All Forum Posts by: Amber Seel
Amber Seel has started 5 posts and replied 8 times.
Post: DSCR and conventional mortgage at same time
- Posts 10
- Votes 8
We are in the middle of a cash out DSCR on a property we are BRRRRing scheduled to close 9/28. We also have found another property we would like to offer on for a new primary residence that would be financed conventionally. We will need the cash out from the DSCR to make the purchase on the new primary. Do we have to wait for the DSCR to close and have the proof of funds to make the offer on the new primary? Homes in our area move very quickly and this one will likely be contingent by the time we close on the DSCR.
Post: Making a offer without a real estate agent on investment properties?
- Posts 10
- Votes 8
We are in Ohio and bought off market last year. We drafted our own letter of intent to purchase and then had our lawyer write up the sales agreement. We used hard money to buy it and are in the middle of completed the DSCR to finish out the BRRRR.
Post: We did it! 4-Unit Building
- Posts 10
- Votes 8
Congratulations!
Post: How to pull equity out of a paid off property
- Posts 10
- Votes 8
We have a SFH that we are currently renting as two one-bedroom units. The property has zero debt on it and most recent appraisal was for $187,000. We attempted to DSCR this property to pull out equity but were told by the lender (and two other lenders) that DSCR would not be possible given that the home is not appropriately zoned for how we are renting it. Is there any other way for us to pull equity out of this property without selling it?
Post: In Need of Purchase Agreement for Off Market Property in Ohio
- Posts 10
- Votes 8
We have a verbal commitment on an off-market property in Ohio and need a purchase agreement drafted. Can anyone provide a referral to an attorney to assist with this? We have two other investment properties that were purchased on market, this is our first off market deal. Any suggestions for navigating would be helpful! Thank you in advance!
Post: Help with purchasing off market deal
- Posts 10
- Votes 8
Quote from @Bob S.:
Quote from @Amber Seel:
Can anyone provide insight in the process for purchasing an off market deal? My understanding is that you write letter with good faith offer, after that is accepted, you contact a lawyer to draft a purchase agreement and then title company for closing. Is this coragree
Agree on price, go to contract, close. PLEASE connect with someone locally. Learn 1st, Show them this deal, they will tell you if its good, you will earn a fee. Save, learn then apply what you learn. DO NOT attempt to start just yet
Good luck
Can you clarify? Are you recommending we contact a realtor or another investor to review the deal? We have two other investment properties that were purchased on market but this would be our first off market deal.
Post: Help with purchasing off market deal
- Posts 10
- Votes 8
Can anyone provide insight in the process for purchasing an off market deal? My understanding is that you write letter with good faith offer, after that is accepted, you contact a lawyer to draft a purchase agreement and then title company for closing. Is this correct?
Post: Seeking Lenders for the Refinance Part of BRRRR
- Posts 10
- Votes 8
Hello!
We have two investment properties(one duplex, one single family) that have no mortgages (we purchased using HELOC on our primary residence). We're looking to pull equity out of these properties.. Can anyone recommend lenders they have worked with to make this happen?