All Forum Posts by: Jack Taylor

I've got some earnest money down on a fixer upper, but I've realized there are more problems than were written down on the disclosures form. Is this grounds to back out of the deal and get the earnest money back?

300K for the property. It's a 2-unit building--it can be sold for a rehabber as a 2-unit rental property or converted to a single-family home. Roof repair - $4,500. Electrical - $3,000. Windows - $3,000. There may be some other items to be fixed that could also cost an extra $7,500 (just rough estimate). 

I could arguable turn around and sell the building again around $340-350K. If I fix the issues, I'm looking at $370.

Lastly, should I have the front of the building (facade) painted so it looks updated? 

I am purchasing an as-is property and know that there are some roofing issues (a few spots) and electrical (in bed and kitchen) and also a few windows need to be replaced. Instead of rehabbing the whole building and selling it, I think I'd rather just fix the major issues then put it back on the market. What are your thoughts? Any other ideas? Should I just get it off my hands and not do any work? There were 10 offers in 2 days on the property.

Hi,

I currently own my own condo. I don't have a lot of cash on hand, and am looking to buy a 2-unit rental property (already rehabbed and ready to rent in both units), but I'm not going to have enough money if I combine a cash-out refi on my condo with my current savings account. I'm trying to avoid doing an FHA loan because I'd rather not have to move into the building if I don't have to--I'd rather just rent those units and stay where I am. Any ideas on how to get the cash to not have to move in under the FHA mortgage requirements?

Hello,

I have an FHA loan on my condo and am apparently able to remove the MIP at this point in my mortgage. Is it possible to remove this premium without going through a refinance? I'd hate to have to reset my terms or add more years back into the mortgage.

@Larry Fried @Lee Smith @Alex Buscaglia @Todd Crippen. Thanks to all of you! I'm going to talk to some friends from just across the border of Indiana/Illinois and see if they can suggest some neighborhoods to start my search and see what I can come up with. I really appreciate it!

I'm looking into multi-family, 2-4 units if possible. Although single-family "down the street" does seem like a good option, eh?

I live in Chicago, but I'm considering purchasing my first investment home in Kansas City for price purposes (obviously generally much cheaper in KC). Does anyone have suggestions or any advice about doing this (i.e., "don't do it as a first purchase")? I'd like to have a place near me ideally, but multi-unit buildings in decent neighborhoods aren't all that cheap, so I'm looking in other cities like my hometown.

Thanks! What do you think about a cash-out refinance on my first mortgage?

I'm trying to put together some financing to buying a multi-unit rental property, which may or may not become my primary residence. I'm short on the cash side, so it looks like I may need to pull equity out of my condo (primary residence) to pay for the down payment or use 401K to pay for the down payment. I'm a little skeptical about both. Any thoughts on either of these options?