All Forum Posts by: Veronica Roye

Hello 

Have you all had any success with finding a bank in New Jersey to refinance your properties? 

I am checking in because I am in the same situation. 

Thanks 
Veronica 

Hello Everyone,

I am a newbie, trying to land my first deal. I see a lot of properties that interest me are up for auction. Do you recommend buying from an auction? Essentially it will be bought unseen so I know the potential for big rehab cost is a real possibility. Any advice is greatly appreciated

1. Can you get a home inspection on auctioned properties?

2. Can you use HML/PML on auctioned properties? Would this be wise?

Thanks

Veronica

Hello Everyone, 

I am a newbie, trying to land my first deal. I see a lot of properties that interest me are up for auction. Do you recommend buying from an auction? Essentially it will be bought unseen so I know the potential for big rehab cost is a real possibility. Any advice is greatly appreciated 

1. Can you get a home inspection on auctioned properties? 

2. Can you use HML/PML on auctioned properties? Would this be wise?

Thanks 

Veronica 

View report

Hello 

I am a newbie. I would like to enter into the student housing market in Petersburg, Va. I found a property that I believe will suite my needs. Its a duplex in a historic district. One unit is better than the other which I believe will need the majority of the renovation work. I put these numbers in and trying to see if this deal is good. 

The property is currently listed for $130K but heading for auction. I thought I could offer $85K and depending on the inspection see if there would be anything unexpected that may eat away my rehab budget. 

I have about $60K cash to invest if I need to but want to use a HML to finance this purchase and renovations. I dont have an accurate rehab estimate (had two contractors see the property and one gave a blanket estimate of $150K). I did estimate the ARV along the conservative side compared to the comps in the area that have been sold in the 6-12 months and are the square footage, lot size, bedrooms etc.

Btw there are 4br/2 full bath in each unit. I wanted to add a bathroom to each unit and update the kitchen and existing baths. Roof needs to be done (possibly) as well as siding (checking to see if this property is considered a historic building - which could increase cost of exterior repairs). 

Based on surrounding student housing rents. I want to rent out 6 bedrooms for $900 each and one bedroom for $725 (significantly smaller). I also have a room that could potentially rent out for storage for an additional $25/month for up to 4 people ($100/month). 

I will cover utilities up to a budgeted amount of ~$1500-$2000 a month as well as water and wifi. (Am I making the right decision here? College students would want utilities included and wifi is a must of course)

ANY FEEDBACK WOULD BE GREATLY APPRECIATED 

*This link comes directly from our calculators, based on information input by the member who posted.

Credit karma? I'm not sure if this the type of thing your looking for or even if accurate. Creditkarma.com

@Stewart Beal

Thanks Stewart. I am actually in the process of repairing my credit. My goal is to obtain a traditional loan by next year or so.

@James Wise

Thanks, I see why that would be beneficial to me.

@James Wise

Whats the difference between a Private Money Mortgage and a Land Contract? Why would a PMM benefit me more? Thanks for the info.

@Account Closed

Thanks for this take on things. I kinda thought the advertisement seemed fishy. I will look into those things and keep you posted.

@Paul B.

Hi Thanks for the advice. I left the seller a message so I will see what he is looking for when he returns my call.

@Brian Gibbons

I would ideally want to live in one part and rent out the second unit. I like the way you broke down the items to think about. I will PM now as I am VERY serious about owning property.

@Account Closed

Thanks for the articles. I am always skeptical about why people would do things that puts them at more risk. What would be the benefits to them for such risk and is it at my $$$EXPENSE$$$. Ill head over and read those articles. Thanks again

@Robert Leonard

WOW!! Very informative. It clearly states in the description of the house that this is great investment to add to ones portfolio. Gets me thinking if the seller is specifically targeting investors and if he has a history of your above mentioned tactics. Is there a way to find info out?

Thanks again everyone

Hi! I ran across a property that is offering seller financing. I have heard this term a lot here on BP, however I'm not sure how I can and would benefit from such an offer. Apparently you have to qualify for it. I don't have liquid funds available and my credit is not exactly the best, a little less then good actually. If I were to consider an offer on a duplex how can I build my portfolio with this offer? Thanks

Garrett C. Hi I'm from New York as well, trying to start off with wholesaling. I was referred to a real estate lawyer by my sisters boss who is an immigration lawyer. I will call today and find out if she is familiar with this type of business, if so, I'll pass her info along to you. PM me so I won't forget to get back to you. Any one know of any title companies? I'm stuck here as well. Thanks