All Forum Posts by: Joseph Tarallo

@Bryan L. How do you analyze what you charge for rent?

Do most investors here put at least 25% down when buying investment real estate ?

@Richard C. Yes I was asking, but obviously if you read my post I specifically said I am putting 25% down Bc that's what you're supposed to do.. And in my previous post I asked If it was ok. After knowing that you can't I went the legal way. Also I do know what he is doing, I have the contract because it was disclosed to me. 5% down FHA loan 30 year on a 2 family that is occupied until 2015.

@Jon Holdman They motioned the court with the other offer, which is 220 with 5% down with a 30 yr mortgage. Since it's a bankruptcy I was disclosed all information. I have until march 13 to make higher offer.

If the trustee or bankruptcy court had a half of a clue what was going on, they would know right away the buyer is either lying to the bank buy buying as primary which is mortgage fraud and would not accept any offers like the one I am competing against

@Jon Holdman Thanks for the advice jon.

@John Moore yes it is occupied until 2015 both units. That is what I am nervous about John. That I am bidding against a phantom! Someone who may or may not get approved.

@Wayne Brooks What I'm saying is you can't purchase this as a owner occupied property. It is fully occupied and you have to honor an existing lease. In this case 2015. So it must be purchased as a investment property. I called numerous banks they all say 25% down is required on a 2 fam investment property. Idk if that's called a law or not but that seems to be the requirement. This other buyer is putting 5% down and getting a 30 yr mortgage. Trustee job is to accept strongest offer, the one who most likely will get approved for a mortgage.

@J Scott I meant you can't get a mortgage with less than 25% down on a 2 fam investment...