All Forum Posts by: Michael L.

@Chris Seveney, thanks for the guidance you've given, it's definitely helpful. Another question to you sir, can I curve a couple of those fees by doing some of the legwork myself, like the credit report fee?

If I purchase a deal with owner financing an then do a refi to acquire the financing to rehab the property, other than closing fees + loan fees, what other costs would be associated with the refi? Thanks BP Fam!

Great rising Corrine Ulloa, I think what @Dan Heuschele mean is that if your mortgage is $1,000, after adding the expenses would you be cash flowing? I get having the appreciating area but having room for any type of downturn that will have an affect on your asset is important. What if rents in the area go in reverse and you're hardly cash flowing. An if cash flow isn't the near term goal (which I'd overstand, make sure you have a reserve on standby. Have a wonderful day and I wish you well in your endeavors🫡.

Quote from @Dave Skow:

@Michael L. If a lender is able to be in first position- they then can possibly provide a rehab / remodel loan

 @Dave Skow, thank you for the feedback. It has been very helpful to my education.

Quote from @Dave Skow:

will the new property be an investment property or are you  moving into one of the units  ?   I will assume  it will be a  100% rental  property ....what is your purchase price and what will seller loan amt be ?  and  what amt is needed for the  rehab?

Ideas  :

1) give seller a little less upfront  and  maybe sweeten the rate you provide them on the  note ..use the  funds  saved from the down to do  the  rehab 

2) leverage  other  properties including your  primary home 

3) HELOC on subject property ( if you can locate a willing heloc lender )

4) personal loans 

5) leverage  401K accounts 

@Dave Skow, you seem very knowledgeable and I like your plethora of solutions. I'd like to ask you a question expanding on this conversation. If the seller gives up first lien position which then allows a lender the ability to acquire that position, would a lender consider lending on the rehab of said property? Much obliged in advance.

Is it possible to get a rehab financed in a owner financed deal if the owner agreed to give up first lien position?

Quote from @Nick C.:

I don't know if you're looking for literal definitions, but a war is an armed conflict. A world war is an armed conflict involving many nations in different regions of the world. 

@Nick C, I appreciate the feedback and whether the definition was literal or not didn't really matter. I just want some overstanding really. So is the world war consisting of the many mini wars  having nothing to do with one another or does these armed nations choose a side and war with an Allies of the opposing nation?

What's the difference between a war and a world war?

Quote from @Matt Devincenzo:

Three courses says it must be a triangular piece of property. You could take those courses and get a rough sketch on a piece of paper using a protractor...obviously not very accurate, but just an idea of what that triangle looks like. Fortunately I have CAD and put those in and the sketch is below:

The courses don't close which is fairly common, but they're not closing by about 10' which is fairly significant. Total area if I just force the closure is about 7,300 SF.

The next part of this is the 'art' of surveying which is how do you adjust given calls to arrive at a legal boundary. Obviously you can't actually have a property's shape that is three sides that don't connect, so one or all of those lines needs adjusting in either the bearing or distance or both so that the lines connect. That is something only a local surveyor can help with based on the physical location of existing monumentation, occupation by durable improvements and legal descriptions of adjacent parcels. 

 @Matt Devincenzo, you are one smooth brother and you've definitely been helpful in a major way🏆.

I want to convert measurements of a lot size given in a deed into square feet. I will leave the measurements below for anyone knowledgeable enough to assist. If you could inbox me a mini sketch of what it should look like, that would also be a help. My goal is to find out how much land the city illegally subtracted from a property owner, its size, and the value of it. Not sure if more details are need to assist me but if so feel free to drop a pm. Thanks for all support!

Measurements

North 43° 55 minutes East 100ft; then North 50° 5 minutes, West 150ft, then South 12° 5 minutes East 169ft to the beginning place