All Forum Posts by: An Nguyen
An Nguyen has started 2 posts and replied 4 times.
Post: Cashier's Check from unrelated donor used for investment property
- Posts 4
- Votes 0
Good day everyone,
My wife is looking to get a loan under her name for a duplex with inherited tenants. We are a little bit shorted for 20% down payment and we are asking some friends to be donor gift check. Would cashier checks from friends eligible for conventional loan with 6.5% interest rate? Our loan officer advised us to take route of 9% interest rate without income check. Any advice would be greatly appreciated.
Quote from @Matthew Niemynski:
Where are you pulling comps from? Personally, I don't trust the Zestimate as it does not pull accurate values for comps since it may not reflect improvements, mistakes in property taxes paid, or exceptions to tax assessments.
I would recommend working with an Agent who specializes in Investment Properties that can supply you accurate numbers.
I totally agree with Brett, it is your first deal so you may not make a profit. However that second one will change your life!
Let's Connect! I am very active in the Philadelphia market.
Quote from @Brett Deas:
Do you have a good agent? If so they should be able to help you negotiate that offer to a good price range.
Always build in a buffer in your estimates, whether that is renovation time or selling price you don't want to be caught out at the end with no return on your capital. Also what is your expected renovation cost? depending on the reno cost the spread would not be too bad on that deal, but that is just me.
Hello everyone,
My name is An Nguyen and I am living in Philaldelphia, PA. I have a question about one fixer-upper property within the area that I am looking to self-renovation with my father in law.
Detail of the property:
Living lot: 1,500sq ft. Total lot: 5,000 sq ft.
Asking price is 275,850. Zillow estimate is 272,000.
Comps are 350,000-377,000.
I ran the number with Bigger Pockets Calc and the math came out to be 268k for purchase price with ARV is 400k.
My question is within my competitive market, how would the seller accept my offer 260-268? and would the ARV make sense with the comps are only ranged from 350-377?
