All Forum Posts by: Eli Silverman

Just to give a little more detail so I don't waste anyone's time.

This is a 100% finance deal. I was laid off when the company I worked for shut its doors last July and it took longer to get another one than planed. Fortunately I have started a new job but my assets have been depleted so I don't have any I can bring to the deal. 75k of the 150 k will be going to the seller as a down payment. The balance will be used to cover repairs (less than 10 k- paint and carpet), closing and carrying costs. Even at that there's still 100k in equity left over in this deal.

If you are ok with this then please let me know.

hello Charlotte  would you consider residential. This is a 4000 sqft single family home 

This is my first big private money deal so I am working with a mentor on it to ensure all parties are safe in the deal and I've basically been following his instructions as to what i should be asking for. I would be perfectly willing to pay a flat 15k fee on a 150k loan with a 1 year baloon. The 5k i had mentioned which really should have been 7.5k was meant to insure someone didn't go through the trouble of lending us 150k and only getting 30 or 60 days worth of interest. There's a lot more money to be made in this deal if we find a lease option buyer and carry the loan for the full year but I did not want to over offer and under deliver.

With all that said, would any of you be interested in funding this deal. 150 k loan 1 yr baloon 15k fee on a 630k house? Closing has been set for June 1. Please let me know as soon as possible. Thanks.

I was more concerned with problems getring homeowners insurance. I feel like I've heard some people say they can't get insurance if their roof is over a certain age even if there are no leaks. I thought I also heard someone say there might be problems getting insurance of the roof was not permitted as they'd question if it was up to code.

I have a house I'm looking to wholesale but I have a concern about the roof.

It was replaced a couple of months ago and the seller thought that the roofers were pulling permits but I can't find any evidence of permits being pulled on my city website.

The roof was a tear off and a secondary moisture barrier was installed underneath. It's 3 tab shingles not architectural. She says she monitored the installation to make certain everything was too code.

My question is, how much if any headache will it be reselling the house if permits were in fact never pulled. What will it cost to mitigate the issue.

Can a buyer get insurance if the roof was done without permits? 

I live in Jacksonville Florida if that makes any difference.

Thanks in advance

Thanks

Rrfffc

we actually already have interest from a potential buyer at the moment. Obviously if we sell it before the year is out then the investor will be cashed out at sale.

If we go the route of lease to own then the investor will be cashed out via a refinance. We are ideally looking to offer 9% with a guaranteed minimum return of $5,000 if we simply flip it.

I am not looking to bring any funds to the closing.

I have a 6 bed 4.5 bath 3942 sq ft two story single family home under contract for $480K

House was built in 2003 in Julington Creek (St Johns county) near Jacksonville Fl in the 32259 zip code has a 3 car garage and backs up to preserves in a gated community.

House is worth $620K-$630K Looking for a private investor to fund a first mortgage of $150K between 12 and 24 months. seller will be taking back a second mortgage for the balance.

House only needs paint and carpeting to make it market ready.

Will be marketing the house for sale, Lease option and for rent. Preferred exit strategy is a 3 yr lease option.

Looking to pay %10 on the loan. If interested, Please contact me.