All Forum Posts by: Michael Brattelli

@Ayako Nakayama By law a lender has to provide you with a Closing Disclosure 3 days before closing. If they don’t send it in that time then you can’t close so if they sent it 1 day before you need to extend closing. Look up TRID laws

@Tina Lee Yes you can notify them you’re not renewing their lease because you are moving back in BUT if you don’t move in and try to RE-rent the property you could be in some trouble there.

@Joan Garcia Hernandez an appraiser would most likely use the cost approach if there was really nothing to comp to. @Brad Sand reply was very good. I’m not sure your market but adjustments can always be made as well for things that may not be exact comps.

@Brian Keyser I use “Creamy” by Sherwin Williams with white trim. Need a few coats to cover but it’s a great light neutral color.

@Debbie Marcantonio Hey Debbie, I'm not in the REO space but I have a colleague who is very seasoned with REO if the properties are in South Jersey, I'd be happy to pass on her info. If they're in North Jersey some sites you can find agents on are Equator, resnet, pyramid platform.

@Brett Grz What part of NJ are you in? I’m always up to talk if you’re local.

@Thomas Balielan I agree with @James Hamling this whole thing is a big wrongdoing. It’s pretty clear discrimination and of a disabled vet. Your only out would’ve been if you asked properly for the right documentation and if they didn’t provide it. This was all handled incorrectly and should be a lesson to newer investors of what not to do and why they should know the laws. As others have said service animals are not pets.

@Manley Woods it’s going great. Will cash flow big time when I move out. I’ve definitely had to put a lot into it and constantly improving things but it was a great off market deal and I knew what I was getting into. Structural repairs are also a big thing with older homes to look out for. Old homes definitely aren’t for everyone but if you have reserves and a good team of contractors it could be lucrative.

@Manley Woods I have a historic duplex from the early 1800’s. The bigger items (electric, HVAC, plumbing, windows) have all been updated. Have reserves and you’ll be fine. There’s some great deals out there on older homes you just need to have a thorough inspection and know what you are buying.

@Laura Romaniello Here's my opinion. In the first couple years cash flow is not that important because you'll be living on one side. Make sure you run all your numbers to include both sides rented out with you not living there. If there is room to do improvements and increase rent over the next few years that is ideal. You have to remember you'll be offsetting your own expenses. Capex is important, make sure you can weather any storms and have the funds when things go wrong. If the numbers make sense with both sides being rented and cash flowing in a few years I see that as a positive. Always remember real estate is a long game. That being said, to me cash flow and ROI are both important. Make sure you pick a good market that you know.