All Forum Posts by: Malcolm Stokes

I HAVE AN ISSUE  FAMILY

I WANT TO BUY A MULITI FAM TO BRR..

BUT MY MORTGAGE BROKER TRYING TO CONVINCE ME TO GET A TURNKEY MULITI FAM PROPERTY FROM A GUY HE KNOW THATS WELLING TO PAY THE CLOSING COSTAND I WOULD HAVE TO PUT DOWN MAYBE 3 %  OR 4% PLUS 

AS A BONUS  HE SAYS CAN GET MY PROPERTY IN THIS PROGRAM CALLED SOTA 

The SOTA program will pay one year of rent for eligible Department of Homeless Services (DHS) clients to move within New York City, to other New York State counties, or to another state, Puerto Rico, or Washington, D.C. SOTA can be accessed by households with recurring income from employment, Supplemental Security ...

I TOOK OUT A LOAN OF TOTAL 80K I FEEL LIKE WHAT MY MORTGAGE BROKER IS ADVISING ME SOUNDS GOOD BUT 

A PART OF ME IS SAYING I SHOULD GO TO THE AUCTION TO FIND A MUILTI FAM..AND ADD VAULE MY SELF

SOMETHING IS INSIDE OF ME KEEP ASKING ME IS THIS GUY TRYING TO TAKE ME FOR A RIDE BECAUSE HE KNOWS THIS MY 1ST TIME INVESTING IN REAL-ESTATE 

SO I COME HERE TO ASK THE BIGGER POCKET PEOPLE SHOULD I LISTEN TO MY MORTGAGE BROKER OF FOLLOW MY GUT?

P.S I CANT  BLOW THIS
 

I SAW A PROPERTY IM LOOKING TO GET ITS A 1 BED 1 BATH, I WANT TO TURN IT TO A 3 BED 2BATH THIS HOUSE BEEN ON THE MARKET FOR 388 DAYS THEY ASKING FOR $109,000 THE HOUSE IS IN BAD SHAPE ITS MOST DEFINITELY NOT WORTH THE ASKING PRICE,  THE HOUSE SOLD FOR $37,000 BACK IN 2018 THIS MY 1ST TIME DOING A FLIP,, WHAT YOU GUYS THINK ABOUT IT BEING ON THE MARKET FOR 388 DAYS 

                                      P.S ITS OTHER HOUSES ON THE SAME BLOCK SELLING FOR $180,000 220,000

DO YOU GUYS THINK IM ON THE RIGTH PATH

im in the process of getting my first property to flip through a 'Hard Money Loaner' for 12% ,Should I get a lawyer to look over the Loan agreement ? or No

yes its unsecured 

whats The benefits of buying at auction because I just got approve for $175,000 personal loan