All Forum Posts by: Indra H.

I failed to mention that the property has been renovated and has been on the market for a while, although houses around it are going. I believe he's listed price is too high. I am willing to do full price just because of my situation, so going in it at a higher price already is what makes me think it wont appraise in two years. If i was able to obtain financing I would NOT offer full price. By the way if you guys know of a company that would finance to someone with 800+ credit, but that hasn't been in business fulltime for two years yet (part time 2 years). Please, let me know.

Thank you for your input

Chris, I totally understand your point. But if I would get a loan from a bank now and the property goes down later then is more predictable since the loan is already fixed in place, but if it goes down before I get the loan, then I might not even get a loan. Maybe im over thinking it. 

Since I wouldn't have a mortgage payment for two years, that was my plan, just save the money to apply it to the principal, however my fear is based on how hot my market is right now, so im afraid in two years would be totally the opposite. 

Joe, he sees lease option as renting it and he doesn't want that.

Hello fellow investors, im looking for your advise as this forum is full of experienced and creative real estate genius. my family composition has recently and suddenly changed, so I need to move to a different home. This will not be an investment property, this will be used as primary home. Three months ago I quit my job and started a private practice (mental health). Although my credit is excellent, I am a new business owner so im not able to secure conventional financing. Im in negotiations with an investor that is selling his house and is willing, with a substantial down payment, wait two years before I refinance the house and pay him the balance here are the numbers

360k sale price

144k down payment

216k balance (4% interest only due monthly or at time of refi in two years -- $17,280)

after two years refinance and pay him off. My fear is that in 2 years the house won't appraise at 360k and I would have to borrow more than the 60% that I owe him.  Seller is someone flexible as he owns the house free and clear, but thinks he is "too old to finance long term".

Any ideas how we can move forward?

Thank you in advance for your ideas

Hello An, if you dont know Springfield, it doesnt make a difference if you drive here or not. You need to find someone who guides you honestly. Springfield is very diverse, i live and invest in Springfield. You said your friend lives by one of the colleges, so  youre thinking of renting to educator tenants, unless they teach at Western New England University and live on one side of the univ, then is doable, all the orher colleges are in pretty hot areas and educators usually live outside the city. Note that if it is in the area surrounding the college mentioned above one side is great, the other side not so much. I also find my fellow agents to be somewhat comfortable and being open and willing to list, but somewhat frustrating when it comes to showing low end properties, because i live and invest in this area i got my license so i dont have to deal with that, so i only use my lic for my own investments. Good luck and let me know if you have any questions.

@Safee Idrees Sure no problem. PM with any questions. I also know a great property manager in Springfield

Oh ok, if it doesnt let post phone numbers or emails then it would be kind of hard with a name only.

Hey Damian, Give me your phone number, i can send you some people so you decide if interested. Indra

Missed Springfield college are, which is def a sec 8 area, if i understand what you mean by sec 8 areas. Much more multi families around Springfield college, not sure if thats the kind of area you are looking for though. Springfield College and WNEC almost two different markets

4 family in that area very hard to find, no much multifamily above two units in that area. However there are other descent areas where you cam find 3 and 4 family. A 4 family with 16 bedroom, not very common around here either, you will find more 1 to 3 bedrooms per apartment. Price? It depends, you could find them for under 100k up to 300k, it all depends.