All Forum Posts by: Dan Barman

Thanks all for your thoughtful advice. Wondering if it's better to save time a possibly money to just tear it all up (which is sad cause you can see they used to be nice once). Concern is if we spend the money and time trying to clean (hydrogen peroxide) or seal, if it then doesn't work we'll have to spend more on top of it to just tear them out. 

Thanks @Ritch Bonisa for the advice on restoration companies, maybe I should have one come out and take a look / give a quote and opinion as to if it can be restored? 

Hi all. Just viewed a large, beat up MF in New York's Hudson Valley. Needs a lot of work but could be an amazing property. All hard wood floors, pretty scratched up and a bad smell of what we think is cat or dog urine. If they can be cosmetically saved by sanding and finishing, will they still need to go to get rid of the smell? Will we have to rip out the floor and sub? Thanks!

Thanks @Michael Henry, lots to think about here. What is DNS? When you say both sides of the closing cost; can you elaborate on what those two sides are and what amount those expenses could be? The peace of mind you speak of in using a local title company for the purchase but paying the two sides of closing; why would that bring someone peace of mind? Is it in knowing that the new title company is local and therefore understands the local side of the title transfer? 

Thanks so much and please forgive these "newbie" questions ;-)

-Dan

Hi BP world,

May be making a cash offer on a foreclosed duplex in NY's Hudson Valley; this will not only be my 1st time putting an offer on a foreclosure but if successful will be my 1st deal, period. Wondering if there's anything I need/should know about the process of buying a bank owned property. If I go in offering cash and the offer is accepted will it close quickly and in similar fashion as a non-foreclosure property? Any extra fees etc. I should know about? Anything I should be aware of that a 1st timer may not know about? 

Any advice any of you have to give about this process would be very much appreciated. One of the two units is pretty beat up so there's some work to be done here for sure. 

Thanks!

Thanks @Andrew Syrios, much appreciated! 

Hi Jeff Wallenius , thanks so much for this thoughtful and thorough response, it's really helpful! I see you're from Portland, I'm a former duck! There were some terms you mentioned that I'm not so familiar with; LTV? Can you clarify? Thanks!

Hi BP world! A bit of a newbie here trying to educate myself on financing options, mostly to be able to make cash offers on fixer-uppers to rent and refi (BRRRR). Have got a couple questions I'm hoping you can help me with.

1. What's the difference between HML and Private Loans? What do the different terms look like? Which is more desireable or what are the situations where you'd want to go with one over the other?

2. When getting the above type of financing, how far into the deal should you be before approaching a potential lender? Do you negotiate an accepted offer 1st or even get a property under contract before approaching a lender? Can/should you get a property under contract without showing proof of funds? If you get the property under contract and are unable to secure financing, what happens then (penalties)? *I'm currently looking at properties in NY State. 

3. What's the upside for the owner in owner financing? I.E., what are the bullet points to hit with an owner when trying to strike a deal for owner financing? 

Thank you all sooooo much!

-Dan

Thanks @Brian Eastman!

@Mark Nolan, question for you...

If I use a bene IRA to invest in RE and there is monthly cashflow, that profit would be placed back into the IRA account, but then I could pull from that profit to satisfy the required minimum distribution each year correct? Obviously we'd want to make sure there was enough money left in the account to cover that RMD in case the market has a bad year or two etc., but generally would this would be a workable game plan?

Thanks so much!!!

Thanks Mark Nolan great advice! Something to keep in mind for sure.