All Forum Posts by: Nicholas Ernewein

So this isn't actually me buying the property but a friend of mine, is signing the closing paper tomorrow for a house for 200k, in the Buffalo, NY area. So I he has a question, and I didn't know so I told him I would ask around. Here is the scenario...

The seller has a couple other complexes he found out. He also discovered this lady is going through a divorce. She offered to cover 2k of the 15k closing costs, my friend had the property checked to see how much it was going to be to repair this house which ended up coming to 30k. The seller, and him both agreed on lowering the cost of the of the house 15k ( 183k now ). My friend was hyped because it would be a lower cost on his mortgage, he originally was going to pay the rest of the closing costs out of pocket.

However this is where I get lost, I don't know if the following is common or not. The seller said she wanted to keep the mortgage the same, and pay my friend 15k and closing, and have the 15k go towards the closing cost, so after that my friend would actually see around $800.00 however the mortgage would stay at 198,000 ....

Okay cool I appreciate your help.

 Okay, I made post somewhat about this yesterday. If I know I won't be ready to make the purchase until like 6 months, should I wait on discussing this information for now. I don't want to waste her time, But I'm also very curious on the costs of 4plex's in my area so I can adjust for the up and coming months to meet the financial needs of purchasing this property.

I've recently contacted my old classmate who went into being a relator, about information in the buffalo area. I was looking to see the pricing of 4plex's in the area. She responded with she would love to help me and asked me have I talked to anyone about a budget yet. I don't want to sound dumb ( Im as fresh as it comes ) does she mean how im funding it such as a FHA loan, or like a traditional bank loan with 20% down.

Also does the relator need to know what kind of loan I go through, is it any of there business. I don't mind I just don't know if I should be telling them this information or it doesn't matter.

Also If I really want to do an FHA loan, should I tell my relator? I know houses have to meet a strict outline before they will approve it.

 Lombardoughs? Im super good friends with the owner, Kenny if so :) sorry off topic.

 THAT MAKES SOOO MUCH SENSE, thank you so much!

Okay, Ill ask her! I didn't know if I asked her and say I'm looking about 6 months away if she would say ask when the time comes closer. I don't know how far in advance people look ahead. I don't to make her think im wasting her time. But Ill also check around buffalo for those patterns, that's SUPER cool. Thanks!

Hey guys, so I estimated I would be financially able to try to get an FHA loan for a 4Plex in my area in about 6 months ( again this is all a conspiracy, because I am so new to all of this, so I don't want to sound over optimistic or under, I'm somewhat lost even after reading so much ). I live in the Buffalo, Ny area and I've been looking around at every online website I know of to find different properties, then I go to CL compare the average renting costs in that area.

I completely take back my first sentence, I would like to mortgage 4plex in 6 months however I can't find ANY OF THEM IN MY AREA. I don't know the costs of something like that in my area and I've been consistently looking.

Question 1: Any tips on where to look for properties ext.

Question 2: I understand building a team around you is very important and a good way to find people is references. However I know a realtor I went to HS with, is it an uncommon practice or would she even entertain the idea of me asking her about the area and 4plex's? Is that like information they wouldn't disclose of good areas, and prices?

P.S I also apologize if none of this made any sense...

Holy snowflake batman, having possible renters like Kari Watts makes me really believe in not buying D-properties because of renters like him. Entitled little snowflakes. anyways tony, can I get some of that stew please?

 Appreciate the warm welcome, I've talked a to a few people already. Everyone is very nice, I'm planning on going to the meet-up in buffalo. I don't have much knowledge because I am just getting started off, but I want to learn and get out there. Maybe I can buy a round of beers :)

Also please don't call me down to the river with your gut shot straight please :( not very +EV