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All Forum Posts by: Benn Albrecht

Benn Albrecht has started 4 posts and replied 42 times.

Rehabbing & House Flipping

Post: 203k Loan Good or Bad ?

Benn AlbrechtPosted
  • Pleasant Valley, NY
  • Posts 43
  • Votes 4
@Abhishesh Acharya That's correct, with an fha style loan there is a 6% cap on how much closing costs you can roll in. I could only roll in $4,200 (6% of $70,000)
1 Vote
Real Estate Deal Analysis & Advice

Post: First time investor trying to decide which multi-unit to bid on

Benn AlbrechtPosted
  • Pleasant Valley, NY
  • Posts 43
  • Votes 4
@Elyse Natalino Have to considered single family or 2-3 family. Seems a little eager to buy a 6 family as your first investment... I don't want to sound discouraging Best of luck !
0 Votes
Starting Out

Post: 203k Rehab Loan Story - Please Help

Benn AlbrechtPosted
  • Pleasant Valley, NY
  • Posts 43
  • Votes 4
@Kevin Childers Bank said they will not fix anything, the property is "as is". It's only 800sqft with 1 bath so hopefully it's not that much for plumbing. I will see what the inspector says on Thursday
0 Votes
Real Estate Deal Analysis & Advice

Post: First time investor trying to decide which multi-unit to bid on

Benn AlbrechtPosted
  • Pleasant Valley, NY
  • Posts 43
  • Votes 4

@Elyse N. Go for both ! Or at least bid on both and see which you can get a better deal on

0 Votes
Buying & Selling Real Estate

Post: Refinance with 203k rehab money left over

Benn AlbrechtPosted
  • Pleasant Valley, NY
  • Posts 43
  • Votes 4

@Redgy Saint-Germain Not sure. When you find more info post it here, I would like to know for myself haha

0 Votes
Buying & Selling Real Estate

Post: Refinance with 203k rehab money left over

Benn AlbrechtPosted
  • Pleasant Valley, NY
  • Posts 43
  • Votes 4

@Redgy Saint-Germain I'm currently in the process of a 203k loan and my mortgage officer said they would apply the left over balance to my mortgage balance as a principle payment, but the monthly payment would stay the same.

How much do you think you will have leftover ?

0 Votes
Starting Out

Post: 203k Rehab Loan Story - Please Help

Benn AlbrechtPosted
  • Pleasant Valley, NY
  • Posts 43
  • Votes 4

@Kevin Childers My inspector comes Thursday 10am I will post an update in hopes you can give me some feedback.

It's my first purchase so I would really appreciate it !!

Thanks in advance

0 Votes
General Landlording & Rental Properties

Post: What are the best things you include in YOUR lease agreements ???

Benn AlbrechtPosted
  • Pleasant Valley, NY
  • Posts 43
  • Votes 4

@Shelley F. No motorcycle parking in the house haha !!

I would never think of some of these things

0 Votes
General Landlording & Rental Properties

Post: Inherited Tenants - Real Life and Example And Questions

Benn AlbrechtPosted
  • Pleasant Valley, NY
  • Posts 43
  • Votes 4

@Jack Macioce I'm interested to know what is your criteria that your new tenants have to meet ?

Such as income 3x monthly rent, ect...

0 Votes