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All Forum Posts by: Jerry Ruday

Jerry Ruday has started 3 posts and replied 9 times.

Post: Simplisafe review- Alarm System

Jerry RudayPosted
  • Carpenter
  • New York
  • Posts 10
  • Votes 0

I have never researched home security systems but just in the last weeks have had 2 customers inquire about installing them. It sounds like this would could be a considerable option.. thanks for the unexpected info

Post: Seller Finance --- Help Needed

Jerry RudayPosted
  • Carpenter
  • New York
  • Posts 10
  • Votes 0

Marc.
I can share with you my terms, as my current deal is financed by the seller.
I am under a ten year mortgage with a 5 year ballon payment. Meaning i must secure my own financing by the fifth year. The contract was agreed buy both parties. meaning if payments aren't made two month in a row I could lose the house, if I fail to pay the taxes I could also lose the house back to the seller. As far as paperwork and contracts ours is very spelled out and detail oriented. I did have my lawyer confirm the details and make sure that everything worked out and was fair to both parties. The interest rate was agreed by both parties at 7% ( I wanted 5%, she wanted 9%. We met at 7%.) the interest rates are typically higher to encourage a faster buy out. There are no penaltys if I buy her out before the fifth year. If I cannot secure my own financing after the fifth year then the contract will be re-negotiated at that time. As you being the seller, your idea of holding the down payment for rainy days is a good idea to me. In my situation the seller had owned the property free and clear so it was a pretty smooth transaction, it sounds like there is still a bank mortgage attached to yours and that is what you Are looking to get from underneath so your situation might be a little more detailed. Make sure you set firm guidelines in your contract and your lawyer writes and reviews everything for you to assure no mistakes and nothing is missed. Hope I gave you a little insight. Jerry.

Post: Is it to early to refinance..?

Jerry RudayPosted
  • Carpenter
  • New York
  • Posts 10
  • Votes 0

I plan to hold this property.
40k @ 7% and I have 9 years left but have to secure my own financing within the next 4 years. My 10k loan I am not worried about paying off right away. Right now I feel I am not making money becaus my income is going all over to school loans. I need to get these done and over with so I can move on and hopefully use some left over cash for a down payment on another property.... My long term goal is to buy and hold property.

Post: Is it to early to refinance..?

Jerry RudayPosted
  • Carpenter
  • New York
  • Posts 10
  • Votes 0

I purchased my first property with seller financing for 50k, I invested mostly cash with one small 10k loan. The downstairs is rented out as an antique shop. I completely redesigned the upstairs to an open floor plan 2/1 apartment. It has been 14 months since i started but like I stated before I completed the project myself, with cash, on nights and weekends. I still have some school loans to clear up and would like to do a few exterior projects and possibly update parts of the downstairs. I am open to any suggestions on wether to consolidate and refinance... Or continue the way things are.I owe roughly 40k on the private mortgage w a $551 monthly payment.

i do plan on holding the property, the certain guidelines are ok because i like a house with some effort put into it. it is my first one and i would like to use it as leverage for future buys, or new constructions. since they just recently deemed the area historical it is going to take up to 6 months to see what grants i am eligible for but i am looking forward to it.

hello friends, I have only posted on BP a few times, i do alot more reading than i do posting. My topic is in regards to my first investment property i purchased march 2011 is a two unit, up and down, I have gone in and completely remodeled the upstairs apartment. and the downstairs is currently occupied by a lady who runs a craft shop, this is a commercially zoned property. now that we are on the same page, as of tuesday the city just confirmed the location of my building a historical district. Has anyone owned in a historical district? is it something to look forward to as far as grants? does this new zoning increase my property value? I am just looking for some insight from BP any and all experiences please share! Thanks.

Post: Anyone really interested in construction??

Jerry RudayPosted
  • Carpenter
  • New York
  • Posts 10
  • Votes 0

I am a residential contractor and trying to get into the real estate development/new home construction end of things in the upstate NY area. I have done many additions from the ground up and would be more than interested in your progress.

Post: I Own one and want two.....

Jerry RudayPosted
  • Carpenter
  • New York
  • Posts 10
  • Votes 0

I do plan on holding and renting this one out. I have been working diligently and am excited for the results, i am hoping this is a proper start and cant wait to move on. Thanks alot guys for the responds and they are very well taken.
James, it has been in my mind to get started on a business plan and i have actually been making small mental notes on what to include, you just reassured me that i need to get that done sooner than later, but my hesitation comes from not knowing exactly where to start, what to include or how to write a proper and professional business plan

Post: I Own one and want two.....

Jerry RudayPosted
  • Carpenter
  • New York
  • Posts 10
  • Votes 0

Hello to all. This is my first post on biggerpockets and I am excited to get involved. Recently I purchased my first investment property. A Victorian styled home, wich is a commercially zoned duplex. The downstairs is an antique gift shop and I am updating and remodeling the upstairs into an apartment. I am 3/4 of the way done and I want another one. I have had my eyes on a few in my area. My question is How to go about it..... my credit is kind of shabby, should i draw up a nice business plan? should i hold out and let this build equity to use as collateral towards another property? I am open to any and all suggestions. Thanks.