All Forum Posts by: Cody DeLong

@Calvin Ozanick it doesn't really put us in a bind at all, especially if we buy something we know we'll be netting at least that amount per month.  In an off month it didn't, we can pull it off.

@Paul Smythe heloc would be nice but also The house is $400k, all in I'd be at $275k owed so my equity position is over 20% but not at an amazing %. Also I'd be pulling then from a HELOC which some lenders frown when doing a down payment. My wife and I chatted and she's open to the idea if we can find something that's in a decent area.

My wife and I are selling our house and buying a new one. Because of the way this happened and our very tough market (where we live) we decided to get approved being non contingent on selling our current home in order to lock our new home in. It’s a lateral move financially, same price as we’re selling for but 10 min down the road and bigger. Our plan if we do not double close is 5% down and then refinance in 6 months with our $100k in equity we will have from our sale.  This will raise our payment up $700 from what it is now but after refinancing we'd be back down to below our current payment.

However I was thinking, would we be better to invest even $60k of the $100k into another rental property and use those returns to pay the difference in payment that we're seeing plus a little extra. I own an 11 unit, two duplexes, and a single family that are all rented or being finished and ready to rent, so I'm not green to the rental market or rehabs. Also my units are about 45-75 min from me so its a different market. I'm just thinking if I can get 10-20% COC and rates are down right now. We would be able to probably make out pretty well. $100k is $500k in buying power. Or even more if it needed a little work to increase rents and rehab as tenants move out.

Luckily we'd have 6 months to decide before we can refinance and the market is about to start churning out some more buildings.  I almost feel like the best move would be to find something in a B area instead of my usual C just to be on the safe side.  ANy insights or people that did the same exact thing would be grateful!

Deff make sure to make it out to the BP Meet Up in Southern Maine.  Its usually a good time and tons of knowledgable people.

Who’s heading out Wednesday?  @Harrison Smith @Tyler Bushey?? 

@Ed Emmons is correct. There will be a price correction but the tourists aren’t going anywhere. The tourism in Portland is on the rise and unless every brewery and restaurant closes, it’s the new norm. 

First off, Congrats!  Where about in Maine is this? You can easily do your own purchase and sale agreement with the seller and then go to a title company. They can help guide you and get your ducks in a row. My last two purchases I didn’t even need an agent and did all my own. 

Do some research and don’t sue an agent and save the $$. Or if you really want you can probably find one to do the contract only for $1k but I personally wouldn’t go that route. As far as taxes go it depends on the town. A lot of towns only do revaluations specific years and it’s for the entire town, not just for your specific property. Hope that helps for a few of your questions!

Shoot me a PM. I may be interested and I live in Gotham!  

@Clint Votruba I will ask exactly that but I believe it covers the $80k if they were to try to get it back and the court ruled in favor of the bank.

@Tyler Bushey I'm going to ask this as well for the marketability.  Basically the town in this scenario sold a building they didn't have the right to sell which is the affirmative coverage is covering.

I'm in the process of buying a 7 Unit building and a title issue came up where the original mortgage has not been shown as discharged.  The building went into Foreclosure with the bank around 2008-2010 and was sold in 2013 at auction due to tax liens by the town to Buyer A.  Buyer B bought the building from Buyer A in 2015 and never got title insurance and had a lawyer draft up everything.  The lawyer is MIA so Buyer B/current seller cannot get the correct paperwork showing the bank was notified of the sale and the town has no records of them notifying the bank as we've reached out.  Note I've even tried finding the lawyer and he is just gone, maybe he passed. 

My title company has told me they would issue affirmative coverage as its been over 7 years and the bank hasn't done anything at all, no notices to the state, nothing filed legally beyond the original foreclosure notices.  They've also said they could apply to get the loan discharged. What would you do in this case.  Note the property is $16k and the outstanding loan from 2 previous owners is over $90k. The building needs $180k in renovations so I need to be very careful what I get into as I do not want to spend that kind of $$ if this goes south.