All Forum Posts by: Jonathan Sachetti

@Chris Seveney - thanks for the advice - I’ll look into running a title report, but I think you’re right that I’m better off waiting for the auction.  

Hello - I'm a rookie trying to figure some things out and hoping someone may be able to assist.

I just learned of a family friend's house that is getting foreclosed on and set to go to auction in about 10 days.  I'm curious if I am able to work with the owner and buy the property before it goes to auction?  Is it to late in the process or is there still time for me to purchase?  

If I am able to purchase what are some things that I should be aware of and what kind of when buying pre-foreclosed properties?

Thanks for any advice you can give.

  

@Elise Marquette - Thanks for the reply!  Yeah, I guess I should connect with a lender.  My concern is how easy refinancing is on a property that I've only owned for 6+ months and haven't lived in.  I've only gone the traditional route of doing a loan while purchasing a house and not after I've already bought it.  

Hello - I'm a newbie over here trying to get my feet wet into real estate investment. I came across what I think is a good deal that has the potential to be a BRRR or possible flip. It's two properties right next to each other. 160k for both; 300-330k ARV after rehab. I brought a trusted contractor in who quoted me 50k to fix up both properties. So essentially I would be all in for around 210k with ARV value of 300-330k after repairs. Rent comps in area look to be around $1500 per unit so $3000 total for both.

My thought was to refinance these after repairs to get my money back out.  Curious how the rest of the group has gone about that?  Am I able to combine the two properties into one loan or would I need two different loans; one for each property; for these.  In doing so would that cause me to get a higher rate.  I've read a little bit about portfolio loans and curious if this would be a good candidate for that. 

Appreciate any advice you guys have.  Thanks!