All Forum Posts by: Jacob Rincon

And then under the section "other", number 1. and 3. are both checked as no. 

So this one a couple cases i found in the disclosures, it clearly says that there is a PACE on the property as checked yes. But the seller never provided me documents stating how much the payoff is, how it is paid, etc.. and also they checked the box that says " is the cost of any alteration of the property being paid by an assessment on the property tax bill" as no. when that is how the PACE loan is paid and the fact that it is being paid through the tax bill is what is screwing me because that means that it is being paid to the government, and the government always has to be paid off prior to the lender on the house. is this enough to have any sort of battle?

Nick,

Unfortunately the amount that i could charge in rent wouldn't cover the monthly expenses. I'm currently trying to find if there is anything on the sale that wasn't disclosed when i purchased the house.

Unfortunately after speaking with the loan company, they have a policy where they refuse to move into 2nd position. I should have done a little more reasearch on the type of loan in the beginning, unfortunately this is my first flip and i'm learning the hard way. I can't have my money tied up for any longer so i'll have to take this as a learning experience and move on, pretty bummed that this solar is making my first deal unprofitable. Thank you all for your advice.

Hello,

I'm currently selling a property in san diego california that has a 48k PACE loan on it built into the tax bill for solar panels that were put on by a previous owner. I'm now having trouble selling the property due to the lenders not wanting to lend to the buyer because then their loan would be in 2nd position while the PACE would be in the 1st position, meaning that the PACE would need to be paid off first before the FHA loan. I'm currently struggling and thinking that instead of me just transferring over the payment to the buyer, i'd instead have to pay off this whole 48k in order for them to get the funding to purchase this house.

My first thought was (well i'll sell to someone else then), but upon some further research i discovered that all FHA loans will not lend to a buyer looking to purchase a home with a PACE loan on it. is this true? Also if it is not true, what type of lenders will loan to a buyer looking to buy a home with a solar panel PACE loan on it?

if someone could please provide some advice on what i should do? it's been on the market for a while and "hoping
" for a cash buyer to purchase it just doesn't make sense. This is a flip and i will end up losing money on this project if i have to pay off this 48,000 for it to be able to sell. please help!

Hey BP community,

I have just finished rehabbing my first property and i'm looking to put it on the market by the end of next week. The profit I'm making from this flip is pretty much all except about 20k going to clearing past debts. so my question is, how can I fund my next flip that i've found with a purchase price of 507k? I currently have found a lender that will lend the 80% of the purchase price, now i need to figure out how to get the 20%  down and rehab cost of about 70k. 

I have not yet sold my first property, how can i use the equity i've made from my first investment property to cover the 20% down? I'm not 100% familiar with line of equity and how that works if i intend to sell the property. Can i still use the equity line and then sell the property? Would love some advice on how to fund this next property.

Hello,

I'm in process of making an offer on an off market property that is 1210 sq feet, but there is an non-permitted addition that was made some years back. It is an add on patio room/sun room that is 220 square feet. Is there anything i need to do prior to rehab of the home? Do i need to get it permitted through the city and explain my situation? Any advice would help greatly, and as always thank you in advanced.

Awesome advice, thank you all for your time. I have taken all of this into account while developing my list of materials. You guys rock!

Hello BP community!

I'm planning on renovating my first flip this month and i'm wondering what materials everyone likes to use to maximize their return on investment, create more appeal to the home, and still remain cost effective. If you could i'd love if you provided links to materials, prices, or any other helpful information! Thank you!

@Cornelius Charles 

Thanks for the reply! Unfortunately that's what i'm starting to see, but I believe I could possibly get some luck on the short sales side or auctions.