All Forum Posts by: Aja Yasir

Hello.  I have a contract on a 14 unit.  I’m putting 20% down.  Has anyone done hard money loans on multi units?  The goal is to BRR the property.  

Wow @Dave Ramirez that’s pretty amazing.  Thank you!!! 

@Ray J. kind of off subject but do you have any (non wholesale) properties for sale in Horace Mann or Miller?  

@Dave Ramirez THAT sounds very interesting. To make sure I'm understanding your right- create an entity (LLC, Corp, etc) and transfer the property to it? Then sell it to another party for $25,000? Isn't that like getting a loan on it? Thank you.

@Brent Coombs the property in Chicago is only worth about $45,000 because that’s what the neighborhood is commanding.  

Thank you both. 

@James C. can we do a HELOC on a property that isn't our primary residence?

Hello.  My mom is quitclaiming a 2 flat property in Chicago over to me. There are no tenants in it right now.  My husband and I would  like to do a cash out refinance. The property is worth about $45,000. There’s no mortgage on the property. We’d like to use that money to fix up a property we have in Gary, IN and do cosmetic repairs on the property in Chicago so we can rent it out.  We’ve been running into headaches trying to get this accomplished.  My mother in law is a realtor and she’s helping us find refinance options.  1.  Mortgage brokers are telling her the property has to be worth $100,000+ before they’d refinance.  2.  Other brokers are telling her that we have to have the quitclaim property for 6 months before we can refinance.  

Does ANYONE know how we can get this deal done quickly? We need to fix both properties within a month! 

It's a seller financing deal Brent.  My apologies.  I initially posted this in a rent to own group.  

Thank you

I'm interested in buying a 20 unit- great cash flow, up and coming area, close to beach. The sellers are elderly and their son is handling the transaction. The sellers had the property on the market a year ago but it didn't sell. They were asking 600,000. It has a balcony that's very dangerous and is a huge liability. Estimated repairs of balcony =300,000. The sellers took out a mortgage on the place a few years ago for about 272,000. So they wouldn't make any money with the sale of the property because they're willing to wrap the cost of repairs into the sales price. I don't have $300,000 for repairs. I was thinking about looking into a hard money loan for 300,000 and do a rent to own with the sellers. Not sure I'd qualify for hard money though.  Any suggestions on how I should approach an offer?

Can the home also be put into a irrevocable trust with my husband and I being the beneficiaries? If so,  could be pay the elderly man a set amount every month? I'm just thinking of ways that his heirs could still benefit from the sale of the property after he passes away.  

Wow thank you Clay.  I've never even heard of Medicaid annuities. Researching now.  

Hello.  I found a single family home and a duplex today that I'd like to put offers on.  One is a single family.  The owner is moving into a nursing home and medicaid is pretty much forcing him to liquidate his assets.  The other is a duplex.   The owner passed away and the heirs live out of state and are trying to sell it. I'd like to do no money down/rent to own deals but I'm so confused about how to approach the owners with that idea.  Husband and I put an offer on a 14 unit last week and it was rejected.  I know it's a numbers game but I want to be able to really make the offers sound good although they're no money down/rent to owns.