All Forum Posts by: Gabe Sirkin

That is correct, I did not add a contingency that the unit needs to be delivered vacant as I was under the impression it would be month to month.

I can get my full deposit back because of this, and I went through the contract and it absolutely was a breach.

“Seller will not enter into any new leases or extensions without written consent by buyer”

So to get reimbursed for appraisals inspections etc, I would have to go to small claims court?

Multiple conversations with listing agent that one of the four tenants was going to go month to month when their lease expired 12/31/2019. We have documentation of these conversations.

Property set to close by end of January. 4-unit owner occupied FHA loan (so I have 60 days to move in or I'm in default)

Just found out today, that the unit I was planning to occupy, who was supposed to be month to month after 12/31 had a one year extension signed in beginning of December. Landlord claims they just got it back this week, but it was dated December 14. 

WHat’s my recourse? I have almost $1,500 between appraisals and extensions. This whole time i was told they were month to month, and I had all of the leases form my due diligence, yet this was NEVER disclosed. Property was going to close by en

Can I take to small claims for not disclosing about a lease they knew about? I can’t buy the property now because there wont be a unit for me to occupy. This should have came up in due diligence. 

Hello BP,

Any advice would be greatly appreciated as always! 

Without getting into the nitty gritty, my first flip has gone bad. I can either:

-dump the property, break even (max loss would be $2k) get all my cash out (that I need to live), and move the **** on.

OR

-cash out/refi, get SOME of the cash I have in it out, sign a 2 year lease from a somewhat sketchy tenant (which will more than cover my mortgage), then sell it when they move out, or continue to rent it. 

Problem is I need the money. I'm having trouble finding a good cash/out refinance loan. Its either low LTV with a somewhat sketchy lender, or something more traditional but won't be able to pull the cash I need out of it.

Is getting a 2 year lease netting about $1k over my expenses/month, worth the risk of a sketchy tenant? She owns her own business, so she's having trouble showing me proof of income. said she would sign a 2 year lease. LOVES the house though. Has 4 kids. 

My thought is worse case Scenerio, she bails on me or can't afford rent, then I sell it when theyre out and im in the exact same boat im in now. Or do I just DUMP it and move on from the deal from hell? 

Hello BP,

I've been doing quite a bit of research on different loan types, and I'm wondering if there is a one stop shop to get all the Infromation or like a "cheat sheet" that will explain all the different loan types all in one place, rather then me reading a long article on each loan type.

I would love to see some sort of chart or article, that lists EVERY OPTION and will give some basic terms/stipulations. 

The main point, is that I'm trying to figure out the maximum amount of real estate I can purchase with minimal down. My understanding is anything commercial will need to be 80-90% LTV. Owner occupied as low as 3.5% down.

I do work in real estate development, and have a lot of experience in development. Just not on the financing side. I am very comfortable with doing my own development, just need to find a way to do it with as low of a downpayment as possible. From my understanding a 4-unit would be the only way. 

Looking for the best way to do this project. 

I would love to do a major rehab to a 4-8 unit building, live in one of the units, and rent out the others for a longterm hold. 

A little bit about my situation. I'm a real estate agent with great income, and cash on hand, but I've only been doing it for a year and a half. So I cannot qualify for a low downpayment FHA loan. I also have a 4-unit property under an LLC.

There are a lot of large vacant buildings where I want to do this project. I have cash, but if I buy under my LLC and get a construction loan, I wouldn't have enough cash to do what I'm trying to do.

Whats the best way to go about doing this? 

Hard money loan -> refinance -> and hold the property? 

Hello all,

We bought a property in as is condition. The kitchen cabinet sink base, was missing two drawers. The whole base is completely hallow, so I cannot anchor new drawer slides on the slide wall. Do i really need to buy a whole new sink base over two missing drawers?

Please see some pictures below and let me know your thoughts. It just seems so silly 

get a cosigner. 

Hello BP,

I'm closing on my first property within the next two weeks. It a 4 unit (2-1BR, 2-2BR). I have little to no property management experience.

What are your thoughts on Buildium ($45/month) or Cozy (free)? My plan is to have 10 units total by the end of 2018. Buildium seems more for a landlord with a lot more units to manage. Any thoughts suggestions or referrals very much appreciated. 

 That's exactly the type of loan I was expecting/looking for. Any ideas on where to find some of these types of lenders? Does permanent financing mean I will not be able to refinance?

How could I get a loan in this situation? I'm a first year commercial real estate agent so I'm 100% commission. I found a perfect first deal for my self that I put under contract. It's a cash-flowing, 15% cap, 4-unit property. Everyone I spoke with said I'll need at least w-2, last year tax return, or pay stubs. Since its my first year and I'm 1099 I don't have any of those. It's a good deal though, are there any lenders that just look at the numbers and my credit/income of THIS year.

Do I have to wait to file my 2017 taxes? Or is there another route I could go? I'm under the impression by February/March I can get a traditional mortgage based off my income from my 2017 return. How can I hold off until then without losing the deal?