All Forum Posts by: Hugo Alves

Fellow BP members,

I'm a new investor located in north jersey. I'm currently looking for properties to fix and flip within my farm area (Essex County, Union County). I currently have a private money lender who has approved me for financing.

Here's the financial information needed in order for me to purchase; i put this out there in order to allow anyone responding to know where i stand and what i can afford/purchase.

Single family homes, in need of rehab or turn key is fine

Purchase price/Rehab/closing fees can not exceed 60% of the ARV.

If you have any properties that fit this, please reach out to me so we can connect and potentially put a deal together.

@Shaun Weekes Makes perfect sense, thanks for the detailed explanation.

@Brent Coombs@David Faulkner Valid points on your input, especially on a worse case senario. I'll make sure i perform my research and the numbers all make sense before I go into the deal/s.

@Anthony Dadlani This is what I'm hoping for, as long as i have my numbers and they make sense

Thank you all for your advise and input, you've helped me understand and have different POV on this.

I just finished watching Brandon Turner's video onhis BRRR strategy for his 4 property deal. He presented how he completed a refi at 12 months, which obviously brought down his payments and cleared the HML.....right? That's where i'm confused. The property value did go up but with a refi being 70% of the value of the home, does the bank give you this money and then he used it to pay the HML?

Still trying to understand HML in general. Any help would be great as i have a property that i can capitalize on soon but what to makes sure i'm understanding the HML and the refi to pay it off.

Thanks in advance

So I was eyeing a property for quiet some time and noticed it on auction.com. I decided to reach out to auction.com to ask some additional questions. Though the rep was very nice and mostly helpful, the information left me with one question, even though he told me i wasn't able to do this.

Most properties, in my area, take 30-45 days to close, based on the rep and other posts that I've read. My question was, "If I win the auction, and pay the 10% of the total bid within 24 hours, can I work with someone to get funding for the rest of the money, since closing will only happen within 30-45 days?" The rep stated that I could NOT do this since it was a cash only purchase and I would require proof of funds right away.

Any thoughts?

If it is true, any ideas on a better way to fund my purchase?

Also, almost forgot, Is there anyway to identify the reserve price on a property when it's not disclosed on the site?

Luckily, this property did not sell that day as the reserve was not met, so i have another opportunity in a few days.

Thanks in advance

So I was eyeing a property for quiet some time and noticed it on auction.com. I decided to reach out to auction.com to ask some additional questions. Though the rep was very nice and mostly helpful, the information left me with one question, even though he told me i wasn't able to do this. 

Most properties, in my area, take 30-45 days to close, based on the rep and other posts that I've read. My question was, "If I win the auction, and pay the 10% of the total bid within 24 hours, can I work with someone to get funding for the rest of the money, since closing will only happen within 30-45 days?" The rep stated that I could NOT do this since it was a cash only purchase and I would require proof of funds right away. 

Any thoughts?

If it is true, any ideas on a better way to fund my purchase? 

Also, almost forgot, Is there anyway to identify the reserve price on a property when it's not disclosed on the site?

Luckily, this property did not sell that day as the reserve was not met, so i have another opportunity in a few days.

Thanks in advance

I'm looking into purchasing some property in my area and my new to investing. After reading, watching many video and gaining a ton of point of views on investing, I came across this question....

Can I legally enter into a "subject to" agreement with the owner while they have a property up for sale as a short sale or anytime during the foreclosure process?

Thanks in advance for your insights and help.