All Forum Posts by: Catherine Javier

@David Avery no there was no other offer. 

@David Avery Thanks so much for you reply.

We are Travel Nurses.

I do not remember seeing any windows for both kitchen & bathroom

Is there much space underneath the house for floor joist area? I can share pictures on the next reply or thread

Were there other offers at the time your offer was accepted? Posted for 205k, we offerred 188k, they countered 198k, we countered at 192k then seller agreed after a long discussion with  our 

what is your agent thinking about the repairs/inspection? Given the age of the building, he said that there were really ware and tear. Since the duplex is not in the nicest neighborhood, he said that lower rates & lower income families are needing this. 

I want to share the reports for the inspection.... 

Hello everyone, Newbie here. Needing your expert opinions.

My spouse and I are under contract for a 1942 Duplex in FL. Yes it is old and we are wanting to BRRR this in the future. This is our first time in real estate and we are both overwhelmed.

The price we agreed before inspection was  192k. We are also expecting a lot of issues and things that will needed to be repaired and addressed. We are not sure if it is still wise to pursue this deal with the overwhelming defects & issues. Please help & guide us.

The pros: 

1.) It is already rented total of $1975 for both units. Unit A is 3bed/1bath; Unit B 2bed/1bath. 

2.) It is already cash flowing. 

3.) According to the inspector, since the lot is huge, we can still add another duplex in the future.

The cons:

1.) Unit B is grandfathered, if it is destroyed it cannot be rebuilt. (But per our real estate agent, we can still repair)

2.) Lots of repair needed which we know it will have (but we are overwhelmed).

_______

Here are some of the issues:

Main Concern- The toilet drain pvc to cast iron connection is leaking under the home. This has raw sewerage emptying onto the ground (poop & pee). Noted a cesspool drain on the right side of the home.

-Active termite, termite damage in Unit B.  Treated Termite in Unit A

- Both units have some sub floor joist sagging

-Both Units does not have vents in bath & kitchen

- Exposed electric wirings

*** Some are not priorities...

If you were us:
1. Can we still negotiate the price and by how much? Or do we just walk away? We are still under Inspection Contingency.

2. Any idea on how much we're going to spend on the major issues listed?

Thank you so much in advance everyone!!!

@Brett Miller, Newbie here!

We are under contract for our first Duplex and We are torn between US Commercial (also speaking with Tom Potter with <5% Interest at worst using DSCR Loan) and Whole Mortgage (who was our lender on our primary home giving us 6.875%)

It will be our first time using US Commercial, any thoughts? Will the estimate fees be the the same or close enough to final loan fees?

Thank you in advance!

@Tristan Gardner Thank you so much!

Yes, we just started the LLC in September and it doesn't have any income. This duplex will be our first rental.

I spoke with the credit union guy and he said the the loan cannot be under LL- is this true?

After reading some topics in the forums, we are thinking about QuitClaim deed, but we are not sure how this works and quite afraid of the outcome..

Again, Thanks for answering my questions!

@Stephanie p  Thank you so much for all your input! The duplex is fully rented and will not be owner occupied.

I just spoke with the Credit Union guy and he gave us 5.85% (or 5% if we buy the points)

We will be in contract by tomorrow once we read and signed the disclosure.

Again, thank you!

@Stephanie P. Thank you so much for the information. We are learning a lot.

Our home base is in Florida and the duplex we are trying to purchase is in Fl as well. We are currently working as W2 Travel Nurses in WA right now. 

Will a bank statement loan offer better interests than a private lender/portfolio? The interest given to us was almost 6.85%

Also, I spoke to 1 credit union, the person I spoke to told us that as long as we are W2 employees, it will be okay even if it is only for 2 months. But I am not sure if that is accurate.

@Blake A. Rivers thank you  very much for all the information! 

I am new to BP and trying to dive into Real Estate. This will be our first Rental hopefully!

My spouse and I offered on a Duplex that we think would cashflow (based on the computations used in BP).

We both just started our W2 jobs as travel nurses last Nov 2021. The lender that we spoke to said that usually lenders would need atleast 12 mos on that certain job. We have been Staff nurses for over a year but only 2 mos as travel nurses. This lender said that 1 option is to use a Portfolio lender which will not check our Salary and Debt to income ratio, (If we understood Correctly). The interest were higher and gives us less cash flow. Also this lender said that we can buy it under our LLC.

Certain things I want to clarify since We are new to this:

1. Can we really purchase the Duplex under an LLC using a Portfolio Lender?

2. Is 7% a good interest rate if using a Portfolio Lender?

3. If we go ahead and use a portfolio lender, put this duplex under the LLC and eventually refinance, can we refi using conventional?

4. And will conventional loan allow that it is under LLC during refi?

Thank you very much!

@Account Closed Thank you so much I really appreciate you for responding 😀