All Forum Posts by: Robert Granara

will,
from the start i said $300K is my limit...

i know the listing broker is not supposed to tell you what the other offers are but most of them will...and part of me doesnt believe him...he called me today and strangely told me that the bank wants both offers and that they might still accep my lower offer, something just doesnt smell right...keep you posted

the other buyer went to $305K...i held at $300K but its kinda killing me- to lose out by $5k...but even if i went back in at $306K how do i know the other buyer wont lift to $310K, so im done on this deal, although the broker said he'd put both offers in and see what the bank says...

can someone tell me how to change my photo (badge)...right now its the generic badge, id like to change it but dont know how...thanks

broker called me today and said he had another offer at 290K and they wanted final and best...i went in at $300K, we'll see what happens, i really want this one, im ready for my nxt deal and this has the possibilities of condo conversion and/or subdivision down the road 10 yrs or so...

this deal im working on is a single family and a 3 family on same lot...right now im at $285K and it needs $25K in work, bank will be getting back to me nxt wk...realtor already said im probably going to have to go to $300 but I started at $270K and im not sure i should go to $300K...but when i look at monthly cash flow it tells me to go to $300K if needed

rents are $1400 for each unit...$5600 total monthly rents...very large 3 bedroom (could be 4 beds) units in 3 family and 3 smaller beds in single family...

i estimate my cash flow at $2233 per month...why shouldnt i raise my offer if needed...i guess im just looking for feedback either way

in my area (boston arera) the really only way to cash flow a decent buck is to go to the lower income areas...i have no problem doing this, however its not for every one...i try and focus on the better areas in the lower income areas, there are still pockets in some of these bad cities...in these areas i believe section 8 is the way to go...i have section 8 tenants in 12 of 14 units...section 8 tenants are no different than the other tenants in these areas in terms of cleanliness, reliability etc...the only eviction ive had to do in the last 5 years was a non section 8 tenant and i ended up losing about $3K on that tenant...also each housing authority is different

maybe the water bill is high bc it is carried over from the previous year

sling, i just had a face to face meeting w/ a local bank here north of boston...we spoke at first about exit strategy out of hard money into a conventional loan...

he then presents me with the possibility of a staight construction/rehab loan with his bank based on 75% or even possibly 80% LTV based on ARV...with an interest rate of around 7 or under 5/1 ARM & 30 yr...

needless to say i walked out very excited...reasons he is optimistic about lending to me is 1) i have over 5 yrs experience buying/selling and renting multi family property and 2) this is not my primary business, only a secondary form of income 3) MOST IMPORTANTLY they will keep this loan "in house" as i already have over 4 mortgages

so keep calling, yesterday i think i called 6 smaller to mid sized local banks in and around Boston

yes thanks all...i did more research and now realize i cant do a 1031 exchange on a flip...i have only held it for 3 months...thanks all

bill, so all the proceeds (which in my case is going to be around $90K), not just the capital gain (which would be about $45K) from the sale go into the intermediary account?