All Forum Posts by: Joe Guz

I am looking at a 12unit in a good area...the price is 575 (im confident I can get it for 500k), anyway, I am fairly new to REI, I started a year ago, I have 4 houses now. All of which have positive cash flow of at least 500 a month up to 1100 a month. This house would be huge for me and my business if I can get it. Here is the problem. Since I am a new investor, and I already have 4 mortgages on my credit, how can I get such a huge loan. Also, the taxes on this property are 15k, and closing costs will be huge. I do have about 15k to put down, due to the fact I put down alot (35k) on my first deal...I didnt do enough research and I learned the hard way on that onehowever. Are there any lending programs out there where I can go in on a deal like this for about 10k out of my pocket...Ive talked to the seller, were close on a figure (500k) with him taking 6% sellers con. Im sorry Im rambling here, I really want this deal. It brings in 9k a month fully occupied. Any help areciated

well, the home will apraise between 145-155k, I have comps on the street and I brought my realtor--Now for a HML, how long can I get the loan for? ie 10yrs 15yrs 20 yrs etc.?

I was looking at a property in a very desireable neighborhood in my town, I can get the house for 60k and the owner will hold 50k of the mortgage, there is however around 35k of work that needs to be done in the home--when done the home should apraise at around 150---here is my dilema, this can be a good flip, however this area is rapidly apreciating and I can get around 800 a month positive cash flow by renting---how can I get a loan for the down payment/closing and repairs?
Joe

ok, I guess there isnt one...that stinks

Anyone know of one...I have a group of investors I speak/associate with, but the more contacts the better. I look online about once aq month to find one, but have had bad luck...any info apreciated

sorry for the late reply...well good news...the 3 unit is now occupied, The seller put an add in and it was occupied in a week. The 2 fam, has 1 long term tennant and 1 vacancy, due to a furnace prob...Its in a college town, I already have a tennant lined up...thanks for the help

ok, i hate waiting for a realtor, or anyone when I am negotiating. When it is through a realtor, It takes a day to get a message sent from to to the seller....How do I go about negotiating w/out a realtor...I do all the leg work anyway...This is a 2 part ?, now since I didnt use a realtor in any way, if I get a property, can I negotiae w/the sellers agent, to lower his/her %, since he doesnt have to share w/my realtor...That way I could use that in saving a few dollars of the selling price? Any info apreciated

Hello, I am new to this board, but It seems as if there is a wealth of knowledge here. I am pretty new to Real Estate investing, I have 4 multi-fam properties. 2 of which have vacancies in them. I just signed the contracts for these 2 and am planning to close on both houses in 60 days. Now here is the problem, both properties have a vacancy, how can I get in the property to show the apts before I close? Any help is appreciated
Joe