All Forum Posts by: Theresa Nardello

I've been searching and am not finding much. Can anyone refer me to a lender who will do a cash out refi on a rental? I'm at 52% DTI so cannot go conventional. Looking for private money or something creative based on the LTV and rental income.

Any help would be appreciated.

Thanks,  Teri

 I listen to the podcasts when I take my dog for walks. They keep me inspired and I'm constantly learning new ideas and having old ones reinforced. Some I've listened to more than once.  Theyre my favorite part

Hi.  I live in California and have a home in Washington that I'm flipping, and a serious buyer is asking me to cover his down payment and closing costs.  I'm familiar that closing costs are often paid by the seller, but have never heard of paying a buyer's down payment.  He is telling me this is common in Washington.  Has anyone ever heard of this?

Also, is it protocol for me to pay all closing costs or just a portion?

Thanks in advance!

Teri

I know J - we've talked and met at REI meeting a couple months ago, and you looked at a house I had under contract in Oakland.

Yes - congratulations!  Wondering, do you use airbnb or how do you find your tenants?

Mark,

Thanks for the logical advice.  I'm not discouraged.  I find it fascinating really.  People are just different and have different ideas of where they would comfortably invest.  Here in the Bay Area, Oakland is the hot transitional market.  Investors are scrambling over 100 year old houses and multis in neighborhoods that some would compare to Detroit.  

No, I don't have a management company yet, and agree it's very important.  Is that a service you offer or can you recommend someone?   I just wrote to you through Linkedin and your company email.  I'd love your insight.

Thanks, Teri

I appreciate all the good advice and thoughts here.  I'm aware the neighborhood is not the best, but it's not the worst by any means either.  I live in San Francisco and could compare it to several neighborhoods here - where I wouldn't hesitate to invest in.  You obviously don't find deals like this in the best neighborhoods.  I've looked at the Chicago Tribune's monthly crime statistics and it's not hideous.  No murders or rapes.  Small stuff.

It's a 4-plex and all four units were rented until they recently gave cash-for-keys on two of them ($2500 each).  Two are still occupied.  If all 4 units have been occupied until very recently, it's obviously habitable. It's on a quaint tree-lined street in Lawndale - not wide or busy, surrounded by many other buildings of the same era size.  The 2-bedrooms in this neighborhood rent for $850-1000 a month.  

I think the big secret is that government foreclosures cannot be listed on the MLS if they are still occupied - so they have to auction them off and take what they can get. I will have it inspected and do my DD, but even if I do absolutely nothing to it, I don't see how I can go wrong. I'm just not seeing any down sides here.

Teri

Thank you Crystal - I will.

Hi.  This is my first time posting - I hope this is not inappropriate.

I have a 4-unit multi-family in Chicago under contract for $79,000 that generates $3800-4000 a month and need fast funding.  Can anyone refer me to a lender that might help with this?  I'd even be willing to pay a premium or higher interest rate, as I don't want to let this one get away.  

Thanks in advance,

Teri

Jean,

Really?! That's so interesting. Can you recommend something better for research?

Thanks, Teri