All Forum Posts by: Christopher Rodriguez

@John Moore  "if you are buying at tax sales most buyers are driven by price, condition and square footage. Hope my input has helped."  

This has helped a lot. Being from NYC we are a melting pot. So to a small degree I can understand the inquiry by some potential home buyers and why investors would buy Accodringly. 

I hear a lot of chatter regarding people moving outside city limits and even state lines. I personally like the recreational side of the Poconos. But then again I have been a city guy my entire life.

I am covering some points regarding local factors prior to my loan being released so I can move appropriately.

@John Moore thanks for clearing that up. i am familiar with propane tanks as my mother is a small business owner in my city. and i did not know that about the difference in the ages of the homes and how they are set up in heating the home. 

i appreciate your feedback as i am venturing into your market to purchase a foreclosure. these nuggets are so helpful. 

Regarding taxes wow i thought it was combine but again you clarified that for me. as the source i receive this information was from a co-worker who went to the area on leisure and conversed with the locals.

the person also informed me of certain areas one being a less desirable area to live in (Tobyhanna) 

@John Moore I am aware the taxes are high. But what I did not take into consideration was HOA Fees. Thank you for pointing that out to me.

Is it true people have electric versus Gas up there? Also when it comes to taxes is school taxes separate from the regular taxes? Or are they rolled in together?

@Leo Goykhman sorry I did not get back to you sooner. If you could tag me by putting these two symbols together @ + ?= it will pop up my name at the bottom and I will be notified.

Have you analyzed your market yet?

Who knows I may travel to Chicago, I am open to a lot these days.

But I must tell you I have not done a deal yet

@Leo Goykhman

In theory this could work. Through the method you are asking  advice on, is a little far beyond me my experience And level of investing.

( I have not purchased a single property but I am acquiring financing. )

My advice is if you are going to proceed 

1- know your market

2- know clear exit strategies 

3-  be clear how will you trouble shoot in the event, money is required to start paying expenses such as holding costs. 

Paying back this money you are borrowing from the bank.

@Jimmy Mooney lastly ( and thanks for following me this far as I am long wind in my responses) 

The way the bank appraises this property is your second concern .

Will their valuation be based on the purchase amount or it's now appraised value after rehab has been made to your property.

@Jimmy Mooney I do not understand your scenario fully. But I will attempt to and also provide my own attempt  as I have considered a similar scenario.

So here is what I understood from the first part. You have enough money to put down 20% percent on a normal property. 

Then you want to borrow money from a bank to basically provide you the last remaining 80% so that when you do attempt to purchase the property. 

The 80% you borrow is enough to cover not only the purchase but the rehab portion of it as well.

Then when you have this property you want to hold on to it and covert it into a buy and hold property. So that you can place it in your portfolio and with enough time has pass ask the bank.

To refinance this property to pull all the cash out and pay back the original loan. Plus have a little extra.

But your concern is seasoning. And what seasoning means is the bank requires you to make payments for a certain time before you can pull your cash back out ?

@Nat C. when the seller realizes they must continue, I would require the expenses  of the lawyer deducted from the purchase price.

I would also do a quick inspection to make sure they didn't destroy out of a fit of rage for not getting their way. Because they changed their minds last minute.

As for reputation you are closing. It's the ones who do not that get a bad rep. You are a business woman conducting this as it should be a Business.

@Ana G. happy belated birthday !