All Forum Posts by: Roberto Costa

Is this still available? I'm looking in the MLS and it seems it still for sale.

Adam...who did you ended up using? Im in the same boat.

@Arpan Patel correct. My HML will give me 100% as a rehab loan then refinance me to a long term loan which I don't need since I can get that from my own bank with better rates. I'm looking for a way to purchase the unit into a long term long from the start (i.e. conventional loan) so I don't have to pay points twice. Their rehab loan qualifies me for 100% financing if LTV is under 65%, which it is.

@Patti Robertson 

Thanks for the reply Patti!  I ran the comps within 2 miles and last 6 months came back at $104 SQFT for a duplex in that area, so I'm pretty sure I'm correct.  There's some zoning issues I have with the property that I'm waiting to hear back form the Planning division in Norfolk but otherwise I like the deal, and to me the property has potential.

My HML will give a long term refinance after the rehab loan is complete...problem is I have to pay points again and 3rd party fees again! That gets pretty expensive. I may just bite the bullet and put the 25% down, although I rather not.

I haven't called Union Bank but will check with them.  Thanks for the heads up.

Sean

The 2 flips were cash. The 2 rentals are on a mortgage. I should still be fine.

@Michael wilson

I have sold 1 flip in Lexington and another one in Irmo. Easy day...used LisaLawyerLLC as my closing attorney in Columbia. 

@Steve Olson

I've called a few local banks and they all want 25% down on a multi family. Right now my offer is below list price...property been in the market 90 days. HML is willing to loan me 100% on 65% LTV which is mid $140's so it's fine. I'm just trying to avoid paying so many points and interest and then refinancing and paying closing costs and interest/escrow again. Wells Fargo is willing to do it for $5,600 closing/interest/escrow...that's nuts!

Hi all,

BRRRR property...so let me get to the point here...Got an opportunity to purchase a multi family duplex in Norfolk, VA. First unit is a 3/2 1,447 SQFT. Second unit is a 1/1 700 SQFT. List price is $150K. ARV is $223K. Husband and wife divorce so they need to split the assets (opportunity...SMILE).

I do have HML resource that will fund the property 100% financing, 4 points, etc... (I can give you details if you hit me up). I rather not use my cash as I use it for operating expense. I'm looking for you out there than can offer better. This is only a rehab loan, so I'd have to refinance to lower the rate.

Property is occupied.  Unit A is renting for $995 and unit B for $650...both a excellent shape and can rent for more actually.  it's a B area so not bad at all.

I would not have to put anything to get the unit fixed up and renter have leases until September 2017.

I don't want to put 25% down to get a conventional loan so  looking for other strategy.

Little background...I have 2 other current rentals in Norfolk and 2 flips in South Carolina.

Thanks for the encouragement fellas!

@Andrew R. Lucas

Thanks Andrew!  It just feels like Auction.com has someone driving the price up...I would have really liked to have gotten that property at $100K but it didn't hit the reserve until it got to $104K.