All Forum Posts by: Jean De la cruz

Just closed on this property! Next up is to put one more under contract before New Years to complete my #bp90days 💪🏽

@Justin Brown, after a lot of back and forth seller agreed under contract to give me 1200 at closing and I do all repairs. I rather pay someone to do a good job then have the seller put lipstick on the pig. Closing is set for the 27th of this month! Thanks everyone for your input i really appreciate your help since I don’t have anybody to talk real estate with at home. You guys are awesome!

@samc I agreed to do tittle search and appraisal since we had agreed for a clear CO under contract. Never thought a seller could just say he wasn’t doing it out of the blue.... lesson learned I guess.

I went to see the property again and the repairs aren’t that bad...it’s hand rail to the basement, smoke and carbon monoxide detectors, chip paint in the back and front, garbage in the basement and back yard, broken tiles in the bathroom, ceiling repair in kitchen and and rear porch, fix concrete in back yard and some minor stuff. Seller will do half of those repairs. I sent the seller a new contract where he gives me 1200 and I do all repairs and we close next week. Also he takes the garbage.

I put an offer of full price on a rental property in allentown pa, the only thing I asked the seller for was a clear certificate of occupancy and he agreed under contract. Now we are a week and a half away from closing and seller does not want to make all repairs that came back from inspection. What should I do? I have $1,500 invested in the deal already from tittle search and appraisal. Note: this is my first rental property. Thanks in advance!

With 10k you can buy a 200k duplex or 3 plex with a FHA loan putting 3.5% down payment and house hack for a year and repeat the process of saving for a down Payment once a year.

Most of the time a BRRRR is purchased in cash. After property it's been stabilized "rented for 6month to 1 year" you can refinance and pay off any hard money or personal loan you might of used to Buy or Rehab the property. If paid with your own money often people pull the equity out to repeat the process. Good luck in your investing!

Thank you guys! Talked to my broker and he said he might have a solution to my problem. I will be calling him today in the morning. I will keep you posted with his response!

Hello BP, I am in the process to purchase my first investment property. Already have a pre-approval and the house I want to buy. The only problem is I only have a portion of the down payment plus closing cost in my bank account. The rest I have it in cash at home. Total down payment is $14,000 USD plus closing costs and I only have $10,500 in the account plus another $ 6,000 sitting in the house. My broker told me I can't Deposite any cash prior to getting approve for the loan because it could kill the deal. What should I do? How do I clear that money? Can I even use it towards the purchase? I haven't submitted an offer yet. Should I put in an offer and take the risk? FYI home price is $68,000 USD, I live in PENNSYLVANIA and the cash I have at home I've had it for years as my safety net in case of an emergency. Thank you all in advance for taking your time to help me with this issue!