All Forum Posts by: Ricardo S.

@Rich Bultema

Wait until you have the deed in hand. Then contact the original owner inform him that you now own the property legally and would like you offer cash for keys.

Decide on a move out date. (Sooner the better)

You give him the cash when all his items have left the premises and he hands you the keys (change the locks immediately)

@Scott Armantrout

Go for it. The worst they can do is counter offer or come back at full price.

@David Jack

Can you provide some numbers?

How much did you pay for the property?

How much was the rehab?

How long did it take?

Thanks

Originally posted by @Marsha F.:

@Ricardo S. Hi Ricardo! Just curious. I am starting out and looking for a home to house hack in NJ. From my research so far, when you use one of the state grants it is my understanding that you cannot refinance or sell the home within the first 5-10 years. Is this different in Newark? 

The Grant is a 5 year forgivable loan. You can sell at anytime. But if you do sell within those 5 years it will have to be paid back at closing.

@Diana Muresan

@Seth Williams

Thank you both.

Hey BP its been a while..

I have a potential deal on a Triplex in Philly. My plan is to occupy one of the units as per the requirements of FHA within 60 days of closing. Now the issue is all 3 units are currently occupied.

Leases expire as follows:

1st floor: July 31st 2019

2nd floor: August 31st 2019

3rd floor: January 31st 2020

Is it realistic to delay closing until July and have them deliver the 1st floor vacant? or should I try to close at the end of May and give the 1st floor tenant 60 days notice that lease will not renew and wait until lease expires. Or maybe I am missing something? To my knowledge there is no clause in their leases that states they are void if building is sold. What should I do? The property is located in Philadelphia PA. Tenants and long term and rents are below market.

Thanks in advance. 

This is a great thread, @Jacques Simon  Thanks for creating this.

Currently i'm looking to partner up with someone 50/50 on a buy and hold. Preferable someone who has not owned a home at all or in 3 years.

The plan is to acquire a buy a hold 3 family or 4 family within the next 2-3 months.

Using FHA 203k Financing as well as the NJ First time home buyer grant of $10k to help offset the downpayment or closing costs. All other costs we split $50/50.

We will be "roommates" in 1 unit for 1 year (on paper) I will be staying in Brooklyn majority of the time.. Other 2 or 3 units will be rented.

Budget is roughly $200kish acquisition and 100kish renovation.This is tentative. 

Must have at-least 7k cash on Hand with a 60k+ job preferred. 620 credit score or better.

We will be 

Looking to split the cashflow and equity for 1 year.

Exit strategy is as follows;

1- After 1 year we refinance and cash out. I receive 100% ownership and you take 75% of cash out funds or

2- After 1 year we refinance and cash out. Transfer ownership to a LLC we both control. Split cash out funds 50/50. Setup Property Management. Move on to the next deal

PM me if interested.

@Thomas S.

The property price range would be between 75k-100k with only 3.5% down. 

I would prefer to go at it alone. But if I have the option to use a partner then why not?

Hey BP its been a while..

So I've managed to save about 10k to use as a downpayment to invest in a 2,3 or 4 unit multi. But my dilemma is that I have a small negative mark (late payment) on my credit that is preventing me from qualifying on my own. I can wait 1 yr  (which will be in November) but I feel like that is a waste of precious time that I could use to invest.

Anyway. Preferably I would like to partner up with someone from NJ/PA since that area is where I want to invest in since properties are fairly cheap there compared to NYC.

They would need to have Good credit and income well good enough to qualify for FHA and can bring "some" funds to the table.

Prior experience closing deals is preferred or at least have connections with contractors , brokers ,agents etc.

OR

If anyone is crowd funding a deal and is looking for one extra investor.

Thanks!

Lisa Jones Im slightly in the same boat as you. I posted this exact question and got about 5 pages worth of advise. Long story short, I chose to pay off my debt. I'm about half way done. What are the numbers on the debt you have to pay off as well as the interest rates?