All Forum Posts by: Elliot Smith

 We could however when we refinance it we will refinance on the appraised  value and not the sales price. There for we will be 70% ltv with no money out of pocket for a down payment. 

Elliot 

 Thanks! I hadn't seen that yet!

Elliot 

 Kenneth,

I have only seen the outside of the property. the seller and I agreed to a 30 day due diligence peiod so if there is a lot of repairs on the inspection I can walk. I do know that it will need a new roof in the next year or two. 

My thoughts are that I am getting a property with some equity and I will not be paying any loan costs from a HML. Duplexes are a tough find right now in Vancouver.

 Steve,

Thank you so much. I would love to talk more as she verbally accepted this AM! I'm very excited but nervous cause I don't want to mess the process up. 

Elliot 

Hey I am looking to purchase a duplex that I got off my mailers. The owner said she just wants to be done and will sell it to me for what she owes. My thoughts are that I want to buy this with a contract where she still has the mortgage. This way I can get into it with no money down. The PP is about my max of what I would consider a decent deal for this area right now. Numbers

PP $148,000 each side is a 2/1 800 sqft

Worth as is $170,000

Rent $1650

8.3% vacancy $137

taxes $175.75

Insurance $67

Water/Garbage $90 ( I will change this as I change tenants)

NOI $14888

Mortgage payments $998 ( this includes taxes/insurance)

Cash flow $5821

I want to just to just take over her payments on a contract then refi out in a year or two. However I have very limited knowledge in this area.

I know this can trigger the bank to call the note but has anyone had that happen? This was a BofA loan that was sold to flagstar bank.  

This property does need some work but I live a mile away and can fix a lot of it. The roof will also need to be repaired in a year or two.

Any imput would be grateful!

Elliot

I am working on a subject to deal right now. As I have never done one I am trying to learn as much as possible. thanks for the thread.

Hey I am looking to purchase a duplex that I got off my mailers. The owner said she just wants to be done and will sell it to me for what she owes. My thoughts are that I want to buy this with a contract where she still has the mortgage. This way I can get into it with no money down. The PP is about my max of what I would consider a decent deal for this area right now. Numbers

PP $148,000 each side is a 2/1 800 sqft

Worth as is $170,000

Rent $1650

8.3% vacancy $137

taxes $175.75

Insurance $67

Water/Garbage $90 ( I will change this as I change tenants)

NOI $14888

Mortgage payments $998 ( this includes taxes/insurance)

Cash flow $5821

I want to just to just take over her payments on a contract then refi out in a year or two. However I have very limited knowledge in this area.

I know this can trigger the bank to call the note but has anyone had that happen? This was a BofA loan that was sold to flagstar bank.  

This property does need some work but I live a mile away and can fix a lot of it. The roof will also need to be repaired in a year or two.

Any imput would be grateful!

Elliot

My wife and I sent our our second batch of letters 2 weeks ago and these have had a much better response than the first batch. 

Sent 50 letters to multi family owners.

3 response were tire kickers

2 wanted to sell but there price was to high 

1 lady wants to sell. She is going to move to Arizona due to health issues but she is not sure when. I will keep in touch 

1 lady moved to South Carolina  5 years ago and just wants to be done with the place. She said it needs repairs and she doesn't want to mess with it from 2000 miles away. This is a 2-1 duplex and it needs some work from my drive by. she is going to call me back today to talk more as she was on her way to work. The best part is she bought it in 1976. I haven't asked what she owes yet but this could be great! 

Elliot 

 Michael no response?? :) hope all is well.

 Michael no response?? :) hope all is well.