All Forum Posts by: Dennis Wasilewski
Dennis Wasilewski has started 11 posts and replied 177 times.
Post: Florida BOA REO Auction Property found to be CONDEMNED!
Dennis WasilewskiPosted
- Real Estate Agent
- Philadelphia, Pa
- Posts 184
- Votes 87
Update on my situation... I requested a $7,500 reduction due to issues identified by code inspector. The bank agreed to a $3000 reduction in price. This was on a REO bought off an auction site, with no contingencies.
Until I read this thread I was on my way to close next week. Now I’m doing so for $3k less. Never hurts to ask!! Thanks again for the post!
Post: [Calc Review] Help me analyze this deal
Dennis WasilewskiPosted
- Real Estate Agent
- Philadelphia, Pa
- Posts 184
- Votes 87
What is your goal here? I buy for cash flow & wouldn’t go after anything less than like 12-15% CoC, on paper. Also, your repair number seems a little bit low.
Post: Seller Finance BRRR or ...
Dennis WasilewskiPosted
- Real Estate Agent
- Philadelphia, Pa
- Posts 184
- Votes 87
Can you payoff the owner financing early? If so, go to a bank or credit union to do a cash-out refi and draw all your cash out.
Post: Florida BOA REO Auction Property found to be CONDEMNED!
Dennis WasilewskiPosted
- Real Estate Agent
- Philadelphia, Pa
- Posts 184
- Votes 87
Thanks!
Post: Florida BOA REO Auction Property found to be CONDEMNED!
Dennis WasilewskiPosted
- Real Estate Agent
- Philadelphia, Pa
- Posts 184
- Votes 87
Originally posted by @Aladdin M.:
End result:
I spoke with code enforcement and they gave me an insight into what was truly the issue in the unit.
The repairs would be significantly more than originally expected which amount to about 10-11k.
I sent back a list of items that would need to be repaired and respective costs to the bank and requested a price reduction. They obliged and dropped the price from $18750 to $7500 and we will be closing today.
On to the repairs!
Thank you all for your input.
Aladdin,
I am in a very similar situation. Despite buying as-is through the auction site you requested a credit for repairs? Through the title company working on behalf of the bank? Love any details as I just recieved the city inspector report.
Thanks,
Dennis
Post: Done with the B-R-R....now how do I refinance?
Dennis WasilewskiPosted
- Real Estate Agent
- Philadelphia, Pa
- Posts 184
- Votes 87
What are comps at?
Post: [Calc Review] Help me analyze this deal
Dennis WasilewskiPosted
- Real Estate Agent
- Philadelphia, Pa
- Posts 184
- Votes 87
How accurate is the $150k rehab? Is it buffered?
Post: Reporting tenants payments to credit
Dennis WasilewskiPosted
- Real Estate Agent
- Philadelphia, Pa
- Posts 184
- Votes 87
Cozy provides this for electronic payments.
Post: [Calc Review] Help me analyze this deal - seems like its too good
Dennis WasilewskiPosted
- Real Estate Agent
- Philadelphia, Pa
- Posts 184
- Votes 87
Is there a HOA fee?
Post: How to protect property from a partner in a shaky relationship
Dennis WasilewskiPosted
- Real Estate Agent
- Philadelphia, Pa
- Posts 184
- Votes 87
If they split it would all be up for grabs, unless you did something very off-the-books. Maybe some land trust that he’s part beneficiary of but I would not want to be that trustee when the lawyers start digging.