All Forum Posts by: Francesco Barbati
Francesco Barbati has started 8 posts and replied 110 times.
Post: $120k cash borrowed, now what?
- Real Estate Professional
- Boca Raton, FL
- Posts 116
- Votes 17
Originally posted by @Andrew Johnson:
Francesco Barbati If you borrowed $120K from a family member at 0% interest (less than that when you factor in inflation) for the purpose of a primary residence, honor that. They might look at it like "Francesco can pay me back with essentially what he would be paying in rent." That's a very different proposition than "I'm going to risk this money on a flip!" Providing a 0% interest loan to help your son/brother/cousin/etc. buy a home for his family is not the same as providing a 0% interest loan to fund that same persons investment strategy.
I absolutely agree with everything you wrote, but as long as I pay on time every month, I will be fine. That is why I am considering different routes, and see if I can extract more value from this cash now.
Post: $120k cash borrowed, now what?
- Real Estate Professional
- Boca Raton, FL
- Posts 116
- Votes 17
Originally posted by @David Oldenburg:
That was the deal. I can pay $1500/m on primary home with no problem, so I can make it work and I have other cash in my personal savings. I could invest more than $120k, but that I get in a risky zone... which I might still do, since I have back up plans, but I wanna try to stick to $120k for now.
Post: $120k cash borrowed, now what?
- Real Estate Professional
- Boca Raton, FL
- Posts 116
- Votes 17
Originally posted by @David Zheng:
If you have a couple kids, I'd say just get a SFH for yourselves to start. Nothing too expensive but in a nice school district. use a 5% conventional down. Use the rest of the money on a multifamily at 20-25% down and rent it out.
I love that idea but I forgot to say that it is very hard to get a loan because I move here 2 years ago, and I have only 8 month of W2, and only recently got a raise from my job.
On top of that, a nice SFH within a reasonable distance from work, starts at $250k here.
Post: $120k cash borrowed, now what?
- Real Estate Professional
- Boca Raton, FL
- Posts 116
- Votes 17
I borrowed $120k from a family member to buy a primary residence for me and my family (I will pay him back $1k/m for the next 10 years, starting next month, or refinance if needed).
Last night I was talking to my wife, and we just realized that maybe we can come up with something better (even if she really want little place with a little yard for the kids).
Live in flip? Duplex? Turnkey out of state? Foreclosure? I really like the BRRR strategy but it's "impossible" to find sealant here.
I live in South Florida, everything I see expensive and market always hot, market uber competitive.
What would be the advice of an experienced investor to a newbie with a young family?
Post: Making a low cash offer appealing in a hot market
- Real Estate Professional
- Boca Raton, FL
- Posts 116
- Votes 17
Originally posted by @Brian Garrett:
@Francesco Barbati Which condo building in Boca are you talking about? I'm very familiar with the area as I was born and raised there and still spend many weekends in Boca.
Thanks for your interest! I sent you a pm.
What do you think about Boca in general as a market?
Post: Making a low cash offer appealing in a hot market
- Real Estate Professional
- Boca Raton, FL
- Posts 116
- Votes 17
Originally posted by @Derrick W.:
I have always used repairs/upgrades to my advantage. I get my contractors to walk through on the inspection and get a rough idea on cost. Then I present these numbers to the seller. Once they see this they then have a rough idea of what it will cost ANYBODY to buy and fix the place. Cash is always king too. You can close quicker than anyone else and there is no question about weather or not you can get the funding. Either way good luck, your profit is always made on the purchase and not the sell.
I am newbie here, I don't know any contractor but I like your idea. What would you recommend to do?
Post: Making a low cash offer appealing in a hot market
- Real Estate Professional
- Boca Raton, FL
- Posts 116
- Votes 17
Hello BP crowd!
I am about to make a cash offer for a condo and the market here is hot (Boca Raton, South Florida) from what the buyer agent said. I am really motivated in acquiring that place at the right price and it will probably be main residence for a couple of years, and the I move out and rent it.
The place is not a tear down, but an old lady has been living there for the last 20 years, and it needs to be update it. More that $15,000 are need it, probably $20,000
The listing price is $150,000. I would like to close at $110,000, paying cash, no financial and appraisal contingency. I believe their target price is $130,000/135,000.
What would be the best plan, approach, strategy?
I am waiting for the check to clear out in bank account, and then I will call the listing agent.
What should I say to her?
Post: Just Closed My First Deal!
- Real Estate Professional
- Boca Raton, FL
- Posts 116
- Votes 17
Congrats! Must be exciting
Post: Auction House Destroyed in a Fire on the evening of Auction day
- Real Estate Professional
- Boca Raton, FL
- Posts 116
- Votes 17
Originally posted by @Phuong Uyen N.:
Hello,
I am a new Fix and Flip investor currently investing in the Knoxville, Tennessee area. I've ran into an issue with an auction deal that I have just purchased and I need your help!
I was the winning bidder of a property that was auctioned at the courthouse steps. I Went to look at the property and found out that it was completely destroyed in a fire on the evening of the auction day. I have contacted the auction company to see if I can place a stop payment on the cashiers. They said it has been processed and that they can't do anything about it. Does anyone have any idea what I should do?
Thanks for your Help!
I am so sorry to read about that. That's crazy and I wish you can fix the situation.
Originally posted by @Rachel Pivonka:
Phuong Uyen N. I am in Knoxville and I just read about that fire! I am so sorry to hear that happened! Maybe the family that was being foreclosed on was trying to get money out of their insurance, if they still had a policy. Here is an article about the it. http://www.wbir.com/news/local/kfd-on-scene-of-large-house-fire-in-powell/418896178
Good luck!
That sounds crazy and also a bit suspicious...
Post: Seller financing 101
- Real Estate Professional
- Boca Raton, FL
- Posts 116
- Votes 17
@Thomas Franklin thank you very much for your detailed answer! Very helpful.
I did contact a realtor at the end and found out that one the properties I am interested in, is an "unapproved short sale". It is getting interesting but also complicated.