All Forum Posts by: Ryan Lee

Investment Info:

Single-family residence buy & hold investment in Pflugerville.

Purchase price: $262,000
Cash invested: $12,000

FHA loan on a 4bd 3 bath to live in and fill with renters.

What made you interested in investing in this type of deal?

To reduce monthly living expenses and begin gaining equity.

How did you find this deal and how did you negotiate it?

My realtor found it and negotiated the whole thing.

How did you finance this deal?

FHA

What was the outcome?

3 roommates that pay 71% of mortgage and 58% of the bills

Lessons learned? Challenges?

Challenges getting the the amount of rent I thought I would per room coupled with property tax increase means I pay out of pocket on average $650 to meet mortgage and $125 to meet house bills.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Agent

So very long story shortened my water bill is extremely high this month. We average $35.00 a month and this month it was $151.20. The jerk landlord told us in a very nasty little note to check out water leaks which we did and don't have. He claims we went through 19,500 gallons of water in April which means we used 650 gallons a day for 30 days. Not possible. We checked for leaks in the house and under it. We found nothing. We have an issue with a leaky toilet but it's been that way for 2 years and the bill is never higher than $35.00. Any ideas if this is an underground leak that has nothing to do with me or is my landlord price gouging me?

 Hi Jennifer, 

Any updates with fund and Grow ? Hows your  second round going? Thanks. 

http://infinitycapitalfinance.com/ - This is the company I am referring to.

On August 1st I was told (By Sean) we would be able to close this refi (on a duplex) "mid to late next week" pending committee review. A week later I had to follow up with them to find out they were still processing. On 8/21, after this loan was approved their attorney reached out to me. 8/21 all docs were resubmitted for them (We had to resubmit the same docs 3X during this process, FYI), 8/29 all insurance docs sent to lender and changes made to policys by my Insurance agent to satisfy lender. They then asked me for a party wall agreement and foreign entity registration, weeks after this deal was approved and with me having asked at least 3 times if they needed anything further from me. Got them the foreign entity doc within 2 hours, and sent a party wall agreement (which was completely inappropriate for this deal, not the correct form at all - but I signed that form on both sides, literally making an agreement with myself, which they accepted! Huh?) On 9/14 I signed closing docs, expecting to receive funds the following business day. Its 9/21and I still have not received the funds. Lender states our insurance is inadequate, my agent tells me their requests are not reasonable or possible for most insurers, yet their company has a preferred insurance agent who can write the correct policy... fishy. A week after signing off on all closing docs, 4 weeks after I was told we could close, I do not have the money and am not sure this deal will ever close. Buyer beware.