All Forum Posts by: Ozie Jackson

I have a contract to purchase a steeply discounted property with a quit-claim deed. The property has $7500 in back taxes attached to it. Would the tax issue prevent me from doing a cash-out refinance with a lender? There would be enough equity to cover the tax bill and rehab with a refi. Thanks

It sounds to me like the guy is in some type of personal emergency situation and might actually need money in hand to leave town. Sometimes people become assh*les simply because they are desperate.  

If you are a first time home buyer I would consider purchasing a duplex or four unit building, living in one unit and renting out the other unit(s). This has 2 advantages. 

One is anything under 5 units and you can still qualify for low rate FHA financing and only 3% down payment, just like if you were buying a single family home. Second, have tenants pay your mortgage while you save your salary to invest in other properties. There are other advantages as well.

 @Tom S. I contacted my credit union, however, their process will take longer than the seller will wait. I figured if I could get the contract closed I could get the property refinanced a later time.

@Nicholas Scatton This is what I am hoping for. Usually, properties under 50K require significant rehab and a larger loan. I put a sub $50K bid on the property, which is ready to go, and the seller agreed.

I am having difficulty finding any PML or hard money lenders that will work with deals under 100K. I have a cash flowing property under contract with an EMD. If anyone has a list of lenders who are willing to look at deals under 100K please let me know.

Hello,

I ran a report on a 5 unit property that I want to make an offer on. I have now managed to confuse myself as to whether this is a good deal or not as the monthly expenses I calculated using the BP calculator are much higher than the actual 2017 expenses that I received from the broker:

Total annual expenses (from the broker) for 2017: $9664

Total annual operating expenses using BP calculator: 19845.36

Did I input something incorrectly or are the BP expenses the more pertinent numbers? 

Thanks!

View report

*This link comes directly from our calculators, based on information input by the member who posted.

These are nice homes, I would live there! I had a question. Did you ever consider renting out the rest of your land area as a place for manufactured/mobile homes?

That way you just rent out the lots and the renters are responsible for maintenance and upkeep of the home itself. You could offer financial assistance to help with moving costs to bring in tenants. Just a thought.