All Forum Posts by: Ezra Shami

Hi everyone, this is just a general question that Id like input from people who have done this plenty of times. What should I do in regards to closing costs? I dont really understand them or how to pay them. When the time comes i will talk to my agent and lender but as of now i just want to understand basics and the best way to pay it with the least out of pocket money possible. Thanks

@Carlos Medina Thank you very much, this is what I subconsciously needed when I wrote this post. I appreciate the motivation. Im in talks with another lender actually. 🙏

@Matt Ternullo I can't, i work out here and there are no cheap areas around me, the car is a lease and was the cheapest deal i could find for a car that will fit our needs.

@Michael Noto I don't believe so, I have no other debt besides for the lease. My credit is pretty good. So im not understanding either. The loan officer told me that I need to be making at least double my rent to qualify which I do but with the car it kinda sets it back. But I dont even pay for the car Im just a cosigner on it. When I told him that he said it could helo but I'd still need a partner or get a property that 75% covers the mortgage. So im a little lost

Hi all, so I recently applied to get pre approved and didn't qualify due to my rent being high (thanks to new york prices) and my car lease being crazy high (thanks Supply shortages). I'm pretty upset bec I wanted a really small loan (abt 100k)and really thought I'd qualify. The worse part is, a house i was looking into where the numbers looked very good just went into contract. Any suggestions on how to get funding besides using a partner. Or how can i lower my dti ratio?

@Joe Villeneuve appreciate the input!

Hi, I have an interesting situation and I'd like some advise. Basically my grandparents owned a home in a very hot neighborhood. They both past away recently and now my parents and uncles want to sell the house.

A little backstory, my grandfather bought the house in the 80s for about 80k cash. In 2008 they took out some loans on the house for investment opportunities and well im sure you all know how that went. Well now there are a bunch of issues.

First off the house in its condition (not good) now can probably get about 1.5 - 1.8 if not more. But there is about 800,000 dollars worth of debt on the house which they are trying to settle before selling. Then there are issues with water bill,electrical bill, and probably other bills that haven't been paid in years besides for minimum. Last but not least the house is in my aunts mother in laws name. I dont know the reason but i assume it was so they wont lose it.

Now my question is, is there anyway I can take out any more equity loans in the house so I can renovate fully and sell for a much higher price, can probably pull 3.5 for a fully functional higher end house.

Is this even worth perusing or should I not touch this with a ten foot pole.

Thanks all, looking forward for your expertise

@Andrea Lane thats wht Im trying to figure out

Hi all, new investors here. Were from New York and looking to get started in PA. Any brokers that know the market out there and are investor focused and would like to reach out. My partner and I plan on taking a trip out there at some point next week and would like to look at some properties.

@David Ginn Hi thanks for replying my issue is that i live in Brooklyn NY where everything here is unaffordable to me at the moment so i feel like i would need to go out of town to find somthing.