All Forum Posts by: Katie Johnson

Contact the bank, maybe son has information, try to pay off the debt to them before its too late?

Someone has to assign the house to you, since dad is deceased, hard to say who should do that?

I would also contact a real estate attorney about this.

Otherwise, wait for auction.

Take the offers, hopefully they are all cash, and get out! you will lose more if you hold on!

 Thank you Joshua, I will keep this in mind!

THANK YOU ALL FOR YOUR RESPONSES IT IS GREATLY APPRECIATED!

 Thank you for your response, I would like to learn more about this!

 I can not picture this? So I writing myself a check? How is the bank gonna get paid?

 Steve, I hear you! Of course I will need more than down payment assistance, I will need working capital in the event something unplanned happens. My assumption is that the real estate attorney I hire will do the proper due diligence so that I can anticipate some of these things before they occur.....

ok, when I spoke to the lender about the loan he mentioned "blanket" and closing in 10 days.

Good Morning All,

I am from NYC and new to the site! I am a residential real estate agent here in NYC looking to purchase my first investment property. I have been calling local and international banks for a blanket loan on a 6 unit investment property here in the Bronx, NY. Here are the numbers;

6 unit - 5 Unit Residential apartments - 1 Storefront (ground floor) great location.

parking space POTENTIAL on the side of building (vacant lot with curb cut)

cap rate 7.1%

$47.5k net operating income

GREAT DEAL!

I don't think I will have enough for a down payment (actually I dont!) - credit is 700. I have $0 for down payment at this time - I have 2 kids and married for 5 years and work 9am - 6pm everyday - I find it hard to save anything! I may get a loan based on my income/credit but I am stuck trying to raise $ for a down payment?!?!? what to do?!?! I am determined to make something from nothing, but how???

Are there any creative ways for me to raise funds for a down payment on my first investment property outside of asking friends, family and associates (no one I know has $$ I need to partner up with me)? 

Question is: am I basically stuck or should I budget and save some of my OWN $ and try again in 2 - 5 years? 

Good Morning, 

This is my first post - I am a Residential Real Estate Sales Agent in NYC looking forward to attending the webinar and discussing REI in these forums. I am looking to invest in my first investment property and although I am in real estate I have no clue what to expect aside on the commercial side.

Commercial real estate is a whole other ball game!

Thank you for your time and I look forward to meeting successful investors and bonding along the way - see you at the top!