All Forum Posts by: Ray A Delfi

@Austin Stegall there is an Arsenal there which brings in some work, but to be honest I believe that is decaying as well. It’s not far from Albany so it may still have some hope but I used to visit the Arsenal frequently and the town was in bad shape, just looks so poor. I’m sure you can find some really good deals. Best thing there is a little mom and pop mini hot dog shop.

@Wyatt Dixon first off if you do put earnest money, or any money into a deal, it all goes to escrow. Never exchange money directly. Also if I were to wholesale a deal I would have to make sure I’m in the position to close the deal myself because if it’s a great deal, as it should be, I would be able to figure out (multiple exit strategies). Is it really a great deal? If I’m not willing to buy it who else will. My test is would I be comfortable giving it to a close friend or relative, if not then it’s not a good deal. If the numbers are great, you won’t have problems assigning it, as long as the transaction is legal in your state. Consult with an attorney or title company to make sure you will be able to assign the contract and close with your intention to assign it or double close. Posting your deal in the BP market place is one place to attract buyers, Craig’s list and even Facebook investor group pages. Bring your deal to a meet up, talk to property management companies and agents to see if they know anyone in area that is currently buying. The possibilities are endless you have to think outside the box. Don’t give up!

@Canaan Swearingin just to add a caveat to this, if you are finding that more properties are selling in another town with the similar characteristics it’s important to find out why they are selling more, and what if those changes happens to the town in the market you are looking into. If no one is buying it’s important to find out why and make sure you are very conservative with your numbers.

@Canaan Swearingin looking at the small town and comparing it to similar towns around it may help. Use the same strategy you would comping homes but you are looking for comps of the town. Also making sure you are using more than one method of finding comparative sales. Think outside the box. I’m sure there are plenty of towns that share the same demographics.

Update: VA pulled the plug on the Alteration and Renovation loans due to the COVID-19 pandemic. I'm $4k in and nothing they can do for me.

@Chris Mason we are waiting to see if the lender will counter offer with an FHA. Literally my everything is done my file was good to close. They pulled the rug out from under me.

Good Afternoon,

Today I have spoken to several very helpful representatives and found that

my only course of action is to submit an exception to policy in hopes you

hear my appeal. I have read Circular 26-20-13 and their updates and could

not understand how there are processes in place for other loans that help

mitigate risks involving COVID-19, but not available for the type of loan I

am currently trying to close. I have invested over $4,000 towards closing on

this property and there isn't anything in the circular that protects the

veteran financially when this was published. I'm requesting an exception to

policy to continue processing the loan or to request an update to policy to

help other veterans in my shoes recover the expenses paid towards closing

effected by the suspension of the Alteration and Repair Loans.

After further review of my case I see that the Appraisal was ordered by my

lender on 30 April and the Circular was published on 10 April of this year.

I understand that they were not in compliance with the circular, but how it

was distributed to them to ensure they put measures in place to ensure that

it is followed is something I would not have control of. The Sellers are

under no obligation to proceed as we are now past our agreed closing date

and there is no recourse to them if they decide to accept other offers. The

sellers are heirs of a deceased family member and have been trying to sell

this home for almost a year and will be actively accepting offers. We have

been looking for a home for over a year and started this process in October

in hopes to move as soon as possible. We are under financial duress paying

for a Loft downtown Poughkeepsie which was fine for two working adults, but

not for my 19 month daughter and a stay at home mother.

If you take my plea into consideration, and continue to process the loan, we

have a VA Approved inspection by a verified HUD Consultant to include pest

and termite inspection, a completed Appraisal and all the laborers involved

in our project are still in service and are taking percussions themselves to

protect their business, employees and ensure they are operating under CDC

Guidelines. My documents are current with the lender and are ready to

execute the loan as soon as the suspension is lifted or the exception to

policy is approved. Again, I understand the intent of the Circular and

admire the that you are protecting all of us, but please put yourself in my

shoes, all other loans are closing, builders are building, agents are

closing and I'm in a standstill with a lot of money that I was able to scrap

together to provide a better home for my family and will tell them we will

not have the home we visited several times dreaming of what the future will

bring, we will be devastated if we do not close on this home.

@Muneza Ndeze and you did close, we met at the Poughkeepsie meet up. How’s everything going with the property?

@Cindy Truong I’ve seen you’ve been looking to Poughkeepsie a lot. You’ve been active on several of the posts I’ve been following. Have you been to any of the meet ups here in Poughkeepsie, do a drive through? This city has so much potential but has it’s rough edges. I literally walked to the train station every day and it was only a 90min train ride into Grand Central. It’s definitely worth looking into. Market rents is about $1.5 per square foot to do a quick calculation to see if a property will bring in cash flow, but only start there and definitely dive in deeper in your numbers as you narrow down your your list, as location plays a key part in the rent. The difference between here and the city is that you literally move into a new community every block where as in the city each community is a few and more blocks deep. Transitions here are crazy so you definitely need boots on ground.

@David Roman I lived in queens for a few years. And moved upstate for a job. My job transferred me back to the city but didn’t want to move. They have parking lots and off street parking up here...lol!!! So I was in the Newburgh area for some time and also own a rental there. In Newburgh, there are a ton of C class areas, some A and B, but also a few F class, but, it is climbing and improving. You have to be very specific on what part of town you invest in. It literally goes block by block. You can have a F class block right next to a B class block. It’s crazy. Well as for Poughkeepsie I’m here now because i am in walking distance from the train and commute to manhattan daily. I’m in a beautiful loft apartment paying 1900 per month for over 1200 sqFt and could easily be listed for $2200. Now, the volume isn’t here yet but it’s growing. With the 90min train ride into manhattan, the brewery’s and restaurants that are coming up there is a ton of potential here, but just needs more traffic. There is a ton of off market vacant properties that I drive by everyday. Basically what I’m trying to say is that if you are willing to take a ride up here it’s worth the look. I’ll even be happy show you around. We also have a meet up here where one of the members is from Harlem and just brought a property a few months ago. He takes the train up to get to the meet ups. I am currently closing on a rental SF town house in beacon and have a few others I have lined up and could use a partner to take them down.