All Forum Posts by: Lou Gonzales

I would have to say, not without paying the lien. I've never refinanced without having to pay liens attached to the property. Never had a tax lien but had to pay all city or village liens and property violation costs. The banks don't like to lend on properties that have problems.

Looking for financing for fix and flip in Evanston, Ill (Westside), negotiating price, trying to get bank to $125000-$130000. Estimated repairs $45000-$50000, Estimated ARV $250000-$270000. I have approximately $15000 for carrying cost.

Nice work have to come back to it, looks like tons of info. I think it needs some undivided attention.

I agree with Oleg. See if the seller is willing to help with down payment or more. Try your community banks first they may be a little more flexible.

Can you please send me more info. Guidelines, what you need from me.

Or you can call the city or village and ask what code is.

Ok my first multi-unit was purchased with none of my own money. Was an 18 unit in Evanston Il. The building was approx. a mile straight south of Northwestern University. It was a distressed owner, not financially but was having problems with the city on other buildings he owned. Anyway I explained to him that I had most of the money from various sources. He asked how I was getting the money. I told him my father in law was lending me 25000, and the bank would give me 527000 if the property appraised out. I told him I could probably refi. my building but wasn't sure how much I could get. It was then when he said "If you give me 695000 I can take back a 2nd mortgage for 65000." Well with that I knew I could pull 85000 out of my building. So I came to closing with 527000,25000,85000 and his 65000. walked out with 40000 and change and after all expenses, a cash flow was 3300 a month. Now this deal is not typical or maybe it is. But I was just being honest and most people who own these kind of properties are wise to making a deal. Just ask if they'd be willing to hold some paper.

Actually two of my attorneys had financial interests in a title company that was my favorite to deal with.

Yes, I would for sure check the property taxes.  The redemption period is way passed due if they haven't been paid in 10-15 years. I would check to see if they've been bought or even foreclosed on and just not recorded. But I would think you could expect to pay them either way once you buy.

Yes, I know where I'm there in no sleeping below grade. So what 

I have done on SFR, is duplexed first floor into basement to add bedrooms to houses, you 2 to 4 beds to add value. Single family residences do not get inspected like rentals.