All Forum Posts by: Dennis Osendowski

I am just about ready to pull the trigger on an occupied Auction.com property and while I hope for the best I would like to prepare for the worst. 

Would love to hear others experiences whether good, bad, or ugly and any surprises from purchasing an occupied Auction.com property. 

Also I've seen quite a few potential properties in the NJ and a lot of them I noticed were rented through a property management company, but possibly foreclosed years ago. I've seen a lot that were recently rented through Hudson Homes and a few by WRI. 

Were these owned by the property management companies and the companies defaulted?

Were they owned by individuals and maybe these property management companies did not screen tenants properly?

Or were these foreclosed homes and rented out since they were empty?

I understand there could be many different scenarios for each property, but just surprised to see so many that were listed with Hudson Homes and tried researching with no luck. 

Thank you for all the info! I will keep checking around. No hurry right now though so will wait for the numbers to make sense.

Thanks again!

Looking to take advantage of low mortgage rates and also get some equity out of a rental property.

I imagine since now is the time to do it lenders are swamped and may have higher expectations. Just want to see if anyone has had success recently.

Looking to get 75 to 80% LTV. One lender said highest they would go is 60%. The next lender said 75%, but would be at 5% interest and paying a point. Thought that seemed high pretty high.

Anyone else do a cashout refinance recently? What was the LTV you were able to get? What about interest rate?

Thanks!

I'm looking to house hack my next purchase. I found two duplexes next door to each other for sale in a good area. They are currently owned separately. If I was to have an offer accepted on both with same closing date and I was to move into one of the units would I be able to get a conventional mortgage with 5% down over both duplexes?

If so, any potential issues/concerns? Any tips/tricks? Any success stories?

Thank you both for the information! Negotiating on one now if that doesnt work out I will move to the other. Thank you again!

Looking to purchase my next home(buy and hold). I have narrowed it down to 2 homes both below market value and just needing updating.

The first house has oil heat. Doesnt seem to be any issues, but I have not dealt with oil yet. Anything to be concerned with here?

The second house has solar panels leased through Tesla at $50 a month. I have not dealt with solar panels either. Is there usually any additional costs besides lease payment(ie maintenance/repairs)?

I plan on living in the home for about a year and then renting it out. Anything I should be concerned with or should budget for when purchasing? Also any concerns with solar/oil when renting to tenant?

Thank you!

@Christopher Phillips

Thank you for all the info! I will need to do some more digging on my end.

Do you know if the buyers premium could be wrapped into the mortgage?

Also my realtor showed me the home and many others before it. I would like to make sure she is taken care of. Will she receive a commission if I purchase through Hubzu? Would she be placing bid on my behalf or would I place the bid?

Currently looking at a home at auction on Hubzu. I would like to make it my primary residence w/ 5% down. Meets the 70% rule so I will have a good amount of equity when all is said and done. It does need work and I would be responsible for CO. Spoke with lender who advised that appraiser would have the biggest effect on whether or not I could close on home. Also amount of time given to close. Should be able to get letter from township explaining that they are aware of the home closing without CO and CO will be obtained after closing. It seems like I should not have an issue, but I would like to cover myself. Anything I could be missing? Anyone purchase home from Hubzu? Any issues or recommendations?

Thanks!