All Forum Posts by: Nicholas Boccella

Hello all, 

I recently found an off market deal from a friend of a friend.  The bank is asking how I found out about the deal if it wasn't listed.  Is there anything I should look out for when responding to this question?  I am not sure what the bank is looking for with this question.

Any advise would be appreciated.

Thanks,
Nick

My only concern is complication due to section 8 inspections.  It is an up to date rental and I don't think there would be any infractions on the inspection.  However, my worry would be I say ok, then section 8 doesn't pay due for some reason.  I have never experienced a section 8 inspection.  What should I expect? Thanks!

Hello all,

I have a current tenant in a duplex who was approved based on their current income.  They have been with me for over a year and are good tenants so far.  She just messaged me today that she applied for and received a section 8 voucher.  She wants to send me the packet to fill out.

My question is, am I required to accept section 8 payments from a current tenant?  What are the implications of accepting and denying section 8.  My understanding is that section 8 is not a protected class in PA at the moment.

Any advice would be helpful.

Thanks,
Nick

@Anthony Ward @Tarik Turner @David L.

Thank you for your input. After a long discussion with my lender, they have decided to honor our original deal. The bank was worried about me being an out of state investor who just listened to an infomercial about flipping houses. I explained that I have strong ties to the area and have already done three deals in the area (with them). All good in the end! Thanks again!

So I hear all the horror stories of getting a low appriasal when attempting a BRRRR deal. The issue I am having is a little different. I purchased a single family property at $51,000 and put about $30,000 into it (also a lot of sweat equity). When I ran my comps, I came up with an ARV of $130,000. I applied for the refinance requesting a loan of $100,000. I just heard back from the appriasal and it came back at $141,000! I was thinking I hit a homerun! The bank, however, feels the appriasal is incorrect due to me only being into the property for $81,000 and claiming the comps are not true comps. The bank is now challenging the appriasal and changing the terms on the loan.

Has anyone ever heard of this before?  If so, an tips?  Thanks!