All Forum Posts by: Clint Rostedt

I am in a similar situation, I was all the way down the rabbit hole on a FNMA refi on my 18 unit apartments. The attorneys had everything drawn up and sent to title. Then the lender backed out at the last minute after we had all been jumping through flaming hoops to get the deal done. In addition to $3,800 in attorneys fees...I had a $10,000 retainer sent to the lender that they haven't accounted for yet and I doubt They will refund me for all of my money they wasted

That's a duplex that has a non permitted / platted alteration. Most likely it will appraise as a duplex. The appraisers also factor in the income though. That will help if the rents are high in the area

Hello Kevin,

6.5 percent interest amortized over 30 years, cant refi out for first 5 years. The cash flow is after debt service and property mgmt.

Thanks

Seeking advice from seasoned pros. I am relatively new to real estate investing. Ive got 5 rentals and a real estate note that I own from an owner finance fix and flip deal I recently closed. The value is $114, 900 at 8.5 % amortized for 30 years. and secured by a $140,000 house that I owned outright when I sold it. (not a wrap). borrower payments $885.00 principal and interest per month paid to me. 

I recently discovered a small multifamily property that I have been entertaining and negotiating. The down payment is $96,000 which coincidentally is the amount that  a major note buyer said he would pay for my note. Is it crazy to sell the note at a $19,000 loss? To me the upside is I will control a $500,000 asset instead of a $140,000 asset. And the monthly cash flow would be $1639.00 which is almost double.

I'm leaning towards selling it...please advise!

Thanks!

Kyle, 

 Denver Heights is a gang infested war zone. You will not get the rents you are projecting and your home will most likely be repeatedly vandalized during the rehab. 

If you do not have a rock solid plan that includes night time security and a purchase price of $10 a square foot ...stay out of there. 

Google the the Denver Heights Bloods and Cripps

That sounds good Jim Carson, I copied that verbiage and intend to use that on new leases. I have a Junk car under the carport of one of my 4plexes and haven't been able to determine if towing it off is legal. Not sure what their rights are in san antonio tx. 

Hoping someone knows for sure before I consult an attorney