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All Forum Posts by: Justin Hammerle

Justin Hammerle has started 1 posts and replied 390 times.

Post: Refinance after cash sale - loan from family member

Justin HammerlePosted
  • Realtor
  • Providence, RI
  • Posts 404
  • Votes 262

Hi James - why not get into a MTR, find a w2 job and finance the property through a bank?   

Post: Need Advice: Just purchased a foreclosed house

Justin HammerlePosted
  • Realtor
  • Providence, RI
  • Posts 404
  • Votes 262
Quote from @John Roberts:
Quote from @Justin Hammerle:

I would go back to the verbiage on the P&S, any type of language regarding building/structures should legally cover any liability you have of a claim she could make on the shed.

Even if its not, this just sort of screams out to me as someone who is desperate for money looking to take advantage of the situation; I would take a hard stance here versus allowing her to take the shed without vetting it thoroughly.





 Hi Justin,  I agree with you, but I am worried that if I deny her the shed, I am going to constantly have to be worried about theft, vandalism, etc from here on out.  Not sure what to do....


 I hear you, if you do prefer to just give her the shed, maybe consider having her sign a release so she can't come back to you asking for anything else on the property.

Post: Need Advice: Just purchased a foreclosed house

Justin HammerlePosted
  • Realtor
  • Providence, RI
  • Posts 404
  • Votes 262

I would go back to the verbiage on the P&S, any type of language regarding building/structures should legally cover any liability you have of a claim she could make on the shed.

Even if its not, this just sort of screams out to me as someone who is desperate for money looking to take advantage of the situation; I would take a hard stance here versus allowing her to take the shed without vetting it thoroughly.




Post: House Hack Networking in Massachusetts

Justin HammerlePosted
  • Realtor
  • Providence, RI
  • Posts 404
  • Votes 262

@Craig Lang - Can't go wrong staying inside I-495 to Boston; where you should focus is going to be dependent on your price range as there is a number of great areas to consider buying.  Also I'm sure if you are not working from home, commute time is going to be an important consideration.

Post: How To Structure This Deal?

Justin HammerlePosted
  • Realtor
  • Providence, RI
  • Posts 404
  • Votes 262

They could issue you a second position mortgage based on the remaining balance of whatever the agreed upon sales price is.  Whether you assume the existing mortgage or they continue to hold the note issuing you the deed is something that can be worked out.  

This is a bit messy though, and it is concerning that the mortgage can't be covered without the renters.  I would recommend holding off until you at least have enough income to cover the payments without the renters.  If you can't see yourself doing that in the short term maybe it would be best to consider another property where you can and you have a cleaner deal.

Post: Single Mobile Home & Single family Home same parcel

Justin HammerlePosted
  • Realtor
  • Providence, RI
  • Posts 404
  • Votes 262

You may be forced to do a private blanket loan.  I think a bank would take you through the wringer for approval.  Is there no way to subdivide the mobile homes from the SF?

Post: Help with purchasing my 1st multi- unit in MA/RI

Justin HammerlePosted
  • Realtor
  • Providence, RI
  • Posts 404
  • Votes 262

@Edward Kamara - are you currently pre-approved for a loan? If not that is likely your first step.  Glad to connect and discuss further.

Post: This is a Multifamily financing question! Please help

Justin HammerlePosted
  • Realtor
  • Providence, RI
  • Posts 404
  • Votes 262

Through an FHA loan, rental income will be given consideration as your total income stream in addition to your W-2 income. If you are a first time buyer and can qualify for an FHA, it may be your best route to acquire your first multi. Down payments on FHA are around 3.5%, additional closing costs could run you about $5k or so depending on the size of the property.

Post: Cost of insurance in Providence for multifamily

Justin HammerlePosted
  • Realtor
  • Providence, RI
  • Posts 404
  • Votes 262

@Abe B. - there's a lot to consider here, but flood insurance aside if your using $200 per unit/month you should be protecting yourself from underestimating your numbers with a 2-4 unit property in the providence area.

Not sure where you are in the buying process but glad to connect you with an insurance agent if you are looking for referrals.

Post: Would you approve or not

Justin HammerlePosted
  • Realtor
  • Providence, RI
  • Posts 404
  • Votes 262

happy new year! It doesn't seem unreasonable to me that someone doesn't have 3x monthly rent and needs a month in order to save for it with a $60k salary.