All Forum Posts by: Gregg Fratto

Is buying a co-op foreclosure from hubzu a good deal, paid 83k for a 2 bedroom coop in ossining ny 2 bedrooms go for around 160k-170k ...kinda nervous about pulling the trigger

@Wayne Brooks hey Wayne, this went through hubzu auction...this was not auctioned through the board, im all in at 83k all I have to do is sign the docs......any advice ?

I bought a 2 bedroom co-op in a complex in Westchester, paid $83k other have sold for $150k, can I still make money from it...what are the obstacles of selling a co-op

@Jeff Copeland sorry just saw the link you sent along with your 1st reply, I would have to do a wrap around mortgage on my property, meaning the buyers $199,800 wrapped around my $125,000 mortgage. How is this recorded or is it recorded ?

@Jeff Copeland where do I find that info on BP ?

@Jeff Copeland I would hold the mortgage and he would pay me and I will pay the bank...is that something I can do ?

Ok BP people, I have a buyer that wants to put 20% down on a 2 family that i am selling.

PP $249,900

20% = $49,800

Mortgage amount would be $199,900

Mortgage amount that I owe $125,000

Question-

what interest rate should I charge ?

Who pays realtor fee ?

How long should I hold the note for ?

If i charge 5% interest the PITI will be about what im paying right now for the mortgage. Should I charge more percentage ?

Thanks

Im in ny, buyer wants to close in 45 days and wants the 1 apartment vacant so they can renovate it 

Im selling a 2 family house and new buyer wants 1 apartment vacated before closing....what is the best way to get tenants to move. They are month to month with no lease...what do i do ?

I have 30k in the bank and thinking about borrowing 40k from family member for down pymnt and going to a hard money lender for the 80% purchase price w/100% for rehab costs.

Ill use the "borrowed" money from the family member for the D/P and closing costs, keep my 30k for monthly payments to the "bank" and purchase a house for 110k, 50k rehab and fix and flip property ...pay back family member + 10% and "bank and profit 40k ...does this sound like a good idea ?