All Forum Posts by: Leroy Wallace Jr

@Connie Chan @Nathan Gesner Thank you for the input!  I really appreciate it!

Leroy

This is all great stuff!! Thanks again everyone. @Carolyn Fuller I’ll be sure to run through that along with anything I can find on mass.gov

@Grant Rothenburger Yea, it is a pretty big rehab.  Im lucky in the sense that I am a plumber and I know quite a few contractors.  Also, I am just finishing a 650 sf storage space that was left unfinished in a previous renovation from a commercial space to a residential unit.

Thank you all for the advice!  

@Grant Rothenburger I am planning on buy and hold.  Im doing 30k in renovations, adding 650 sf of living space and a bathroom, with a 203k loan.  So the plan is in a year to pull out some cash and go get a student rental, while still renting out the other side of the house.  

Hi Everybody.  I am closing on a Two Family (Owner Occupied) at the end of the month.  There are some minor repairs to do in the rental unit before it is rented out.  Any advice for a first time Landlord would be fantastic, and greatly appreciated!! 

@Tom Shallcross Great advice! I’m in the process of buying a two family in a hot market and this is EXACTLY what I’ve done so far, even including the negotiating. Having the listing agent representing both parties gives them some incentive to make the deal happen, and has definitely been useful for me.

Hi Everybody, I’m looking for a little advice here. I am looking to buy a duplex that is zoned as mixed use. The seller is meeting with the town to have the zoning changed in early December. I would be house hacking this one, and renting out the second unit. The only issue is this how may not pass FHA due to a structural issue with the basement. I met with the structural engineer today and he believes that it just needs a few lally columns and an lvl to fix the problem, other than that it has been fully renovated. My issue is this. The seller doesn’t have anymore money to put into it. They have used a hard money lender to renovate and are now out of funds. They are trying to get out from under the hard money lender so they have incentive to sell. I would be willing to pay for the cost of fixing the structural issue before closing on the house - so that the house passes FHA. Anyone have some advice on how to do this, or structure the deal? Thank you! Leroy

Ryan, thank you for the input!  I am actually working on that right now.

They would be willing to lend but they would require me to put down 25%, the banker was telling me that it was because of some new fannie and freddie laws within the last couple of yeads. 

Hi All,

I am currently in the process of trying to make my first real estate deal.  I am looking to buy and hold a single family home in Maine with 6 bedrooms.  Conservitively it should cash flow about $600/month.  

However, I am having trouble getting financing since the loan amount would be under $100k.  The owner passed away and his children are now trying to sell it.  The ask price is $110k but the owners are willing to work on that based off of work needed.  I am a plumber by trade (work as a plumbing engineer) and I have walked through the house and it doesn't appear to need much work at all.  I have about $10k I could put towards a down payment.  

Do you think that this would be a good place to try to do seller financing?  Any other ideas?

Thank you!

Leroy