All Forum Posts by: Johanna Castel

Thank you @Elenis Camargo Def helpful.

Hey everyone.

I am here evaluating a flip and I feel like I can use some guidance.

The property is an REO and listing price is $384,800, needs some love. I haven't seen the home but it needs some love. Not sure about major issues I'll find out when I go see it. I checked out comps in the area and prices are between 510k - 560k.
Now, I made a 1 min application with ICG10 Capital. Asking for full funding. I have no money. I looked up their rates and they are as follows:

Start Rate 8%

Start Points 2%

Max LTV 90% + Rehab

I am forever confused with the LTV term. Can someone help me understand? And does this rate sound reasonable? I am just trying to practice my numbers and maybe who knows I can make an offer on this property. I figure I should just take a chance.

Advise would be greatly appreciated.

Hi everyone.
You guys have been great and with awesome advise. So my grandma's tenant are finally moving and they owe some rent. Now we are definitely no doing a word of mouth agreement.

My grandma suggested I create a document with the agreement details and have them sign in front of a notary , in case they don't fulfil their part we have proof and can proceed legally against them.

Any advise? Suggestions?

 Yes I totally understand that these things happen. My frustration was that they don't act on it as they should. They are so non nonchalant about it. All of this could have been prevented if the super actually did some research. 

Hi everyone. So I have a situation.
See I rent in a building and about two weeks ago I discovered a leak in the bathroom ceiling, right above our bathtub. I notified the super and he came to see it he said he will go and check something and come back. Never returned.  Then he came on a Wednesday (1 of my days off) checked some things, left the vacuum (he was vacuuming the water) said he will be back never came back or even asked that he needed access to the apartment. Every night husband and I would send him text messages letting him know the leak was still going on and that the ceiling was peeling a bit more each time. No reaction from him.

Fast forward a few days to Monday and when I get home there is this musty smell, so humid and not even the AC helped. My mom smelled poop. We thought the baby had farted or something. Ca,e to the bathroom to find that the ceiling collapsed. I was able to see the wood and everything. So disgusting. Texted the super and sent a picture. No response. Then I called him told him (this was like 8ish in the evening.) He was un-bothered. I told him that what if I was in the shower with my baby, he was like oh well those things happen. Just keep looking to see if the leak continues. No! Those things don't happen! I was so mad. Then my friend who works in a property management company and lives in the same building, told me that he needs to come and cover the hole. I called him back and he sounded a bit pist. I'm sorry I have a baby and that mold musty smell is back for her and for me cause of asthma.
So he came 30 mins saying he finally found the leak. How convenient. He had two weeks "looking for it and no success."

I emailed the office saying that I pay my rent for a safe place to live and they are not providing that for me. Now I still have a hole in my ceiling and the super hasn't really contacted me about fixing it. A plumber came yesterday to fix the pipe and I didn't even get an update and the vents are covered in cardboard because when they came to clean the vents they never returned to put the little window things on the vents. I told them that if I decided to end the lease early I shouldn't be penalize and that I would contact my attorney. Now do I even have a reason to contact an attorney?

@Walter Roby jr thank u so much! I have my RE license but is inactive. I will be activating it again.

Hi everyone! :)

For the past couple of months I've been educating my self on REI. My uncle owns a multi-family in Brooklyn and several homes he rents. I always wanted to someday own a building and get a passive income stream. Thanks to BP I don't see that as a far away dream. I can actually achieve this.

However, I need to start somewhere right? I thought about house-hacking to start, or BRRR, but my credit is not the greatest and I don't have funds to put out when ever I get a loan from a hard money lender.

I thought to use this year to educate my self a bit more, pay off debt and get my credit up. Thought to ask if anyone else had advise or suggestions. Maybe I can invest while I get out of debt, which is why I'm reaching out to you guys. Suggestions? I don't think wholesaling works very well in my market either.

@Rob Padilla how is it going? Any deals?

I'll be there! :)

@Marcia Maynard Hope not. However, the apartment is still in good condition. They will have two years living there this summer. We never had an issue until now. Even though, my grandmother told me to be in charge of collecting rent and the reason for that is that they have been paying late and my grandma didn't know how to demand and gave me the task. However, she wants to wait until the tax money comes. I don't have the slightest hope nor trust in them.
The problem is that the bills get dumped on the mother rather than it being a team work effort. So now that the mom is out of a job, everyone continues their life as if nothing happened.
I spoke to my pastor and let them know of the situation, cause things might escalate and then i. They did verify about the financial burden being placed on the mom. Sad situation but they need to solve their issues on their own.