All Forum Posts by: David Hertz

Hi

You can get a bank statement loan or a dscr loan. Both don't need your tax return info.

Thanks for all the responses

1. I am leaving him at Seller Finance for the rest of the loan in order to protect myself if he doesn't pay rent (that will be on the note).

2. I don't plan on leaving this at a high-interest loan; I will wait out a seasoning in order to get a new appraisal. I think the value is 650-700k.

3. If I can get 2/3 of the purchase price on a hard money loan, I should be able to leverage 100% financing after the seasoning period. 

Hi,

I'm looking for some advice on how to create the right strategy for a creative financing project:

The basics:

The seller wants to continue living in his house. 

Purchase price is 500K. Rental income is about 4800/monthly.

Specifics:

The owner wants to live there. He has hard money loans on the house that he cannot pay off. He has bad credit so he can't get a regular mortgage. 

Question 1: Is anybody familiar with how to do a 'subject to' on a hard money loan?

Question 2: Will conventional lenders do a rate and term on one loan if he has a second position on the house? 

My strategy is that, best case scenario, I will take over his hard money loan or come in with a private money loan to pay off his hard money loan and to rate and term the hard money -- private loan. The rest will be seller financed by the owner as a second position on the house.

Any advice would be so appreciated! Thank you in advance. 

 Question - why do you feel that that's the better way to do it?

I understand that banks would give you 100% of the HUD but

#1 would have to have an escrow account for those moneys.

#2 have to have the estimate ready.

On the other hand if I would make this sellers concession would be much looser and dont have to designate a contractor.

I would greatly appreciate if you would share your perspective.

Thank you

Hi, 

I plan on buying a multi family that needs an $80k rehab.

The purchase price will be $200k - cash.

Has anyone ever used seller concession for the purchase price? In other words, if I buy it off him for 280 and he does a concession of 80 for repairs, then when I want to take a loan in a few months, I'm hoping to avoid the 6-12 month seasoning period. If done successfully, my theory is I should be able to get almost 100% financing, because the ARV will be approximately $350k.

Has anybody ever used this strategy? Thanks.

 Thanks for your reply.

Are your saying that splitting the utilities bill between the tenants didn't work for you?

For 11 apartments I estimate about 65k. There is gas from the street but I have to put separate boilers for each apartment and some are not different zones. 

Thanks for the reply 

Have you ever actually used that software? If yes what was the exact name of that software. I would also really appreciate if you would share how that transition went with the tenants so I can make the transition on this property as smooth as possible.

Hi I'm looking into buying 11 (a 6 unit and a 5)  units in the Hazelton pa area. The one big set back on this deal is the fact that the heat and water are all together and paid for by landlord equaling about 24,000 a year. My goal would be to change that and make the tenants responsible for them. Question- has anybody ever done this successfully that would be will to share with me how they did this in the most cost efficient manor?

 I'm also looking into some multi families in Hazelton. I'm getting mixed feeling on one hand

https://www.realtor.com/realestateandhomes-search/Hazleton_P... claims its a buyers market, but on the other hand most house sell within 30 days at asking so mixed up. Also the prices of the houses are up, similar to surrounding areas of pa which are strong so my best guess is its a solid market.