All Forum Posts by: Devin Berrian

@Mallory Nogueras hi! Are you still in the area? I’m in Marlboro as well. Just looking to see how this went, I also had a 203k on my first deal and am looking for a good second deal!

@Frank Sanchez hi I’m from the area and saw this deal. Is it still available? Thanks

Thanks Jerry & Jeremy. I know it sounded high. Paying $20k on a loan of $50k isn't something I want to do right away.

Hey BP community, 

Here is a little bit of background on our current deal:

5/3 SFH on a quiet residential street in Hudson Valley, NY

List price: $135,000 Taxes $6,000 

Very good condition, HVAC systems are 2009 or newer, kitchen and baths need updating which I can do myself because I'm a contractor.

Having some trouble obtaining conventional loan because my income is reported under a fairly young LLC.

While on vacation this week, my agent e-mailed me the following from the listing agent:

"Owner anxious to sell. Ignore price and bring me an offer Thanks"

So I sent the following to one of my contacts:

"I was wondering if you would be interested in lending some private money and earning back interest on it. I just got a message from my agent today that the owner will consider all offers on this property, and I think he would be very interested if I made an all cash offer of $100,000. I am looking for a loan on half of that. If this is something you might be interested in, please give me a call. Or if you know someone who might be interested, please let me know."

Side note, I actually think I could offer $80-$90k. 

Anyway, I got this response:

"I showed to one of my business associates and he would consider it under the following terms 50 k 1st morg 10% 5 year note based on a 20 year term . 1point upon commitment and 2 points upon closing the loan. You would pay all closing cost. You would also have to pay for an environmental inspection / building inspection. Prepay 1 year home owners insurance and he would also escro for taxes .also he would not want the loan to be paid off prior to the 5 years."

Can someone please help me understand this offer? I would really appreciate it. 

Before I consider this loan anyway, my father is going to cosign the mortgage as a last ditch effort to secure a conventional loan, which will involve paying about $8k in closing costs, and if that financing doesn't get approved, I have someone who may be interested in being a 50% partner in this deal."

Thank you. Is the place you mentioned in NYC? We are about 90 min away from the city. 

I feel a thousand times better with this information. Thank you so much!

thanks! I am going to get one with a reinforced steel jamb. 

Hey BPeople. Finally closing on my 1910 duplex tomorrow in City of Poughkeepsie, NY. Not the worst street (by far) but still some shady looking pedestrians passing through. I'm at Lowe's wondering...do you pay the extra $500 for a stainless steel entry door? We have a back door to replace too. We have about a six month rehab coming up and plan to put "no copper on premises" signs up (thoughts?). 

Thanks. 

Thanks everyone. I will keep you updated and I'm sure I'll come up with a ton more questions. The closing was delayed due to some back taxes found during the title search, but I'm scheduled now to close on July 24th.

So far..

Listed price: $37,900

Accepted offer: $23,500

Paying cash.

Hi all, 

I am soon to close on my first deal - a 2800 sf legal two-family home in the City of Poughkeepsie, NY. The basics:

Build in 1910

3 BR 1 bath in each unit

hardwood floors are OK, need to be refinished but definitely usable

asbestos siding

31 exterior windows

front and back door access into stairwell/foyer

needs full electrical upgrade (still has fuse box)

needs full plumbing installed

needs full hvac system

doing all carpentry and renovations myself aside from electrical (may end up hiring out plumbing too if the inspector will not let my Professional Engineer father-in-law certify my work)

I'm reading all that I can on BP to learn about what level of quality I should use in my purchases and renovations, but is there anything you wish someone told you when YOU began fixing up an old home you were going to rent out?

Thanks in advance!