan. He tells me to have someone co-sign, but i don't have anyone. I also asked him what if its 3 or 4 family wouldn't it count, and again I was told no. But if you realize I passed under writers for a $260k loan with 10% down FHA.

I'm not sure but something doesn't make sense. Can anyone guide me on this? I'd like to get a higher loan so I can purchase a multi family (2-4 units) already. I keep seeing deals and let them slip away because of <$50k. 

Thank you kindly

Good evening my name is Carlos Rodrigues and looking to get off Zillow.com, Realtor.com, Trulia.com and overall the MLS. I've been looking for multi-family unit deals in Union and Hudson County NJ which I occasionally find on the sites I just mentioned but the real good deals go quickly before I can even get to see the property. It just seems impossible to find 2-3 family properties for under $300k in my area.. I was hoping to hear other creative ways you found RE deals. Thank you in advance!

Update: The oil tank was removed on March 2nd. The tank failed inspection due to holes in the shell of the tank. Soil samples were taken to the lab for examination and the DEP has been notified. I was quickly to let my attorney to void the contract, did I jump the gun? I fee like I'd be waiting months and not giving me a opportunity to find other deals.. @Mark Langdon

@Mark Langdon great information!! Thank you so much for sharing your knowledge and I'll let you know what ends up happening.

Thanks @Mark Langdon!  It's very interesting how I'm not in contract but yet we agreed for the Oil Tank to be removed and if the soil is clean I will proceed with the contract, and if not I'll walk away from the deal.  I have a question on the Oil Tank Removal process; how long does it typically take? What certificated will be given if there are no leaks and soil is clean? Will the soil be examined prior to an certificates?

Thank you kindly in advance.. 

Well guess it seems like this isn't over. The Listing Agent over the weekend called me to say that he was with the Seller and he convinced him to remove the oil tank. He said if the soil ends up being contaminated that he won't sell and he'll take care of the issue at a later day, but if it is clean I'd want me to continue with the purchase. I'm not sure but if you ask me these guys are playing games with me, what do you guys think?

Result: I ended up only asking for the oil tank removal and also suggested what @Mark Langdon said about doing the soil examination. My attorney and his broker agreed and liked the idea, but the seller quickly declined and immediately a termination letter was issued and signed. So unfortunately I am no longer in contract. In addition to that he also took the property off the market. 

And I'm not sure who would purchase a property with a abandoned underground oil tank. Which was something he never had disclosed but now if he does sell he must disclose it to other buyers. 

It's still not really fair that he was offered more then what he was asking for and that I'm approved for the loan with a commitment letter from the bank. 

But now if I could go back in time, is there something I could've done to save the deal?

@Mark Langdon awesome! I think I'm a talk to the Listing agent and see offer them to take soil samples at my cost. And if it comes back clean then the seller is responsible to remove the oil tank. And if it comes back dirty then I'll walk away.  Thank you again!! And again great idea!!

Good evening, my name is Carlos Rodrigues and I've been looking for a Multi-Family property for about a year now and I finally found a good deal. So I offered $250k for the three family and with multiple bids I ended up at $260k, the numbers still made sense for me.

I survived attorney review and am now under contract. Along with that I was able to get the commitment letter from the bank and passed the house appraised. In additional with that I received my home inspection and oil tank sweep reports. Theres minor fixes that are needed just as a small leak from the 3rd floor and it seems like theres might be a oil tank underground. I'm purchasing this property in Elizabeth NJ and its pretty common to have oil tanks underground. I told the seller that I need the leak fixed and the oil tank removed. He offered me a silly $3,000 credit, which I quickly declined. And now the seller wants to terminate the contract and he simply refuses to remove the oil tank. 

I'm not to sure on what to do, all I know is I'd like to purchase this property. How could I negotiate for him to remove the oil tank, so we can move forward?

Thank you kindly in advance.