All Forum Posts by: Joseph A.

I would buy them out if you are getting a significant discount based on the ARV and will have a cushion if you include the rehab. Depending on the market it may be difficult to find a deal so getting a deal off market with no competition is a plus. However if you don't have enough funds to complete the renovation then selling the property so you can get some funds to start investing with.

Find an investor friendly lender that does asset based loans. Your interest rates are going to be higher than your traditional financing but it's what I use because I've been self employed since 2018 and my tax situation has my income being too low to qualify for traditional loans due to all of the depreciation. 

If you pay that 2700 you will never hear from your private lender again. 

If you can both qualify for the loans on your own, you should put one person on each property. You will be able to get twice the number of traditional financing loans with the lowest rates.

The deal looks okay to me, but are you planning on self managing this property the entire time you own the property? You should always account for property management in your numbers just in case you get to the point where you have too many doors to manage yourself and can eventually pass it off.

@Ben Zimmerman under normal circumstances my hard money lender can close in 10 days, everyone is backed up in my area. I wasn't the one asking for extra time it was the hard money lender.

@David Miretti precluding the appraisal wasn't an option it was a requirement of my hard money lender.

@Zack Papaleonti I didn't ask for 2 weeks that is what they offered. Yes I'm sure they had a ton of offers on the table for a property that's been on the market 200 plus days......

I only offered 6000 less than asking. If they didn't want to sell at my price, why even entertain the offer. I expressed to them that I will buy the property I just need time to complete the title and appraisal

 Well in my area it is taking that long, I got the ball rolling on everything once the offer was accepted. My lawyer was the one that informed me that they couldn't get title done in that short of a time and was the one fighting for more time and they would only give him a week at a time. I spoke with the lender and appraisal company to try and move it up earlier and three and a half weeks out was the best they could do. I was already pre approved.