All Forum Posts by: Percy N.

I believe the offer has to be submitted via their website through a realtor (who needs to register on their website if they have not already).

I have purchased a few. You submit the offer (don't put any contingencies) and proof of funds (cash is best). It usually takes 48 hrs - 72hrs to get a response from them, then some negotiation via the realtors and once there is verbal approval, they send the final contracts for signature. It could take another 3-4 days for the bank to sign. 

Usually takes 3-4 weeks to close. Don't be too aggressive as you will need to pay $100/day for delays, even if it is not your fault (can't remember if it is Fannie, Freddy or HUD).

Of course, you need to pay all U&O, both sides of the transfer fees, etc so plan for a slightly higher closing cost.

HUD sometimes has better deals and pays for title insurance if you use their title company.

Works well if installed properly.

I had a property with pex and either because they were not crimped properly or for whatever reason, there would be a slow leak and the slightly acidic water (well) would eat away at the fittings, causing many leaks and replacements. 

I would run from this company. Sounds like a scam with high fees.

Have you approached local banks or credit unions to see what they can offer you?

I would go for the primary home first.

A good JV partner will bring in the funding and let you handle the rehab/prop management

Am I correct in assuming that the lenders will be OK with the properties being in a LLC?

Also is these were rehabbed in the last 6 months, are they OK with LTV and not LTC (cost)?

The HELOC is attractive as I can use it as needed for opportunities that arise, without paying unnecessary debt coverage.

Can a HELOC be used as PoF for future purchases?

Is he planning to finance it for you by keeping the mortgage? The bank will call the note as soon as the property is sold.

Yes, seems to be focused on the retail buyer at least in the Philly area. Their reserves are way too high for a property you cannot visit to estimate rehab. Will have to look for the ones in MLS, I ignore the ones on Zillow because of the above.

Personally, just like bank accounts and other investments, I would not mix my SDIRA and non-SDIRA assets. * I am not a tax professional

I love cozy.co

Welcome @Seamus Kennedy.

I am a cash buyer of SFR in Montgo and ChesCo (occasionally Delaware County) in good school districts.

Looking for flips (target 20% +) or rentals in good areas. Send me a couple things you may have found and lets see if we can do some business.

@Marc Oister, I buy in Lower Pottsgrove too.

Cheers

Percy

Welcome to BP. I would recommend doing a JV with someone looking for a passive investment or who is looking for a partner with construction experience.