All Forum Posts by: Sergio B.

My first job in the USA (back in 1999) was delivering newspapers at 4 in the morning every day for almost a year, going back to sleep for a few hrs and then delivering pizzas for another 4-6 hrs, plus studying at a community college. By 2002 I had enough cash for a down payment for my first apartment. Never stopped studying and by 2007 I got my degree in Computer Engineering and last year I got my masters in Engineering Management....bottom line : work hard, study hard and life will reward you accordingly !!!

@Wendell De Guzman....thanks for your reply

#1--> I asked around several banks....most of them are not giving HELOC or first mortgages to LLC's newer than 2 years old ( even harder if is an investment property)

#2 --> How do you find this kind of deals?

#3 --> Can you elaborate in the 1031 Exchange& Exchange?

#4-> Do you know if the amount of taxes to pay selling the corporation will be less more or the same as selling the house only?

Excellent! BP on the road , congrats!!

I am almost done with the rehab of my first foreclosure, and I will be holding it and renting it out. Paid 58K + around 10K for fixing it ( no finance- used my own hard saved cash)

Now, the question is, whats the best route to "recycle" my own money and have funds for a second deal? Can i get a HELOC having a corporation
( property is not under my name but under my brand new corporation)

lets hear some ideas....

I had a similar issue with my "retail" Realtor when i was trying to get my first investment property. There is no better way to do than do it yourself. After calling him several times with addresses he never responded or responded late. I ended up calling the listing agents on my own and just involving my Realtor ( not the same one that responded late) at the end to fill out the proper paperwork. If you don't have access to the MLS try Redfin ( not available in all markets)

Thanks for the advice !!! I'll leave the issue alone and just wait for the closing :-)

@Sam W.

"waiting to hear from the bank" means we were waiting for the certificate of occupancy from the city.

-- Did you offer / accept an "as-is" purchase?--->

Yes, the contract has an "as-is" clause.

--- Was your offer "subject to" a satisfactory inspection (or some such wording)? If so, has the period passed?----> No,
The inspection period in the contract is 0 Days.

@Jon Holdman

I just noticed a couple of days ago the whole area is in septic system. I called the previous tenant she mentioned there were never issues with it.

So, still my question, Do I have a chance asking for a lower price? The deal is good as it is up to now, i am just trying to see if there is an opportunity here

I am two weeks away from closing.... We have an executed contract and waiting to hear from the bank....the people leaving at the whose had been evicted ( by the bank) last week.

I was able to see better the property after the eviction happened, and I found two issues:

- All appliances were taken ( Washer, Dryer, Stove and Fridge)
- By talking to the neighbors I found out the property has a septic tank and is not connected to the city sewer , this was not disclosed on the original listing of the property.

The question is ?? How can I negotiate with the bank and leverage the above issues to lower the price of the property?

We already have an executed contract and we are just waiting to the city certificate of occupancy before closing ( All REO properties need a city approval before the closing in mi city).

I will be closing on the following two weeks.....the property inside needs work on the kitchen and bathrooms. I am looking for ideas for the outside, what would you do with this front?

Thanks for the info.....wondering, why carperts are better in the bedroom? from the owner point of view they have to be changed every now and then. If we title the bedroom that will be one expense less everytime a new tenat comes.....or is it because carpet is more welcoming for the tenat?