All Forum Posts by: Edward Dones

Hello BP fam, I have a two part question. I'm having a slight issue coming up with an extra 2k for the closing cost on a duplex thats in contract and I have about 3 weeks to come up with it or I lose out 

I'm going with a fha loan and things are moving smoothly but just don't want to lose. What other means can I get this money where it will satisfy the underwriters where I can close my first deal. 2nd part to this questing is after I close the duplex is fully tenanted and with a fha loan I have to occupy a unit. How can I go buy removing one of the tenants. Unit one where I would like to be is on a month to month lease 

Thank you in advance BP members 

@Jay Hinrichs thanks for the info will definitely do some more research 

does anyone know some good hard money lenders in the Springfield ma area and what are the steps I would have to take to be approved to do brrrr strategy 

@Mike Hanneman the expenses is my utilities of course and paying the water which is usually 150 but I always And a cushion just in case so I say $250 so total monthly expenses 450. The only upfront cost I have to pay is the flooring on the first floor where I will be in the kitchen which was a peel and stick tile and I measured the area it will cost around 600-800 to replace for ceramic tiles but that's a personal expenses since I will be living there 

This would be my first deal so always like to to see what everyone else thinks that have more experience than I do and hopefully in a couple weeks I can close this deal and settle in. Thank you BP 

hey BP family have a question on a 2 family house I'm planing to purchase and hack In the Springfield ma area. The property is listed for $149,900 and I believe I will get it for $138k, if I do the PITI will be $1127. The second florr is rented for $1200 from a long term tenant (5years) and they pay utilities except water which I will have to pay. Is it something I should move Forward on?. Multi family usually go for around this price range with very little repair around my area and this house has many updates but the roof which might have another 6-10 years left on it. After I buy this house I want to buy another multi family 6-8 months after so will this house be a good stepping stone for the next house around the same amount and be able to get cash flow or buy a fixer upper and try to get a hard lender to able to start a BRRR affect. Any help would be great thanks

I'm looking to do the same in the Springfield area and the houses need work most of the time and hard to get fha around here if your going that route. Where in Springfield you planing to get the multi family 

@Indra H. just curious what would you buy houses In the Springfield area I just seen a a triplex for 169k in turn key shape and another one that needs work that is 159k (way to high) looking to offer 110k

@Kyle Murphy haven't got the place yet it didn't fall through so now looking  else where. It will most likely be a 2/3 unit 4plex around my way seem to be difficult to work with 

@Eric Munson thank you for the info definitely will be taking a lot of this in consideration and I'm hoping to get something that is a easy fix since I have experience in construction fixing up flip house for others and working with family members over the years on in-home projects