All Forum Posts by: Dan K.

I closed a few months ago on a hubzu purchase. It was a long process.  I think I won six auctions before I finally got the property - it would be listed, taken down, and relisted over and over.

After I won the auction, it took over one month from the close of the auction to get a completed purchase agreement.  They outsource most of the processing to India and this causes delays. It wasn't until I emailed the Altisource CEO and some other senior execs that I found someone who was able to effectively move things forward (amazing what a little online research can find).

I would purchase again with Hubzu but only if it's a great deal and I'm ok waiting - for a long time.  I felt like I was on hold with my search because I didn't want to start making offers on other properties and stretch too thin with my cash or ability to get a loan. If you're in a place where you can sit and wait, it should be fine. Just be prepared to be patient - and assertive.

Hey everyone! Thanks for your replies!

Here are the $s:

-purchased at $56k

-rehab cost of $14k

-prepaid interest with my hard money loan (no payments now)

-$900/mo projected rental income with tenant paying utilities

-appraised at $99,900

-I have an offer on the table for $89,900 plus $3,000 seller paid closing costs.

I learned s lot on this deal and it wasn't a great one, so neither option (keep or sell) is an awesome one, but I'm new to this and trying to start small and learn. Either option seems ok, and I'm glad that this first rehab didn't go too poorly. Could have been much worse, right?

 Tom this is great! Thank you much.

 Tom, very helpful! Thank you!

 Steve, thank you! Great advice.

Hi everyone! I purchased a single family house with hard money, rehabbed, and intended to sell. It appraised well, but isn't selling at the price I hoped for.

I am thinking about renting and holding onto the equity. It would cash flow but not by much - maybe $100/mo once vacancy/maintenance are factored in.

I did get a low offer - for about $10k less than I had hoped to sell for. I would still make a little money net, but wondered - how do BP users think through cash vs, equity?  When is it best to hold or sell?

Hey BP!

I'm hoping to acquire a few more rental properties quickly, and began reaching out to a few owners of larger buildings who may be willing to help with seller financing.

I was hoping to find a seller that is willing to carry a second note - I finance 75% with a traditional commercial mortgage, and the seller lends the final 25% as a second note.

I know that that pool of sellers that may want to do this is small, but hey - I figure it never hurts to ask.

What kind of terms are typical when asking a seller for a second note?  Is this typically a shorter term loan where I would need to refinance or pay this off in a few years? What is a good length of time to propose?

Thanks BP'ers!

Dan

I had been hoping to do the same. Evidently though, there has been a change in lending guidelines that prevent someone from doing a hard money loan through an LLC (most hml's I have talked to require the loan to go to a real estate LLC) and refinancing without six months seasoning.

And the hard money lenders I spoke to don't allow occupancy. Some may - you should ask about this.

I did hear that some hard money lenders will lend over $100k to you personally - not an LLC - and then you can refinance before six months.

I just closed deals with two hard money lenders - dohardmoney and red dirt lending.  I can't say enough good things about red dirt lending - they are fantastic. I can tell you more if you want to message me privately about either lender.

Hi there - Are there any Philippines based real estate investors here on BP? I travel regularly to the Philippines for work and would love to connect with any Filipino (or other) investors who are based in the Manila area and invest in US real estate. 

I wanted to ask a quick question of other real estate investors/realtors/mortgage brokers on here.

What is a realistic timeline for a title company/closer to process and handle a closing?  If the lending process moves quickly (ie you are paying with cash or have a hard money lender that moves fast), how much time is fair to expect from your title company/closer?

I was getting a lot of push back from the company I'm working with over a two week close, and wondered if that is common.

Any advice?