All Forum Posts by: Chiara Poderi

Do I need a 1031 exchange filed before I sign an offer for sale of my investment property?

Thank you for your kind reply.  https://www.law.cornell.edu/we... here is where I read up about the Dodd Frank and license after you mentioned it.  What is the not legal part - the 12.5% or holding 1st on all 3 homes?  

Dominion is making me an offer but I've extended the contract by a week already and the owner seems like he wants to close.  It's been hard on Dominion to accept the comps because it is an unusual property.  When you look up the address online or with the assessors it has faulty info.  I have worked on a similar home that was purchased 2020 that is a similar situation only this lot that I have under contract is even more valuable.  The hard lender is from the surrounding area and is familiar with value of the lot.    

Hi Bigger Pockets network, 

I found a last resource to purchase my new primary: a private lender that will give me the funds ASAP at 12 % interest and used my 3 homes as collateral. Two of those homes my husband and I own (paid off and one has a 35k HELOC). The lender would be using the property currently under contract as collateral as well. The two homes we own are for sale (one listed a couple of weeks ago for 524 K and the other will be listed in February for 195 to 215 K). Are these terms you would take if you were in my position? (12% interest and all of my 3 homes as collateral to purchase my new primary/fixer upper with a monthly payment for $4,800. Interest seems super high and taking the 3 homes as collateral leaves me no much room to rehab the property under contract. Can you recommend someone that can give me better terms? Less than 12% interest and use two homes instead of 3 as collateral? The property under contract I want as my primary is 395 K and in the most excellent location, river front and 3 residential structures are allowed in the land. Thanks in advance. More details to be provided, of course. Respectfully...

I know if I had more experience I'd be able to close this deal. Please experienced ones throw me some wisdom. I own two houses I can use as collateral. One primary that zestimates at 377k (paid off minus a $65k new HELOC) that's currently listed on the MLS for $524,000 and one Investment home that zestimates at 187k (paid off minus a $29,k family note) that will go on market soon. I got 30k reserves.

Last month, I found a fixer upper house that I got under contract through a realtor friend for 395k.  This last home will appreciate (dirt alone) it's also river front in the downtown of a sought after ski-town.  I'm self employed since 2014.  Taxable Income 40k.  

I've worked with lenders for Cash-out and I couldn't pull enough from the two.

I'm working with several APLenders and a few are trying to make it work with my Construction Company and/or personal but it's real close and the closing date is creeping.  

Any ideas? help? guidance?

I am shopping bridge loans to close on a property for a fix and hold.  The lender asked me for 3 comps and 2 HUDS.  I sent them comps off Zillow and I don't know what 2 HUDS are/is?  Housing of Urban Development.  The houses in the deal have not been foreclosed....  Please help.  What are they talking about?

Hey I'm looking for land.  Who has tips on the local market/knows about the market here in Pagosa Springs, Colorado?