All Forum Posts by: Melissa S.

Any thoughts out there?

I have a W2 job, greater than 800 credit score and only 2 mortgages. I was looking to get pre approved on a mult family today and the bank will not approve. Im using a HELOC for the down payment, which is 25%. They indicated my debt was too high. How do I go about getting this multi that I am interested in ?

Hi,

I live in Dartmouth.  I’d like to hear more about Your deal and discuss some of my ideas.  When are you free?

melissa

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $309,000
Cash invested: $56,000

Completely remodeled!

What made you interested in investing in this type of deal?

Increase in value.

How did you find this deal and how did you negotiate it?

Mls.

How did you finance this deal?

Conventional loan

How did you add value to the deal?

Updated and remodeled every room. Turned a half bath to a full bath.

Lessons learned? Challenges?

Too many to list!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $178,000
Cash invested: $6,295

2 units

What made you interested in investing in this type of deal?

Cash flow

How did you find this deal and how did you negotiate it?

Mls, foreclosure

How did you finance this deal?

FHA loan

Lessons learned? Challenges?

Lesson learned- get a strict criteria for vetting tenants!

Thanks for the update.
I would call this RCAP program and educate myself on how this work, the criteria, application process, etc... that way you know how it works and if they are even eligible.
Also, if indeed it does take 30days, your tenant will not have the money on Jan 1 (if thats when the rent is due). then you can just move forward with your execution.!!

Good Luck

Im a little confused as to how your case is proceeding. But please keep us posted!

Hi chris,
Thats great to have in writing for sure. However, as I was informed by the court last week, it is ALWAYS the tenants right to appeal.

What was their reason for filing the motion?

I dont know too much about it. As I am learning this process myself. I do know that for me, things were scheduled fairly quickly. At one point, the court call and wanted me down there the same day (I was at work) so it was schedule the next business day.
Definetly act on that execution if they are not out by the specified time. My best guess, is that they will file a "temporary restraining order' next, this stops you from using the execution. Then they will present to the judge why they need more time. The judge will decide yes/no, typically they can allow 10more day in the apartment, of course they have to pay for those 10 days.
This has been my experience thus far. I did have an attorney with me, but honestly I could have done it myself.
Good luck.

Mike,
I too am dealing with something similar in Mass. I believe your tenant may be filing something called a preliminary injuction. If this is the case, this needs to go before a judge. The judge will make the final decision. I cant imagine that this should take too long. Do you have a court date yet?
Also did you get the original execution from the court?