All Forum Posts by: Andrew Martin

Hi Everyone,

I recently purchased a home with an FHA mortgage, after closing I received a letter from my lender that the FHA has not accepted my loan for FHA insurance and now my loan is no longer an FHA loan.

How is this possible? I am in any danger of the lender calling in the mortgage since they will have a harder time selling it off without the FHA insurance?

Any advice would be appreciated.

Hello BP,

I currently have a deal on the table that I need advice on

Its a 3 family home in a great part of NYC

The owner is selling it to me for 1.2mm ( due to family unrest) , the value of the home is 2.1mm

The units rent for

1 bed - $2500

2 bed- $3000

3 bed/2bath - $3400

How do I approach a hard money lender/private lenders to raise cash?

I have financed my deals to this point with my personal money.

I can flip it for a healthy profit but I also wonder if I cash out refi such a large amount to pay my investor back since I am acquiring so low a price.

Would a hard money lender balk at me asking for close to 1mm the first time I work with them? Or is it all about the deal?

Thanks in advance for the advice.

Hello All,

I closed on a single family home in Rochester NY, in a war zone type area. My focus was getting Section 8 renters in there. But I am having trouble getting a tenant.

The house

single family 4 bedrooms 1 bath street parking

1300sq ft

I made comestic improvements to the house and all systems are up and working.

Any tips on getting the phone to ring? I have listed it on craigslist and I have a property manager on the property but its been months now and still nothing.

any advice would be helpful.

Upstate NY

Hello BP I am working ong the following deal and wanted to get your thoughts.

This is a 2 family home in a middle class area

Home price - $34,900

Seller will finance with - $8,000 down @ 6%

Each unit is currently rented at $650 a month and no major repairs are needed. Comestic upgrades will cost $1500.

Tenants pay all ulities

Rent - $1300

Taxes- $190

Insurance- $70

Owner held loan - $180

Property Manager - $130

Vacancy allowance (%10) - $130

Maintance allowance (%10) - $130

Net Income - $470

What do you think of this deal?

Hello BP,

I just closed on my first rental property and now I came across a deal for a 2 bed 1 bath home 981 sq ft built in 1910. the place is boarded up and they are selling it for 7k. I am going to go in with a low ball offer because the value of the place when fixed is no more than 20k. I am thinking it might be best to assign the contract to a rehabber. I am going in with a 2k offer. Do you think this deal would be good for assignment?

All advice is appreciated.

Thanks Jon

I will keep BP updated with what happens.

The local bank I am using has informed me I can borrow up to 85% of the value of the home when I am doing a home equity loan, if I paid 18500 and the house is worth 30000 doesnt that mean I can get 85% of the 30K? Thus 25,500. a differance of 7k. And I would have the rental income pay off the loan.

Hello BP

I am closing on a deal for a house with a ARV of 30k, I bought the property for 18,500. I am looking to do pull my money out so I can buy other investments and would like advice on what I should use. The bank I have lined up for the cash out refi will do it for 75% of the LTV on a 30 year term, or go with a home equity loan since there are no closing cost. I would like to make profit on the cashout. Any advice would be great

I have a deal lined up

6 rental properties for $200,000 total.
All are rented and have C/O certificates. Total rent is $3000/month.

The owner will finance with 75k down and hold a 125k note for 10 years at 6%. How do I cash him out before then? And what is the best way to come up with the 75k i currently have 30k to put down.

thanks for the help