All Forum Posts by: Nelson Del Castillo

@Scott Nguyen with fha you will have to pay PMI which stands for private mortgage insurance... the cost is not significant, it’s about 150 in pmi for 1 300k loan. FHA also offers a 203k loan where they fund the rehab cost. It’s an excellent product. You also have to live in the property for at least 1 year

@Jose Castillo you can get that list from list source or if you want that data with the persons phone number, you can get that from land voice or the red ex.

@Daniel Lee Ney jr The Real Estate Rehab Investing Bible by Paul Essajian is pretty good book. He breaks down the process he uses and gives away a bunch of from documents that will be handy. If you read it, let me know what you think of it, or if I can help you clarify anything in the book.

@Michael Noto, thanks for the explanation, that makes sense. Automatic payments is not an issue, it’s the wording that I found surprising... I’m working with the lender now to see if it can be changed.

Happy Holidays Everyone.... I’m currently working with a hard money lender in Connecticut to fund a deal.  On there Authorization for direct payment form, it states the following, “I authorize my bank to accept and to charge any debit entries indicated by the lender to my account”. Is this language normal? And if yes why?  It makes me uncomfortable giving any one authorization to charge any amount to my account, this just doesn’t feel right....

Any input or expiriences you’ve had with hard money lenders would be much appreciated. 

Thanks. 

We figured out we  may be able to test it at the the tank right before the water enters the main water system in the house.  This is my first time dealing with well and septic so its all new to me.  It’s always been city in the past. 

Thanks for the information... I called up a well company they said worse case senario can be about 20k.  I’m working on doing everything I can to get the water on.... I know the well was working about 18 months ago from the old disclosure that the previous owners filled out, so that gives me some sense of comfort.  But I definitely need to get the well inspected.  

Would you buy a property to flip with out testing the well, why and why not? I have a home under contract at about 70 cents on the dollar the property has well water and because the home is winterized, I will not be able to test the well water quantity, and quality, unless there is a way to test with out running water to the house.. what is worse case senario with a well? What other due diligence can I do... This is a bank Owened property built in 1972.   

Connecticut, new haven, 

 Thanks for your input @Stephen R. @Scott Hollister @Wayne Brooks.. I walked away from the deal, their where to many unknows on this one,  the price was also non negotiable since it was a hud home. 

Hi Everyone, I have ran into a weird situation, I have a house under contract in west haven Connecticut and we noticed on the left side of the house about 7 feet away, there is some swamp land with a strong smell of oil. We took a sample of the water that has acumalated there and confirmed that in fact there is oil there. Now the oil is right on the property line and I believe the city owns the swamp land but being that it’s so close to the house I’m not sure who would be responsible and what the cost to take care of something like this would be. Has any one encountered this kind of situation? Any input would be appreciated. ( there Is no oil In the house, It Is natural gas heatIng) Thanks Ct Ny Ma