All Forum Posts by: Thomas Poloncarz Jr

I will always do right by the seller. The Lord Jesus prevents me from doing wrong like that. and I to would give about $2k to assist in anything the seller needs, and 2 payments would be my max unless the deal was extremely good and closing cost and legals would be factored in on my part. I never thought of an O&E title report, is that something I would ask the lawyer to get. Or do I get it somewhere else?

I'm curious if NY is a state that charges a % or if its a set figure on the transfer title? So you hold the QCD to not have the title transfer. I was led to believe you want to transfer title. Huh.

Is that the norm I can expect? about $6k-$7k reserves going in then about 6 months before any return? And breaking even after six months to me sounds good.

Are you always looking for more turn-key properties or will you do this strategy on fixer uppers as well?

Steve thanks for your time and for helping me understand a few more things about this crazy RE game.

Tom

@Steve Vaughan You spoke about Pretty Houses with low equity, What would the number look like on a potential deal, say cash on cash ROI , monthly cash flow etc. I'm considering this as an option to pick up some property and was holding of as I don't know what the numbers should look like. I know what I want when I do My FHA and conventional loans but no SUB-To.

Thanks for any Info on this 

Tom 

@Mike Cumbie I've heard of those Mike, don't know much about that type of loan but it is something to look into. I am Familiar with Rochester a little bit as I drive out that way and make deliveries for work out there weekly. 

Thanks 

@Brie Schmidt Thanks, that's good to know and I'm going to talk to my lender ans see how it works here in Buffalo NY 

@Brie Schmidt Thank you very much it makes sense. So now there is no holding me back. I thought it was also a first time home buyer loan. Don't know why I thought that but I did. 

Thanks again for your time

Tom

Hello, 

I'm looking to house hack my 1st property with an FHA owner occupied deal here in Buffalo NY. I'll be doing it within the next 4-6 months. I'm leery of doing any deals outside the FHA until I get the Loan, because I don't want to not qualify due to having a rental property.

So my question is, can I still do an FHA owner occupied loan with 3.5% down when I own a rental property. Or should I do the FHA loan first and then pick up other rentals.

   Thanks for your time and consideration

Tom

Hello, 

    I don't think I've done my introduction post, so I think its about that time. I'm 48 yrs old and I've been a casual member of BP since 2015 and just recently became a Pro member. I've only been casual since that time due to my Ladies bout with Cancer for the past 4 yrs and about 1.5 years ago it started getting real bad and the cancer ultimately won that battle this past October. RIP my Queen. I've been driving truck over the road for the past few years and shortly before her passing I went to local driving so I can be home with her more and it is giving me way more time at home, although I wish she was here.  So now I'm going to stay local and try to get back into investing. I invested about 22yrs ago when I was with my 1st wife and I had to put in a lot of hours at work about 60-70 a week, because she was a stay at home mom and I had to make the money so investing went to the way side and I sold the duplex. Boy I wish I would have stayed in the game.

So my plan is to get into a house-hack via FHA in the near future, say in the next few months and start investing literally with all my free time. I want to network like crazy. I want to befriend as many like minded people as I can to open up as many doors and avenues as possible. My goal is buy and hold small multifamily properties, and becoming a landlord. As well as do a few Fix and Flips a year. I also before truck driving have done home improvements and some construction since high school and at one point for a few years had my own paint company. I also want to help any investor friends that I meet so i can learn hands on as much as possible. I really want to learn as much as I can and am glad there is BP and the BP community to research and ask questions from seasoned Investors. And also hear the investing stories of all that have done this before me. I have a lot to learn and I'm interested in all the creative ways that investors have done deals, so if you have any unique stories feel free to let me hear or read them. I look forward to them.

I thank you for your time and consideration 

Tom

@Sherman Ragland I really appreciate your reply. I have gain some good insight on the subject for sure. And I like your take on the two. I actually read it like 3 time already.  And I'll probably read it a few more times today as its been a point of interest and research for a few days now. I feel I have a better understanding of the two and want thank you for you well thought out reply. 

Thanks again 

Tom

Hello,

 I'm curious if anyone can give me a breakdown of what Private Money Lenders (and I don't mean family and friends) require to be able to borrow from them and what i can expect. I am also interested in a breakdown of what Hard Money lenders require to borrow from them. I'm trying to get an understanding of what i can expect, interest rate, etc. And if there are any contacts that anyone may have in the Buffalo NY area that i may be able to contact for a deal.  taht would be great!

Thanks for your consideration

Tom

@Dave Van Horn good advise, note taken. but I do want to research what in fact they do. 

thanks again