All Forum Posts by: Robert Conroy

You get 50% of the deal because you're landing at 100% of LTV.

Normally I wouldn't lend that out unless you've done at least one deal with these guys, so you may want to look for some kind of skin, or like we said earlier, definitely do your due diligence.

Why haven;t you been marketing the FIRST two vacant units prior to close? I'm confused.

I assume there is no language in the P&S regarding this?

What was your original plan? Can you get out of it, how much would you eat in EMD?

Do you own a home now? If not - go owner occ and do an FHA purchase.

How long can you carry the loan as it is currently structured?

Look for a partner who can carry you til you restablize the building.

One was a septic issue, that the AM and inspectors missed.

The other was a foundation issue.

The AM companiies I have dealt with have been professional and understanding. No one wants to do a deal that is bad from the start, including HUD.

I make sure I identified issues during my prebid inspection that were missed by HUD, I could use as ammo. It seemed to work thank goodness for us cuz we really could have screwed the pooch.

Also, we made sure to establish good open communication during bid process with the asset mgt co. Hint, if you need to use agents that rock with HUD props, they should have that relationship already established if there are good agent and if they doing a lot of hot deals and closing them they probably are.

You need to tell me what type of props she's looking for.  AS you know - alot of apt buliding in that area are residental 3 deckers - is she looking to add leverage or 100% purchase.  She could buy a $650k building all cash or a $2.2 Million buiding using the $650k as a 30% down pmt.

You should be able to get you deposit back, if the numbers really dont work. Just need to communicate with the asset management company. I have done it successfully twice. I also flipped 4 other HUD props though.

The answer is - YES - if you get them a legit P&S package - the property should have a enough equity for a flip - or under water for a short sale.

Awesome! Good job, and good luck!

I have a bigger issue with your investment strategy . Are you renting out a SFR? what happens when they move out or stop paying?

I would flip the house for the spread, use that money  to buy a 3+ unit that cash flows.

Best of luck!

cool - give me a shout if you hit any bumps, or have questions.....

Also - if you have any distressed, outdated, or non-retail properties in the area - let me know - I;m buyin - (3+Brs/1000+sqFt, SFRs and Multis)

Best of luck - Happy 4th!