All Forum Posts by: Moise Julien

Hello, i am Julien and I am looking to get in my first Deal but I am in a bit of a bind, so i'd like to get some advice from the knowledgeable BP family

We recently got to sell our single family house due to family issues and it was a blessing but there are always issues.

In 2015 i did a Chapter 13 BK to stay out of foreclosure and it was dismissed in 2018 due to non-payment (family issues). Now I am trying to get my first deal underway and we are about to close but the initial investors do not wish to fun the deal due to certain guidelines set up by Freddie Mac and Fannie Mae and now they are asking for a Higher Down Payment 20% and have raised their Interest to 7%

The property is a 325k Duplex (3/2 & Efficiency) with Rent $1600 & &675, fixed and based on local comps found through RentoMeter rent can be raised to $1900-$2000 and $800-$900 respectively; i have about 40k but since now they are asking for 20% down, i need a total of 64k to put down.

I've considered backing out of the deal and fix my credit all out and look for a new deal next year or try to force the matter by getting a private loan to put down on the property. I'd like everyone's opinion on the matter please.

Also, do we have access to any private loan with Interest Repayment until refi (18months) here on BP?

Anyhow, i look forward to reading the replies and thanks for sharing your opinion and knowledge.

Thank you,

M. Julien

Does this rule of thumb apply as a yearly or monthly payment?

Hello Charles,

Thank you for your reply mate and apologies i didn't reply sooner, the same day I posted my question, my internet went out but it's back up now and here i am.

The "estoppel agreements" (learned a new term today), do i obtain them from the Tenants or Landlord?

Thank you for all your recommendations mate, this is awesome. I will definitely be adding this to my notes.

Cheers!

Hello Bigger Pockets People!

My name is Moise Julien and i am I have been keeping up with BP since last year while i was injured and out of work. I would like to get to first first deal this year and i am in need of some assistance. 

I am interested in purchasing a Four-Plex multi family property. I found one, i need to find some comps to make decided whether it is a good deal or not, and i did some ESTIMATED calculations for ROI because all information were not available, but ultimately, I am unsure of my work. I would like to have this property as a Owner occupied property.

In order to make sure that my calculations are concrete, What are some questions would y'all recommend that i ask the seller of the property? I was thinking about the current Rent of the Tenants, List of all Landlord Expanses such as Property Taxes, Property Insurance ect... 

Is there anything else you fine people that can recommend that i should be asking, or is there perhaps a guideline i can use to make this process a whole lot easier? Any help or recommendation through this process would be greatly appreciated.

I thank you all for the opportunity to post and receive some guidance as i look forward to this journey!

Looking forward to hear form you all!