All Forum Posts by: Reh N.

@Zachary Smith

What are the typical things you ask for as a buyers agent to verify numbers from a LL? When asking for the post above did you ever run into problems?

I have not asked whether the owner is willing to hold the note. What do you mean motivation? What put me at ease is the owners current address is also listed for sale (mint house based off photos) so I’m assuming he’s selling his assets for personal reasons.

@Kelly Skeval

Wow sounds like a lot! Did you ever come across a property where the owner chooses not to do this? What if the owner is old?

@Steven Luttman how would I find out avg water bill for a 3 unit? Also how can I figure out what is causing the leak that’s making the bill so high?

Hi BP community!

Excited to see all the information I’ve taken in over the course of a few years on real estate. Currently, I’m in college and will be graduating this spring.

I’m new to this so I’d appreciate the patience when you read my questions.

I’m looking to purchase a property upstate NY and just curious to see how everyone feels with taking on a property with paying tenants? How do I know if these tenants are in fact paying? Do you think a LL would lie to sell the property? Because the sellers agent said Financing is available I’m assuming that they are paying. (Might be a dumb question - sorry) Anyone have any advice on this? The rent is not market price and and I’m assuming it would be due to the condition (did not see it yet - walkthrough will be this following week). It’s a 3 family home and With 20% down I’m looking at $700 cash flow after all expense. The numbers will be more accurate once I see the property with my contractor. Expenses are all separate, water sewage(I pay) Is factored in expenses.

Sellers agent listed water and sewage $2,100 - is there a way I could check what the bill has been the past couple of years?

This will be my first deal and to be honest, I’m a bit freaked out. Would love to hear some insight from experienced investors in the area and any advice would be greatly appreciated!

@Nadia O. Good point!

Why do you think the Buffalo Billions is a bust? 

Hi, so basically last week I was the highest bidder on an auction. Turns out reserve hasn’t been met therefore I wasn’t able to get the house. It’s been posted again for auction and now it’s for the price i won it for. (Ex. $100,000 + fees $10,000) now it’s starting off at $110,000 excluding fees. I understand that the reserve haven’t been met but I’m assuming because of Covid it’d make sense to get rid at a decent price. I read on BP that some people had to go through this 3 times and the price kept going up. Just wondering if anyone else had to go through this? And what was your experience like? I don’t want to bid on it again knowing I’m the only one bidding on this. It’s been 3 weeks now and it seems the bid hasn’t been changed. The price has remained the same.

@Ravi P. Same thing happened to me. Seems like they are trying to meet the reserve price. Any update on this on the property you were bidding on? Did you win? If so how high did you go from your first winning bid

@Odie Ayaga

Also, do HML only take the down payment off of the purchase price and not construction price? I assumed it would be loaned as a whole and not separate.

@Odie Ayaga

From my understanding it’s not on the whole loan?