All Forum Posts by: Nick Arenaso

thanks all - i got the answers I needed and i learned about delayed financing which i never knew existed

thanks

This is for my personal residence - not an investment property.

My new home will cost 750K.  I am able to comfortably put 550K down, then stretch to pay the rest by dipping into savings/stock investments.

Is there any significant benefit to doing an all cash deal initially, then refinancing later on to get liquid again?  I dont anticipate having any trouble with the bank to get my loan so i am wondering if it is worth the hassle.

Hi All

The HOA where I am renting an apartment implemented a move out fee mid lease. Now that the tenants are moving out, they have asked that I pay it. Since it was not on the lease agreement, i assume I am on the hook for it.

Any experience with this? Should i ask the mgmt company for a waiver since it was introduced while I had a tenant in there?

I will also mention that I allowed the tenant to end their lease a month early saving them a couple thousand dollars. I'm a little upset that i accommodated that request yet they are asking me to pay a moveout fee. It just flies in the face of acting in good faith in my opinion.

Hi All

I'm selling my primary residence FSBO. I am in a very desirable neighborhood and have gotten multiple request from potential buyers simply by word of mouth. The house is in immaculate condition aside from what i consider to be two flaws.

(1) the kitchen cabinets have been repainted, but were not done perfectly, so there are some aesthetic flaws that you really have to scrutinize to find

(2) there are three bathroom cabinets that have water damage on the bottom surfaces from previous leaks that I did not catch in time

I've done a few showings on my own, and have not pointed out these flaws. i fully expect these flaws to be caught by any inspector who does a thorough job.

What should I do in the showings?  I am not sure that i should be pointing out flaws in the home is a good idea.  But on the flip side, i dont want to be caught lying by omission.

Can anyone offer any good advice on how they would approach this?

@Mark Ainley

 It's in Logan Square - Fullerton and Kedzie is the nearest major intersection. Top floor in a 6 floor condo building. It's the largest unit in the bldg -1400+ sq ft, 2 bdr 2 ba with a den that functions as an office/ 3rd bdr. Deeded parking. WA/DR in unit.

Been renting at 2K for a couple years now.  Just about to do a lease renewal at $2050.  I am an out of towner (No HARP option) so I am not too sure of the rental market. However with the same great tenant for the past 5 years, I only do minor increases in rent.  

To answer your other q. No principal is not going down - I did an interest only loan because I was blinded by the pre-construction flip greed.

@Steve Vaughan

 I stopped investing after this huge misstep.  I recently discovered biggerpockets and am eager to get back in the game.

Thanks for the feedback guys... definitely appreciate the constructive tips.

I hope I am posting in the right forum.  If not, please let me know and thanks in advance for not judging me on my bad investment :)

In 2007, I thought I could make some $$ on a preconstruction flip.

I bought a very nice condo in a preconstruction building in the Chicago city limits (in an up and coming area, not too upscale, but not the hood - close to a lot of nice stuff and the mass transit)

I bought for 390k with 5% down and took out an interest-only loan.

Alas, the real estate bust happened.  However ... my tale is not a tale of complete woe.

I rented the place out and I still manage to eke out a miniscule profit each month after mortgage, insurance, HOA etc. Minor repairs definitely do bite into the bottom line but it is a slightly positive cash flow.

I just am tired of treading water - I am not building equity, I am still underwater when I look at comps in the area (I think the place is conservatively worth 350K).

I am not real-estate saavy enough to know what my options are.

(1) I dont think I can refi cause my LTV is horrible.

(2) I cant sell without paying out of pocket

(3) I cant short sale

Any ideas for an exit strategy?  I just need folks with experience to weigh in.  WWBD (What would biggerpockets do)?