All Forum Posts by: Dilthon Ramos

hi there, 

i would highly recommend you ask your buyers what they would pay for the home. They will also do their due diligence and let you know one way or another.

Hi guys,

I'm interested in splitting the cost of REIpro. Let me know.

Thank you all for the responses. I'll definitely let her know about all the advice received. You guys are awesome!

Hi Everyone!

Sorry if this is the incorrect place for this topic. I need help/guidance. Just for background, I work in logistics and supply chain management. I am not an investor, yet, and the only deal I've done is the purchase of my own home. I do listen to the BP podcasts tho lol.

So yesterday, I caught up with my friend's mom at a gathering. We hadn't seen each other in a while. To cut the story short, she mentioned to me that she is stressed out about her current situation with her home. In a nutshell:

• Home needs major rehab.
• Mortgage is paid off.
• Has a job.
• Property is a 2 unit multi family and the 2nd unit is rented out and cash flowing.
• She says she has no credit history due to not using credit cards/LOC's at all.
• Says she has not been able to qualify for loans (HELOC, LOC, etc.) yet due to no credit history.

The front unit, which she lives in, is in major need of an overhaul. Have not seen the 2nd unit.

My question is:

Any ideas on how my friend's mom can keep her home and get the funds for the repairs? 

I'm honestly just trying to help but if I can help in any way I am willing. I know there's a way but I just can't see it. I did mention maybe private money is an option as well as tapping into any equity in the property; or sell as-is. She is definitely not looking to sell.

Thanks, everyone!

Thank you, Jim.

We will definitely have to weigh out our options.

Hi All,

Newbie here looking for feedback/guidance. I did search the forums before posting.

My wife and I purchased our first property (duplex) in Feb 2016 via FHA loan. We knew going into it and from the inspection report that the homes would need work done and set aside what we thought would be enough rehab cash. Welp... of course we didn't set aside enough and there's still more work to be done.

Is it possible, or has anybody ever refinanced from FHA to FHA 203k? My understanding is that it is possible but that it is complicated. Any info will be greatly appreciated.

Thank you!

Dilthon

P.S. Sorry if this is in the wrong forum. 

 Hi Carolyn,

It's been a fiasco but, in the end, a short sale was the best solution. This is because as we looked more into the paperwork, more details from the loan arose and a short sale was the best option.

I will say this: Fred Heller, here on BP, was a great help.

Thank you,

Dilthon

Old post but a google search brought me here.

Currently about to close a mortgage loan with this company. Let me just say this: I hope I never have to do business with them again.

UPDATE: 10/20/15

Our offer was accepted.

Turns out, the sellers jumped the gun on listing their home. My agent advised that there are 2 families living on the property. The family in the first unit is relocating out of the country. The delay was cause by the family in the 2nd unit. They didn't have anywhere to move to so the delay was to buy time for the 2nd unit to empty. I had to double check so I verified this with the owner and the tenants in the front unit and the story checked out. 

Thanks, again!

Subscribing for acronyms, as well.

RIPA = Residential Income Purchase Agreement? (I'm guessing)