All Forum Posts by: Mateo Way

Quote from @Tom S.:

@Mateo Way  Yes, unfortunately all tax obligations have to be paid before they'll allow you to close.  Can you sell any personal assets?  Car, furniture, stocks?  Margin account against your stock portfolio?

 I’ve considered this. I do have 2 vehicles and a motorcycle that are paid off in full that could cover the cost of the taxes due. Thanks for the suggestion!

Hea BP Forums!

I have found myself in a bit of a pickle.

My wife and I have a property under contract for 345k with 20k in seller credits at closing, funded with a FHA loan. We passed inspection with only some minor painting touch ups to be addressed prior to closing. Appraisal came back at $410k (65k in instant equity BEFORE reno!).

We thought we were in the clear and ready to start our investing journey when our funding came back as “conditional”, we took care of all of the issues with the necessary paperwork BUT we do have a pending tax payment for 2021 that is scheduled to be paid in August of this year. 

The lender wants us to pay the total in full at closing (its slightly over 20k which is money we don't currently have on hand) OR get placed on a payment plan. The payment plan WOULD work out great if we weren't at 48% on our DTI. The monthly payment would be doable but would place us above the max DTI for approval.

Im stumped as far as how to proceed as most bridge loans are at $100k + and most small lenders wont loan on rule properties that have more than 2 acres (this 6 bed, 3 bath sits on 29 acres with its own pond and creek). 

Im not sure how else to proceed. Neither my wife and I have friends or family who we could borrow the funds for on a short period. 

Any suggestion would be GREATLY appreciated!!! 

Hea Jim,

Thanks for reaching out. Sadly this deal got snagged up by a cash buyer.

I’ll be continuing my search!

Have a great weekend.

My family and I will be relocating to the Upstate NY area this year and I want to take the opportunity to enter into real estate investing. Im in the process of acquiring my real estate license but would like to focus on flipping houses and small multi family between the Albany/Hudson area. Ive been taking time to learn the market but am searching for any experienced flippers in the area that may need assistance in the future. Whether that be assistance in acquisitions or selling of flips or market updates, I want to learn more about the process and potentially partner in the future.

If anyone in the area is interested or may have a referral, please don’t hesitate to share.

I’m currently in the process of obtaining my realtor’s license in NY and am looking to apply my knowledge, work ethic and creativity to those in need.

I have a broad understanding of real estate on both the agent side as well as investing but am still new to the industry.

If you are a rockstar agent in dire need of a US based Virtual Assistant to help stream line your daily, weekly and monthly work load. Don’t hesitate to reach out for my services. Available for part time or full time work.

I am detail oriented, personable, a quick learner and have been a self employed entrepreneur for the past 15 years so I know the importance of building systems to increase productivity.

Thank you for your time and consideration.

Feel free to send a text for the fastest reply! 

831 214 2483

Quote from @Jim Flynn:

What is total project cost?

Hea Mr. Flynn!
Asking price on the property is $289k.
But as stated in the post the property has been on the MLS for over 400 days and the owners are desperate to off load it. I think the owner would take a cash offer at $250 but this is coming from my realtors estimation. The place is turn key ready but I think $50k worth of updates and furnishing would be ideal to “guarantee” the best ROI. So I’d be aiming for $300k

I’ve found a great property in the Western Upstate new york area. The property has got a turnkey 3/2 as well as 4 glamping cabins and a communal bathroom already on site. The home and 4 units sit on 56 acres currently. 

Im looking to live and renovate the main house and rent the 4 units as short term glamping sites. There is the potential off adding additional camp sites as well as other ammenities. 

I was told by my lender that I would need a commercial loan for the property.\

Do any of you kind folks have suggestions for commercial lenders in the upstate New York area?

Quote from @Justin Windham:

@Mateo Way

It’s nice to have you on Bigger Pockets!

Make sure you check out all that this site has to offer.

There are some pretty nice discounts on many products and services offered as Perks to BP members that you might want to check out: https://www.biggerpockets.com/perks/pro

If you haven’t been to it already, the Bigger Pockets blog features links to their fantastic podcast and many great articles: https://www.biggerpockets.com/renewsblog/

 Hea Justin! Thank you for the referral! I will definitely take more time to dig in deep!

Quote from @Wale Lawal:

Mateo, not from Portugal, but welcome to BiggerPockets you are definitely in the right place

 Thank you Wale! I appreciate the support and welcoming vibes!

Quote from @Natalie Roger:

Hi Mateo! You may already follow them but 'Our Rich Journey' on youtube shares a ton about moving to Portugal. Would love to hear an update when you learn more.

 Hea Natalie!

Im definitely gonna look this up! Thank you for the reference!