All Forum Posts by: Roli E.

Thanks  for the insight, they ended up adding an invoice to the escrow statement.

I am purchasing a property through a wholesaler and the wholesaler wants me to pay his assignment fee outside of closing. He says he would provide me with a 1099 and he has to do it this way because the seller insisted on using their title company and the title company would not include the assignment fee to the transaction. I have never done a wholesale deal this way, I usually wire purchase plus assignment fee to title and they disburse to the wholesaler and the seller and have the assignment fee included in my closing statement. I am concerned that the closing statement would not record the actual price I am paying for the property. Am I overthinking this or is this an actual risk to me? I intend to hold the property for a while.

Thanks everyone for sharing your perspectives

It is  at least 5% less than comparable properties, sellers interest rate is 4.5% but I can work with that for a six months. It has 2 vacant units which are in good shape  I can rent out immediately at market with  little or no work on the property

The seller wants to carry a note till next year. I am not sure why, probably  for tax purposes

Hello everyone,

I found a 4plex I am interested in and a lender that would accept a 5% down payment, however the seller wants to carry a note on the property for 6 months and she wants me to put down 25%, this is a large amount  that I do not want to tie down right now. I am getting married in 2 months, is it possible to purchase  the property while I am still single and sell it to my spouse in March next year so he can put the 5% down that he was pre approved for ?  We currently live in different states  and plan to file our 2021 taxes separate.

Hello All,

I am based in Oregon. I purchased a property with cash about a month ago and did a rehab. I intend to hold the property as as a rental. I am trying to get a mortgage loan on the property and pull out cash to cover my purchase plus rehab cost . I have approached 2 lenders so far and they have both told me that I have to wait 6 months to pull out the amount I am requesting or pull out cash right now  that is equivalent to the purchase price only and not include the rehab cost. This is very frustrating as they have both wasted 1 month of my time before communicating this requirement.

Am I doing something wrong or I just haven't spoken to the right lender yet? How do you guys make BRRRR work?