All Forum Posts by: Joseph Poluch

Hello, BP World. I have a house I can put under contract and turn around and give it to my friend who has been looking. NVR is pre approved for a loan. 

So my question is: how does wholesaling work with contingencies and a buyer who is obtaining a loan? 

Anything different or complicated with whole asking  a deal like this?  

property location is in upstate NY. 

Great insight on the Commercial loan. Thank you!

I received a call from one of my flyers about purchasing Homes. The caller on the other end was an older gentleman and said "you wanna buy my house? bring a check for $150K." I assured him that's not how I do business but none the less would like to take a look at the property. we set a time for 11 am this Friday. A few questions I have are about refinancing, seller financing, cash offer vs. taking to market pros/cons. 

About the refinance:

I am currently furloughed ("unemployed"/"Part-time"? receiving unemployment- work may return so I'm holding out hope to go back. Not loosing money but not putting a ton away, either. When both employed we have some great buying power and very low debts along side great credit.) But working one day a week on the books. My wife is just coming off of Paid Family Leave in January.

My question is: What are my refinance options/lender options with being unemployed and my wifes w2 showing she made less than she typically does last year? 

I have enough to cover purchase, closing and rehab, its the pulling my money back out in 6-12 months that I am trying to find a solutions to. 

Seller asking too much for me to properly implement the BRRRR method:

Seller looking to sell off market for market value price? So I had my Realtor friend pull me some comps. Low end $125k, high end $200k. He is looking to get $150k, off market, I haven't seen the inside but the outside looks well maintained. So I think he's close on retail price, if the inside is as nice as the outside. But what are some good negotiating methods to try to talk him down to a lower cash price, or, a Seller financing offer:

Seller Financing: 

What are some great point to touch on with the Seller of why Seller Financing, even in this market, benefits the Seller just as much as the buyer?

Does any one have a Seller financing Sales contract they could share?

I could certainly try to flip if there is value to add on the inside or I can try to wholesale it. My preferred route would be to hold onto long term but I am not sure how feasible that is with my current employment situation. 

Roughly $97K. First home so we did not put a ton down so there is little to some equity in the house. 

Hey everyone, 

So I bought a new house over a year ago and instead of selling my first property I turned it into a rental. Now, unfortunately knowing what I know now and keeping a portion of the cash flow for Cap expense, Vac, Repairs- Im only Cash flowing $150. I did not buy the house with the intent to rent so i purchases it at retail and over the 4 years I lived there I put about $15k into it. the house is about 120 years old and will need and entire interior face lift in 1-2 years.  stable tenants for the past 2 years.  

My new house is an hour away and an up and coming area of town that I would like to invest in but don't have a capital to do so in that area and finding an investor has proven to be difficult. 

Would like to hear some folks views or maybe options I haven't thought of. Is it worth selling right now and sitting on the sidelines for something in my new area to come up or is it best to hold onto and hope the market stays high for years.

A neighbor approached my Father about possibly purchasing his waterfront Trailer and would be willing to finance for up to 5 years. The trailer is permanent in the sense that its tied to local sewer and water, on blocks, lower portion finished so you don't see the wheels, deck (that wouldn't pass inspection- I believe) and an addition. 440 sq ft. according to Zillow. I dont believe that accounts for the addition. 

Our goal is to get a great deal, do some renovations an improvements (hot tub over looking the lake), new paint, fix deck. Try to make it a half Air B&B, half personal place. Rent as much as possible in 5 years then refinance... then buy the property next door following a similar concept.

... a couple questions:

Would a bank refinance on a Trailer like this? Do they see it as just another home or do they look at it differently then a typical house? 

Has any one done a BRRRR on a trailer property before and what obstacles did you face when trying to refinance?

Do trailer even Appreciate?  I have an in-law that is trying to sell their mobile home and their realtor said its more like a deprecating car then an appreciating house? Any truth to this? Could you expect buying a trailer to not retain/ appreciate in value regardless of updates?

Any negotiating tips when dealing with a motivated seller that came us first but has had two realtors give them an estimated market value? 

Has any one had any luck/ good strategies with Air B&B  rentals as opposed to year to year tenants? 

Open to any other suggestions of questions I should be asking or things to be concerned of. 

So I came across this property that need serious work. Barring any structural or foundation issues I would like to see if this property could have potential. This property is close to a blank slate, 2000 sq ft, down to studs. My question is: Has any one had any experience in converting a SFH into a duplex? Good idea, bad idea, pro's, con's? Things to consider?

Thanks!