All Forum Posts by: Karolina Powell

I have or am in the process of closing on 7 SFHs this month.  Two different banks, four different closing companies (because three of the sellers wanted to solely use their own companies). 

Each one has been an absolute nightmare 2-3 days before close.

In almost all of them, the closing company has been terrible with communicating with the lender so numbers were still being figured out at the closing table. Closing company says the 3 day in advance HUD doesn't apply because it's in an LLC.

One of the banks backpaddled on who was listed on the loan after closing on them!  I still don't have funds from one of the refis even though they have the signed closing paperwork and loan and they're threatening to call the other mortgage if I don't modify. 

I'm supposed to close on two this upcoming Wednesday and on Friday afternoon they requested repairs that had to be done before they would close.  They had the appraisal for almost four weeks but told me I had two business days to make repairs and get it reinspected.  Then they suddenly told me my taxable brokerage account doesn't count as reserves but they won't let me sell and move assets to a checking account because they won't be seasoned for 60 days.  

Is this normal?  All of these has 30+ days to close, all appraisals and title was done early in the process.  

Hi Tom, I invest south of Pittsburgh.  Welcome

My standing deal with my agent is that I will pay her a minimum of 2500 for any home she shows me that we end up closing on - that applies to on market or off market (most homes I buy are 75k-200K hence the low amount).  It's written in the contract that way and we add homes that she shows me to the contract list.  If the seller is paying a larger commission then she gets that but if it's no commission from the seller or less than 2500, then I pay it or make up the difference.

Thank you everyone!  I agree that 6% where this is is low but it looks like the seller is using 5.5%.  I'm thankful to understand how the seller is arriving at their numbers.

I'm trying to figure out how the seller is coming up with their figures.

What would you pay for:

Multifamily in a small town, low appreciation potential, 3 commercial storefront units and 10 apartments.  8 single bedroom and 2 double bedroom.  Historic building with slight cosmetic updates 

101,000 gross

54,000 NOI

Two empty spaces that can be used for laundry or made into another apartment.

What areas of Pittsburgh are you looking at?  I invest south of the city but I find that there are very clear appreciation spots and very distinct areas that are good cash flow but little appreciation.  Make sure you have a vision for what you want to accomplish so that you invest in the right areas 

 That is exactly what is happening!  "Rents can be raised and you can get another two units in" etc etc.  It is helping that I actually have lenders that won't loan on what they're thinking but I have a feeling it'll take some time for us to get to a middle ground.  I appreciate your thoughts!

Looking at my first two commercial properties tomorrow (a 13 mixed use unit and an 8plex).  I have run numbers based on what they have provided but I'm worried I'm going to overlook something when I go to view them.  What are some important things to ask and look for in a multi family that might not apply to single family?  

Thanks