All Forum Posts by: Amanda G.

Sounds like a big mess. If she really needs to sell, offer her what the comps will let you buy it at. Or look for a different bank that will work with you on the appraisal. It is possible that a small local bank will be happier to do the deal because they can more accurately value the comps. Good luck!

Legally you will probably need to stay a year, but check with your specific contract.

Does it really need no repairs? 2,500 is almost nothing.

Generally your numbers look a lot like those in my town, glad you are setting aside both cap ex and repairs. this isn't what you asked, but since you are getting a 5% down loan, make sure you have a decent amount set aside for emergency expenses before you consider buying a second place. The moment you put down your 25% on the next property is the moment the HVAC will die on the current one.

Hi Mike,

I think you are not getting many responses because it all depends on what kind of investing you are doing. If you are looking for deals, your measurables need to be number of emails/calls/letters/appointments set, etc. A useful measure for a lot of people is number of offers made. What are you aiming at? 

Josh, my best to you and your wife getting through the health issues. BP is great but finding your local real estate investment group will be invaluable. Good luck!

Congrats on your deal. I hope it does well for you!

There are hard wired carbon monoxide detectors, call a local electrician and they can probable hook you up. And yikes!

Hi Joseph, Welcome to BP. IF you haven't already, find your local real estate investment group. You will learn so much just by hanging out with people who are doing what you want to do.

Congrats on getting approved. Do you want to stay in NYC? If so, then your options are very limited. If you want to buy and hold, you'll need a bigger down payment to buy something out of area that won't be your permanent residence. 

Fear is good when it points out actual dangers. A wise friend suggests if you have to invest out of town, invest where you know people already, or already know the territory from previous experience. It is possible to build a long distance team from scratch, but it is risky. Consider what markets you want to be in, and then look at what sorts of deals are good in those areas. Mine, for example, has had very cheap land, so there are more SRF, duplexes and mobile park options than apartment complexes.

This doesn't answer your question- but how are you planning on getting a complete kitchen remodel done in 2 weeks? Are you doing it yourself, or do you have previous experience with a contractor that has done a quick turnaround for you or someone you trust in that amount of time?

More towards your question - it sounds like you want to do a partnership contract with her where you commit to paying her 335k in 6 months or when the property sells, whichever comes first. But that's asking for a lot of trust on her part, and also for you to be confident that you are going to be able to turn it around rapidly. If she is motivated, she may need the money yesterday. 
Do you have access to hard or private money for this deal? There are just a lot of moving parts, and without knowing your current level of experience, it is hard to offer anything useful to you.