All Forum Posts by: Adam Guy

Thanks for the advice everyone.  

The issue with the delays was that, on the week of the initial closing(first week of February), he said I didn't submit all the documents he asked for.  As it turned out, I submitted them in December and he missed the email.  He asked me about it twice in January and I misunderstood the email.  So that pushed us back 30 days.  

He first told me rates in the 6s but then I switched the property to commercial and he said (a month later) that caused it to go up a point.  I have yet to see a commitment letter or closing statement and I was supposed to close yesterday.  There is no escrow included so I don't understand why it hasn't been sent.  

I pushed the closing back two days.  On top on everything else, I talked to my insurance agent who says the lender still hasn't gotten him a loan number so I wouldn't even have insurance on it yet.  I hate to blow up this deal over a loan but I'm only $3k into it. I am reconsidering it.   

I'm going to take your advice and call some local lenders and see what they think.

Thanks all.

Hello, I'm not new to being a landlord but I'm new to private lenders.  I recently have been working with a private lender on an off market duplex estate in a B+ area that a lawyer brought to me.  It has been a long bumpy road including higher rates they originally told, 90 days instead of 45 days, and now I'm told the day before closing I need to bring 31% deposit.   What they told me was, even though I think this place should get $1100-$1200 a month per unit, it was rented before at $900 per unit (well, the dad's son lived in one and he rented the other to his friend for $900) so I can only get a loan to cover 80% of that amount(or something like that).

Does all that make sense?  Is it a sign that this property may not be worth what I think it is worth or is this a common thing?  

The assessment came in at $10k over what I'm paying for it.  The property fits the 1% rule and has some good potential for value add.  I just never had this happen.

I appreciate any advice.  

Hello, I have been doing my taxes for years but my portfolio is growing and I need to get help. I have spent a lot of money on a rehab this year and I'm not sure of how to deduct everything. I'm also in the middle on purchasing a duplex off market by February. I have to some money in an inherited IRA. I have to pay taxing on what I pull out but will it be deducted from my rehab expenses? If so maybe I should pull more money this year as a deposit instead of next? I also have a good paying W2 job. I'm really hoping to figure this out soon but I am going to need someone moving forward as I plan on growing more. I don't think the person needs to be local but they need to know local tax codes. Any guidance would be appreciated.