All Forum Posts by: Rafael Floresta

The link got changed, that is why it returns a 404. Here is the working one:

http://www.biggerpockets.com/renewsblog/2015/01/01...

It looks like the loan is a loan from a company not a conventional loan. 

You should use the @ symbol, @Bill Gulley 

At least I am not alone then! ;)

I saw this post about "Ring in Your New Year With an All NEW Niche Loan for Your Residential Income Properties!" and I am not sure what is going on.

If the product is good and legit, why can't the author name it? Even on the comments he asks people to message him privately. The "new product" might be smoke and mirrors to gather leads, or maybe a loan from a private lender. The message and intent seems a bit off from the moto of BiggerPockets in my opinion. I might have missed something, or some regulation, but the fact he can't explain his product out in the open is a red flag to me.

This is not meant to be an offense to Jeff Trevarthen (@VeritasRE), as I never talked to him, and he is probably a standup guy.

That said, I'd still would like to know what the loan is... :)

http://www.biggerpockets.com/renewsblog/2015/01/01...

Found this report of a rehab gone bad. It is a shame that there are contractors that are that bad. I am trying to give the "real estate investor" the benefit of the doubt that he didnt know better, but it is still his fault in the end. 

We should be better than this! 

http://www.hoodwinkedhouse.com/real-estate-fraud-t...

Philly row homes are very much the same. If you are doing it from the shell it should take you anywhere between 45-70k, including redoing the brick front.

Like everyone said, what ever you keep changes the price.

I have done a HELOC successfully recently. I got it thru TD bank. All legit, as a investment property. They charged me 700 bucks for closing costs. If it was for owner occupied it would have been free. They did do a full appraisal, inside and out. The interest rate is variable (as with all helocs), and right now is about 5% (prime + 1%, I believe). If you use it all or a big part of it, you can roll to a fixed interest rate, which almost works as a 10y morgage.

@Taynia Aarnink , did you successfully close on this homepath house?

Yes, joint return. I actually just talked to her again, explained that I had the title company verify if her name is not on the mortgage or title, and it isnt. Told her that she will be safe to provide the document.

She told me she just lost her job too, and I told them if they need help moving out I will pay for the moving company and help them with the security deposit for their rental... 

Lets see if this motivates them. 

She said she had income over the last year, and the bank might say they can afford the house.... 

She is not on title or loan. 

The complication is that she claims head of household and claims him as her spouse, since he doenst work. 

She doesnt want to give out her tax returns. She believes it is hers, and really is it theirs.