All Forum Posts by: Joe Felix

I didn't buy it. The seller was a bit sketchy plus didn't want to negotiate at all.
At first he was willing to pay the repairs and when we sent the offer he stated he was not paying for the repairs and the price was not negotiable. We decided to walk away and keep searching. These would've been the numbers for the property

0 Votes

Philadelphia, Pennsylvania

Quote from @Ash Hegde:

That just means it wasn't the right deal for you, best of luck on the next one!

Not at all.

what you think about all these cost that add up to 21k is this normal ? He ran the numbers assuming I was going to get sellers credit. However without it, it would've been a total of 21k .

0 Votes

Philadelphia, Pennsylvania

Unfortunately my loan officer does not deal with 203k he said their too complicated to deal with

0 Votes

Philadelphia, Pennsylvania

Quote from @Ash Hegde:

Agree with Scott, that seems high for just closing costs. Does that include your down payment?

How much do you need for rehab? Darnell mentioned the option of an FHA 203k loan, which may work in your circumstance. These loans can be a bit tedious with paperwork for large rehabs, but if they are small and cosmetic it shouldn't be too bad.

That did include the down payment.
The deal didn't go through. I decided not to do it. I feel as 21k in closing cost is way too much plus on top of that the seller changed his mind and didn't want to pay for the repairs.

1 Vote

Philadelphia, Pennsylvania

Quote from @Tim Miller:

I'm with Scott and Ash, $20k for closing is a rip off! We did FHA on our home for $250k We had $7.5K sellers credit and $8k for down payment and closing. You need to shop around because FHA sets a lot of the cost for the loan and closing. We went through 8 different banks before we landed with an honest loan officer.

This is pretty mucht the estimates

let me know what you guys think

0 Votes

Philadelphia, Pennsylvania

Quote from @Tim Miller:

0 Votes

Philadelphia, Pennsylvania

Yes I will.be residing in one of the units.

I was going to offer to do the repairs however we don't know what's going to come up in when they come for the appraisal and inspection.

0 Votes

Philadelphia, Pennsylvania

Quote from @Scott Johnson:

Quote from @Joe Felix:

Looking into purchasing a duplex for 175k. However, closing cost are exactly what I have in cash 20k. I was planing on doing renovation to the first floor as the second floor is ready to go. This will be all done through an fha loan. The seller is not offering seller credit but is willing to do the repairs to meet the fha requirements.

Should I proceed and buy the property?

And take out a loan for the renovations?

Any tips or suggestions would help.

Thank you

Totally depends on your willingness to take on the risk of a loan to fix it up. What's the ARV after you repair it? The same $175K?

The appraisal has not be done yet therefore I'm not sure what the ARV would be.

0 Votes

Philadelphia, Pennsylvania

Should I proceed and buy the property?

And take out a loan for the renovations?

Any tips or suggestions would help.

Thank you

1 Vote

Philadelphia, Pennsylvania

All Forum Posts by: Joe Felix

Joe Felix has started 1 posts and replied 9 times.

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