All Forum Posts by: Ronald Starusnak

@Esmir O. is in the Syracuse area. Not sure if he works in Buffalo but he might have some recommendations. 

Sounds like a quick way to turn $15k into $50k. I'll do it, give me his info lol

Maybe you can offer a Sub2? He moves out, you the pay the back bills and the sell the house. He walks away without a foreclosure on his record.

Hey Josh, I would try to run that gutter perhaps into a PVC pipe that drains into a sub pump in the basement. Does this home have an old french drain that goes into a sump hole? 

I was just talking about this today. we are looking at a park with 24 units that will cash flow about $14,000 a month with an asking price of $1.5 million. Trailer parks are great investments if you can own the trailers and the land.

You need an equity partner. Just have to put the word out that you're looking. 

Jeremy, is your property in a condition where you can not rent it to anyone else or sell it to anyone else? If not, why do you want to help these people? You're here to make money, not give charity and create a head-ache. The lease option or rent to own model is excellent if you have a property that wouldn't necessarily qualify for a typical mortgage. 

The only benefit to a lease option, really, is that you can charge them rent plus additional for the principal balance, force them to pay the taxes, and take care of the property. Lease option holders generally do take better care of the property, and of course you get a larger down payment and hopefully if you have a 5-7 year balloon, you can sell the house at an inflated price or they move out and you start over. 

You're also locking yourself into a single rent rate for 7 years. I guess for anyone here to properly assist you and give you advice, we'd need to know what your intentions are. Are you really just trying to help them build credit? What are the chances that after they build credit, they buy your house or find a better one now that they have more options? 

Josh, with the flaki-ness of the mortar. I'd say you're right that it is a limestone base but you can just stuff the hole full and you'll be fine. That is a common repair we do. When we do new siding and windows on a house, we offer to fix the foundation and it only takes a few minutes. The whiteness on the brick is called efflorescence and but it isn't necessarily a bad thing, mostly just a cosmetic annoyance. It's essentially just salt, but it is indicative of water penetrating your brick. When that house was build, they intentionally did not use the red brick all the way down, typically because when water splashes the ground it causes wearing of the mortar just like what you're seeing. So they typically use a stone that is less prone to wear. 

I can see what looks like a gutter running down and stopping at the lower foundation. This gutter is sending water to the concrete below which is splashing back onto your mortar and causing premature wear on both the foundation and the concrete. 

Do you have a loan on the property?

You will also need two years of tax returns that prove you can pay the mortgage and that your debt to income ratio will be enough. They will also want the same of your cosigner. They will need to be able to find your mortgage in full with their existing D2I ratio.