All Forum Posts by: Ty Upshaw

Hello guys....found out today that the quiet title action has not been executed on the deed.  Well this puts me in a position to negotiate a much much lower price to purchase the property.  Like Ebony and Ravinel mentioned above....have to weigh the pros and cons....find out how much time and money it will cost me to do a quiet title action in Alabama.  Keep in mind....l will only do this if the seller accepts an offer of 3 to 4k.  Then l will have my contractor go in...and a home inspector.  This could be a walk away.....or l could end up with a  free and clear  house that needs little to moderate repairs.  A solid 700.00 rental for section 8 tenants.  I will speak with a title company in Alabama and a realestate attorney to get clarity on specifics of the quiet title action.

To be continued.....Ty

Hi guys.....yes l will take a step back....havent pulled the trigger yet.  No earnest money deposit given.  I was told seller had the deed....so l would still have to file a quiet title action if the redemption period is up?....if that's the case l won't move forward.....or offer 5k less!!

thanks guys.....Ty

Hi Ben....this was a pocket listing that l was offered from an agent in the area.  He Told me the seller purchased the house at a tax deed sale for 5k.  Yes if l can pull 10k back out that would be great.  The minimum amount CoreVest will give for a rehab is 30k..dont know at this point that l will need that much....l really want to "sincerely" thank all of you for your feedback.  I really can't afford any "major" financial blunders at this point in my life(56yrs old)....lm building a rental portfolio for cash flow for retirement.  I do realize l may have to execute a couple of fix and flips for lump sums of revenue eventually to move up to multi family homes 2 to 6 inits or more.  Address of property is 1601 18th way SW Birmingham,  Alabama 35211....not the best neighborhood 2bd 1bth 832sq ft. Not listed for sale....you can see pics and street view if you key in the address....so glad I joined bigger pockets!...l feel this community will guide me.....thank you!!.....Ty

Thanks Salvatore!  That certainly makes sense!!...l will walk away from this deal if repair cost to bring property up to section 8 rental code is too high...l am over estimating with the 30k....and l have not slaid eyes on  a single interior pic of the property.  So all of this guessing will come to an end once the contractor visits the property on Monday.  Note: l am in California....property is in Birmingham Alabama.  I will be going there next month to look at other properties.  Will definitely update you.  Thanks again....my goal is of course to build a profitable rental portfolio...and my first property should be a very good buy!!.....this deal doesn't appear that strong however....lets wait on the repair costs....thanks.....Ty

Hi Craig....thanks for your input. Yes at 75% LTV refi on 50k...l would have 7500.00 or less minus any refi fees after l pay the 30k back. All depends on what the contractor estimates are on the repairs. Will know on Monday. Can't say l will be lucky enough to get another pocket listing for 10k...l just feel there is a much higher ARV deal out there in a better neighborhood. Really need a 3/2 or a 4/2 for higher value. And yes a lot of banks won't drop to below 50k on a refi....but l can find one....the smaller community banks are best. You would think "how can you go wrong" with a house you can get for 10k ?...location!! That's how!!....but section 8 is the only option "if" l don't walk away from the deal after rehab report comes in on Monday.

The house is in a non appreciating area....section 8 renters will be my tenants. Not sure if the numbers will allow me to refinance enough cash out for another project. At 10,500 purchase price cash from my pocket....30k rehab...my estimate not contractors. CoreVest will give me the 30k for repairs, If the ARV comes in at 50k or higher. So l will wait to see what repair estimates are....if it's feasible to add 1 bedroom making it a 3/1....the ARV of course will be higher allowing me to have enough to pull out....my question is....when l pull the money out....l pay CoreVest back 30k....which leaves me nothing for another project....??....l need CLARITY on the BRRRR.

I think l need to step up in property calibre ....please advise.....Tyrone

The house is in a non appreciating area....section 8 renters will be my tenants. Not sure if the numbers will allow me to refinance enough cash out for another project. At 10,500 purchase price cash from my pocket....30k rehab...my estimate not contractors. CoreVest will give me the 30k for repairs, If the ARV comes in at 50k or higher. So l will wait to see what repair estimates are....if it's feasible to add 1 bedroom making it a 3/1....the ARV of course will be higher allowing me to have enough to pull out....my question is....when l pull the money out....l pay CoreVest back 30k....which leaves me nothing for another project....??....l need CLARITY on the BRRRR.

I think l need to step up in property calibre ....please advise.....Tyrone

Hi...l just started working with CoreVest....they do have some great products.  Make sure you understand their criteria for each project.  They are definitely above board and Sean Troncosco is great to work with....very thorough in explaining their products.

Hi....l used a HM lender way back in 2006...boy have things changed! I just finished the application process with CoreVest and l'm waiting on pricing. I will be doing one property at a time BRRR . l will be using their bridge loan product or rental product for my acquisitions. I have not spoken with or researched the other HM company Sortis mentioned in this post . Has anyone out there used Sortis?...secondly has anyone used CoreVest for acquisition funding...not using their LOC product...?...

Ty U...journyman investor Los Angeles