All Forum Posts by: Philip Preskenis

 I was working on hard money but we couldn’t get it done in time. I ended up using a combination of my reserves and a private loan from a friend to close on the home before it was foreclosed on. Now working on refinancing to pay back my private lender. 

 Thank you - I appreciate it.

We generally do buy-and-hold investing. However, this is a family friend who approached us looking for help because they know we are investors. I am trying to help them out while also taking advantage of a good deal. The issue with BRRRR is that the refinanced mortgage wouldn't come close to the "1% rule".

I am not going to pigeonhole myself because I "only do buy-and-holds", I am just figuring out how to secure the deal and will figure out an exit after that.  

I appreciate your response and input.

 Good to know - I appreciate your response. We never made an offer - a family friend approached us looking for help because they know we are investors. I am trying to find a solution for them as much as I am trying to make it work for us. I am not familiar at all with subject-to but is that an option here?

Trying to keep this short and sweet. We were presented with an opportunity to purchase a home direct from seller before his home is foreclosed on. It is set to be taken by the bank on March 7th. We would be getting a 25-30% discount on the purchase compared to what the market value is so we would like to get this done. The home is in good shape and would not necessarily be a good BRRRR because rental comps wouldn't cover the refinanced PITI (plus expenses).

I am looking for advice on how to get this done in a short timeframe. I have reached out to credit unions, "quick" close FHA companies and I am waiting to hear back.

Thanks in advance for the help!

A few weeks late to this post but I am glad that I found it. I have underwritten a few deals in Racine recently and I do like the area quite a bit. I am in the Northwest Chicago suburbs and currently own one rental property down here. 

I would love to connect with anyone that can provide insight to the area. Looking forward to talking. Phil