All Forum Posts by: Ray Martinez

Adding some pictures of the inspection for better context. Electrical call outs, plumbing call outs, and foundation concerns. 

 Hey Bruce,

I'm limited to 2% in concessions which will translate to $7,400. I doubt that's enough to cover the repairs listed. Thats why I'm asking for the fixes.

There are other issues not listed that I still have to address myself, so I'm really looking at these issues as more of seller accountability for the work they paid for.

The electrical work is going to cost me around $4.5k. 

Hey everyone,

I'm wanting to get some flippers perspectives on this scenario. I'm in escrow on a flipped property and found numerous issues that were in result of the workmanship of the hired help. Examples: Electrical issues with reverse polarity, doubling up a breaker, not using proper uage for a 30 amp breaker, etc. The plumbers notched the ABS into a support beam in the foundation. Pex piping was left dangling with no insulation (Mountain Property). Numerous debris left underneath home, including wood waste (termites), and loose insulation that was not installed properly. I'm asking for these issues to repaired by the seller in addition to receiving a concession (2%) to address some other issues.

Am I asking for too much? 

Feels like if thiswas controllable by the sellers hired help, the seller should be responsible in addressing. They paid for this work at the end of the day, might as well get it done right.

Thoughts?

Thanks for the advice John. Any idea what lenders are looking for as a down payment? I've read 30% in a couple of articles which led me to believe I would need more upfront to get started.

Thank you!

Yes, the purpose would be to shield from liability. 

Hello everyone,

I would to start a short term rental business and I've started to look at properties.

How difficult will it be to fund the loan for the property when buying as a LLC?

As of now, I've put away about a 1/3 of the purchase amount for a down payment. 

Is this the right approach or should I finance under my own name?

Also, what info should I have prepared to fund under LLC?

Thanks everyone!

Thanks for the info there!

Would a Cash Out Refi work better for me?

I'm seeing pricing around 3.125% if appraisal holds up for a 75% LTV cashout (Net out of $80k.

That would be used to consolidate the Car Loans and save the rest for a future home investment. I realize I would be financing that cash out money prior to earning anything in return. 

Thoughts?

Hey Everyone,

Quite a bit to unpack here but I'm in a bit of a cross roads on how I should approach using a HELOC.

scenario 1: Utilize to pay off Car Loans + 2nd Property down payment? ($100k) 

scenario 2: Accelerate mortgage strategy.

Which means I keep the current loans and hold off on the 2nd property.

Current Situation 

I have about $100-120k equity depending on the appraisal. 

My loan is currently in a FHA (2.5%) with MI $335/Month with 29 Years to go.

What would you decide?

Hey everyone,

I'm looking to tap into the equity of my home in order to invest into a 2nd property.

My question to you is if I should do so as a HELOC or as a Cash Out Refi?

I'm expecting about $80-$100k would be available. My plan is to hold this primary residence long term.

I'm wanting to get a Single Family residence as the investment property, perhaps in Phoenix, AZ. ( I reside in So CA).

Appreciate the advice in advance!

Selling small business corporation and would like to 1031 exchange for rental property. Is this possible?