All Forum Posts by: Moises B.

@Ryan Murdock I had 0 clue. Thank you for this.  How about if the initial loan is 203K, you then refi...I suppose after the refi you can make the transfer, yes?

@Casida Caines brutal is an understatement. My closing date got pushed now to Tuesday, 2/20 causing my timeline for availability to lag (I'm trying to suppress my frustration as I type this lol).

In any event, I target the Hudson Valley area - Newburgh.  There are glimpses of potential, though, you have to really analyze and do your due diligence (I can't stress that enough). I'm looking to acquire 3 multi s up there.  Then move mid-west god willing or even Buffalo...

@Natalie Kolodij How is this difference then adding anything that falls outside of cap ex as deductions?  Unless those expenses described above are categorized as capex...? or am just totally confused here.

Echoing @John Hickey

I'd like to add - ask questions, do solid research in the areas you'd like to invest in (some are slightly better than others).  As a relatively new investor, I have to say I've learned a lot.  Networking & integrity is key.  

At first read, I thought 1031.

I echo the others, it's good to clarify with the lender on what exactly is attributing the delay.  Sellers always have some motive...that always raise eyebrows.  If he or she knows you're not walking away from the deal, and doing everything in our control to take this to the finish line in good faith, then I don't know why the anxiety.

I'm dealing with a small lender now and scheduled to close tomorrow (FINALLY!)- -this was a painful process. 

@Cara Lonsdale Quite honestly, the ARV may be even north of 120K. I'm saying 120K because I'm closing on a similar property with similar characteristics, not even updated and it appraised for 118K. I'm assuming (and I hate assuming), once I make it pretty lol it'll appraise for a bit higher.

The one I'm describing above is almost a mirror image, duplex just needs more rehab work.  Electrical, plumbing (the main items), plus cosmetic work painting and some new appliances.

@Cara Lonsdale the ARV on the property is at around 120K. The rehab cost is about 50K

Hi,

I'm closing on a deal tomorrow (finally!!!), but have this second deal on the table.

The seller and I agreed verbally on a $39,500 finance offer...where I put in 50% down of purchase price (so 20K), have the bank back me with the rest + whatever the rehab cost will be. I'm speculating another 40K-50K so you're looking at 90-100K (adding buffers).  

Will the lender/bank cut a check for 20K to the seller at closing? Like is there even a such thing?  I've engaged my lender, she did my intake (something along those lines are possible), and I'm still waiting.  However, wanted to ensure I'm not wasting his time or mine.

Any input is appreciated.

@Patti Premo yes, this is helpful.  I appreciated.

Thank you, @Matthew Paul

Thank you, @Brook Vosler.  Will do.  This already has been a painful process, and now I get blindsided by this.