All Forum Posts by: Louis Colavecchio

Hey all, I’m exploring the option of seller financing on a residential property. The house needs work but I believe I can get it quite a bit below market. If we chose to go the route of seller financing, is there a way to fund the rehab other than out of pocket? Thanks in advance.

I'm looking to put together a deal on a 15 unit property in Rhode Island. 14 units are residential (section 8) and one unit is a commercial tenant with a long term lease. The building needs very little rehab and can be purchased for well below market. I would be happy to hop on a call and go over everything if anyone is interested. Thanks in advance!

@Greg Dickerson

If I were to get a hard money loan for say 750k for purchase, and the value of the building is more with some improvements, could I do a cash out refinance through a bank for the new, higher, appraised value?

Hey, I'm looking at a multi-unit apartment building that's going through foreclosure. I'm exploring my financing options and trying to decide the most cost-effective way of purchasing it. It will sell for around $750k with an appraisal of around 1 million. If I get a loan for the property will they base the value off the selling price or the appraised value? Any suggestions on the best way to go about this? I'm exploring hard money lenders as well and then refinancing. Thanks in advance!

@Matthew Olszak

Gotcha gotcha, thanks for the clarification!

FMR doesn't cap you on how much you can charge for rent, correct? It just caps the amount that the housing authority will pay. The tenant can make up the difference?