All Forum Posts by: Quadeer Porter

@Aaron K. Thank you! I'll stick to the 15k in credits from the seller while also waiting to see what the appraiser says. 

@Aaron K. Thank you for the response! In my opinion, the seller has a very limited market he'll be able to sell the house to. It would either be investors or people with large renovation budgets. Therefore, I doubt he would back out the deal because he really does not want the house. The tenants give him a head ache, he lives in another state, and God forbid if someone in the house starts to become ill then the city/county will fine him. So I want to negotiate the best rate, but at the same time not make him feel cornered. 

Hi everyone,

I'm negotiating my first real estate deal currently. It's a two family home, 3,120 square feet, with three parking spaces located in East Orange, New Jersey and we have it under contract. There are currently tenants in the unit, but they will be vacating it after we close. The owner wanted $274,000 for the house, but I negotiated him down $250,000. I'm funding this project using a 203k loan.  

After the inspection, we discovered mold, both the water boilers needed to be replaced, the heating using was actually improperly set up, and the oil tank is still on the premises. The heating unit is currently pumping out unhealthy levels of carbon monoxide and dirty air into the house. My lawyer has sent a letter to the seller telling him the unsafe conditions of the house and that the tenants there should be evacuated immediately due to the health risks. 

As you can see, this is a complex project. For the most immediate repairs, my contractors said it will cost $15,000, so that's what I asked for as a credit to the seller. 

Any tips on how I can negotiate the best value for this deal? The appraisal will be happening in another week. 

Should I hold off being too pushy with a lower price until the appraisal happens and base my goal price of the house on that? Or should I try to get the cost as low as possible in case it appraises for higher than I expected which is over $235,000? 
 

@Chris Mason Thank you! I've talked to my mortgage broker who recommended that I proceed with the 203k right now. Thank you for your advice. In my next deal I'll have that option on the table. 

Hi @James Wise. I felt as though I couldn't really grow a connection with none of my realtors. I felt as though i was more proactive than them when it came to finding properties near me. Now I feel as though we're on one accord so I'm a bit happier. I'm looking to close on a deal soon. 

Hi everyone,

So this is my very first deal and I'm literally pulling my hair out.

It is a multifamily in a prime location near mass transit going for 145k. It just dropped on market and I really want to snatch this up ASAP. 

The only thing is that I'm really weary of hard money loans. Can anyone give me any advice on finding a good one or questions I should ask? My market is getting very hot and competitive, so cash deals are king around here. I have a high credit score and don't want to eliminate other ways of raising cash that may be less risky. Please help! In this situation, would you use a hard money lender and refinancing into a conventional after repairs? or is there other means of buying a property such as this? Any advice would help. 

@Barry Leibowitz thanks Barry. Same here I’ll let you know if I find someone good.

@Mark Franks thanks! I’m really surprised about hard it is to find a quality realtor. Makes me want to just throw my hat in the game myself.

@Amy Aziz thanks! Will do!

Hi everyone!

I'm so excited to be posting in the Bigger Pocket Forms!

So I'm in a bit of dilemma. Finding a quality, responsive, and thorough real estate agent has been a nightmare for me. I've already been through 3 in a short time span. 

Any tips for finding a good real estate agent? I'm looking to purchase a multifamily home in Newark, New Jersey. I'm also willing to look at different locations as long as I'm able to get to NYC via mass transportation.