All Forum Posts by: Seth Williams

Lol, good luck man. Never mind. Keep attacking people trying to help. 

@Remone R., I am an agent,  I’m trying to help you. I asked questions you didn’t answer, the same that everyone else is asking. 

In a contract it can state that you have to come up with the difference upon appraisal. Whether that is legal or not on an fha loan or not, I couldn’t tell you I’m not an attorney. Most people won’t be going to court over a deposit of such low amount anyway. 

Just trying to help, we need more info. 

RE read what I wrote, if there is agents, have them execute what I wrote. Was looking for more info.

Even if there is a contract, some contracts state you have to come up with the money. Very common here in boston in a competitive market where stuff goes over asking. 

If there is something in the contract that stated you have to pay the difference ( which is in some contracts ) then you would lose the EMD. If there isn't, then the contract is void if you say so, and the bank appraisal can be shared as proof, and the seller should return the money within a reasonable timeframe.

Question, are their agents on both sides? No sides? Who is actually holding the deposit? If the seller has it, I would contact a real estate attorney or someone in efforts to make the process more serious, and typically I wouldn't let a seller hold the $, the attorneys always should in a worse case scenario. I would hit him with an additional letter from your atty or something that would say agree to amend the purchase price to 260, and reschedule closing, or , refund deposit by end of day ( 2nd, 4th, 5th, etc ) or face legal action. You'd have to check with someone but im sure there are laws about holding your money and being in violation of contract ( 93a in Mass - which makes him liable for treble damages, or 3x ). 

Unless you have a private lender who will do this and allow multiple deeds of property to secure the note, an FHA or bank loan will not work. You may be able to do a commercial style loan and put multiple units in it, but most banks will stay away from multiple units in a complex like this. In my experience

100% in time for an upgrade! Are you thinking about for moving forward? Or for last year? Either way lets connect offline, I have a great CPA I use for all my stuff. I have 10+ units, FT Job, Multiple-businesses etc. She is AMAZING! Well worth the money on book-keeping etc, and has saved me a ton too! Hit me up in a DM. Good luck @Richard Tibbetts

@Adam Rey i see this a lot in the boston market to be honest...If you look at what things sold for in 07/08/09, even into 2012-2015, it's insane how much cheaper things were. I have a three family that has almost doubled in value since I purchased it. Some people are completely ok with walking away with some money, and scale up, cash out etc. If the #'s still work and its a long term buy, you should be good! Id be careful with more short term stuff right now. If you have any questions shoot me a message, id love to connect, have a coffee / beer and chat strategy! Good luck man. 

Id be fine with doing all of this, but then adding it to rent. For instance, you could turn a large profit on it really. If you want internet in this building its X/mo, which is a better deal than another third party for a comp, and still profitable for you. I even do this in a couple of my three families. I pay 250 for it, but charge each tenant 125 a mo or so. Works fine! 

With that style building, look into some satellite options too so you don't have to bring the stuff to your building, you just pick it up. Sometimes antenna's on the building too can bring you revenue, make sure you explore all options before locking in! Good luck!

As @Ann Bellamy asked, where are you located? I’d love to sit down and help you out, I wish people offered when I was first starting! 

In my opinion everything will continue to gentrify in this area. Try looking for a town right outside of the city tho, there are still deals to be found in the surround towns, specifically north.