All Forum Posts by: Cameron Parr

Thanks for the insight @Michael Belmore I think that always sits in the back of our mind in hopes sellers are being totally honest and not trying to pass along a deeper headache. One property I just closed on that was appraised and inspected we found out when a tenant tried to move in one unit was missing a gas line in the kitchen which I had to fit the bill for out of my rent money. Only $150 still something seller should’ve added.

@JD Martin Thanks. Yes, I know it seems like I should be able to still get the 2% rule but I am not sure how long these repairs will take and how much rents will change with this COVID 19 situation. I’ve had funds on hold for this since Nov 2019 and I’ve seen some other deals come and go, just don’t want to become too emotionally attached ha. When you lose trust with a seller it’s hard to back pedal I am sure no matter what they are offering so I can see how that 7K discount they were offering you didn't really matter. 

Should I get a reinspection done to certify this work or that things are running smoothly? If so, should I ask seller to pay or should I charge it to the game and get it done. Am I crazy for not wanting to go see this if we approach closing again because my movement is limited due to COVID, my lawyer said we could do a long distance closing if we received a time stamped video of all the things I wanted addressed and the new work done. 

@James De Stefano You guessed it; this is an off market deal my realtor knows. I brought one from him already that has been running smooth and hitting the 2% rule. Just that this property seems like a headache and he was pushing to close without the water even being on which spurred all these other issues which made me a bit cautious moving forward. Thanks for your reply. 

I’ve been under contract to purchase a duplex since October 2019. Property had a messy title and I was told it was cleared and ready to close February 2020. I went for final walkthrough and water to the property was not turned on. Weeks later water was turned and I was told they need to install a new water supply. The water line from the street to the property was dug up, there was a leak in one of the kitchens which resulted in the ceiling being tore out and is in the process of being replaced. Property analyzed fits just over the 2% rule. Should I walk away from deal, renegotiate price being I am sure comps have changed in 6 months, or follow through if all repairs made?

What are the specs of the property and price you are asking? I had a 1600 sq ft 4 bd 2 bath in North McAllen listed for two weeks at $1500 and I had lots of showings but no apps. As soon as I dropped it to $1400 we got 2 apps in 2 days. All about your pricing and the product you’re offering in my opinion. 

Hello all,

I currently own a property I purchased about three years ago and I have a loan balance of $129,000. Comp across the street from me went for $171,000. I have been searching for places to attempt to take out a HELOC to do a BRRRR. Does my property not yet have enough equity yet and should I wait longer to try to access the funds or can I get creative with the current equity in another way?

Thanks

Cameron

Hey BP,

Newbie here looking to close my first two deals on two buy and hold duplexes. 

Ran into a hiccup when lender initially told me they would finance 85% of the loan now has changed to 75% but I only took out money from my 401K to satisfy what she initially told me. 

I have a SFH that has about $25k equity. I need about $14k to close the deal at the new ratio.

What options do you think I could explore to fund the $14k. HELOC, HEL, or personal loan?

Thanks

Hey BP Investors,

I am a newbie and wanted some insight into a deal I am putting together for a SFH buy and hold that needs some rehab. I got some numbers from a lender. Any input on another lender with better numbers or does this sound like the best I can get? My Credit score is 769. Property selling for $85,000 with ARVs $180,000. Are the points paid at closing or at the end of the deal when I refinance out?

Projected borrow amount $125,000

13 months repay loan at 12% interest rate       $1,153 Month

3.5 pts $4,375

10% down $12,500

Thanks,

Cameron

Good Day Investors,

I am a new investor and under contract to purchase a duplex in Rochester NY. Property has a back tax situation as reads below. 

My realtor addressed seller about the taxes due and they agreed to pay outstanding taxes from proceed of sale. Has anyone ever heard of this practice? Are the taxes going to have to be paid at closing by me and reimbursed after? Going to meet with realtor and do inspections soon. 

Thanks,

Cameron