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All Forum Posts by: Patrick Shep

Patrick Shep has started 39 posts and replied 93 times.

Post: Delayed Financing with assignment fee

Patrick ShepPosted
  • Rental Property Investor
  • Washington, DC
  • Posts 97
  • Votes 37
Quote from @Tom Gimer:

IMO you'll be paying the assignment fee in cash at closing unless the assignor is a friend or business associate. No stranger is going to defer their payment and let you take title in the interim.


I'm not asking for someone to defer payment, this is post closing. You can do delayed financing after paying cash for a property, within 3-6 months after closing. You can finance all of what you paid for with cash if your appraisal supports it (80% LTV) and all fees. My question is if I did that and say there is a 5k assignment fee (not sure exactly what the # is), is the considered a a fee or included cost of the house or is excluded from what I can finance?

Post: Delayed Financing with assignment fee

Patrick ShepPosted
  • Rental Property Investor
  • Washington, DC
  • Posts 97
  • Votes 37

I’m looking at paying cash for a deal and using delayed financing. It’s a wholesale deal with an assignment fee. If I do delayed financing am I able to include that assignment fee?

Post: Who has student housing ?

Patrick ShepPosted
  • Rental Property Investor
  • Washington, DC
  • Posts 97
  • Votes 37

Do you have student housing in your portfolio?


I'm looking to build a list to create a community since it's so niche. I have a small FB group I'm in but I know the community is much larger. With enough participation, we can do a virtual REI type meeting(s).

Thanks !

Post: When will BPcreate a Solid APP?

Patrick ShepPosted
  • Rental Property Investor
  • Washington, DC
  • Posts 97
  • Votes 37

I use the mobile version too, but it's kind of a pain in the butt. Everyone else in the world has created functional apps where I can get notifications, etc. $400/yr x how ever many people subscribe plus all the other revenue BP gets, should be more than enough for a functional app.

Post: When will BPcreate a Solid APP?

Patrick ShepPosted
  • Rental Property Investor
  • Washington, DC
  • Posts 97
  • Votes 37

I think BP is amazing. However, I’m disappointed  that they have not created an app that has good functionality for forums and all the tools.   most of us pay $400 a year and I would expat that experience at that price to include a modern app.


does anyone know status of when a BP app will be released? I have an old one that’s horrible and the apple store doesn’t carry it anymore.

Post: Financing for a 6 unit

Patrick ShepPosted
  • Rental Property Investor
  • Washington, DC
  • Posts 97
  • Votes 37

I’m familiar with conventional loans for MF 2-4 units. What are terms like for a commercial loan for a 6 unit, under 200k?

Post: Knob and Tube Wiring insurance options ?

Patrick ShepPosted
  • Rental Property Investor
  • Washington, DC
  • Posts 97
  • Votes 37

Russell...it's out of state in upstate NY. I need to get an electrician to look at it and negotiate if the seller is open to it.

Post: Knob and Tube Wiring insurance options ?

Patrick ShepPosted
  • Rental Property Investor
  • Washington, DC
  • Posts 97
  • Votes 37

Im looking to understand buying a place that has knob and tube wiring. I’ve read some insurance companies will not insure it.

What’s been your experience to get insurance with knob and tube? Any recommended insurance companies?


thx

Post: Signed a 3 Year Lease With My Client but INFLATION is TOO HIGH

Patrick ShepPosted
  • Rental Property Investor
  • Washington, DC
  • Posts 97
  • Votes 37

I think you need to stick to your word. To be blunt, you messed up, not your tenant. We've all seen the inflation coming for 2 years and have seen it rise. I recently signed a 2 year lease with a tenant with only a $50 increase year 2. They are also a great tenant, so if you have a great tenant, then I would be happy. You may pay more for turnover and you don't know what you would get next. If you are paying too much for repairs, you need to assess your CAPEX.

Post: Looking to Connect with Investors in Detroit

Patrick ShepPosted
  • Rental Property Investor
  • Washington, DC
  • Posts 97
  • Votes 37

Hi all. I'm looking to connect and build a network with active investors in Detroit with a buy and hold strategy. I'm looking to network with local investors and OOS investors. I haven't seen any Detroit REIA that meets virtually, so if anyone is aware of something that accommodates OOS investors, that would be great.

Look forward to connecting...