All Forum Posts by: Kenny Szymanski

@chadhouston

Congrats on your find and good luck with the deal. What area of Buffalo did you land the deal?

@kyle j.

I already submitted my taxes and schedule e to the new lender. My thought is to finalize and record the mortgage now and use that money towards my next investment.

@eric veronica

Thanks Eric for feed back. I think the question I should have asked is, will the lender see the new private mortage taken against the property, it takes about 6 weeks for the mortgage to appear in the paper here. 

Hey BP members, Question? If you take out a private mortgage against a rental property does that mortgage show up when you apply for a mortgage will a lender? I am in the middle of the mortgage process to buy a live in flip (170k purchase, arv 260k+) and i have the opportunity to get a Private mortgage for 60k @6% against a rental that's free and clear. Should I take the money or do I have to wait till i close? Thanks in advance for advice

paige, I would try and see if you could get a renter available as soon as he moves out. I like to only use security deposits for damages. He's taking an opportunity to better his life,, what would you want to happen if it was you?

Chris, 

Thanks for the reply. Home is worth 100k and I owe 52k. I am looking to take out 140k on a 170k purchase. I am currently living in the home with the fha financing and can't get out till my one year,Sept 14. I would deffinetly refinance as soon as I can. The house I would like to purchase has comps in the area of 235k and up. The House is in an estate and want to do a cash transaction to avoid the bank hoops, not that there would be many but they don't want to come out of pocket for b.s. repairs. I know I can make that house more valuable, carpenter by trade. 

My bills on my brrrr are $700 a month and I have interest for renting $1400 a month, net $700. If I go for traditional financing even tho I dont have it refinanced and rented will they consider it or will it be too much risk on my end with the hopes of renting and using that cash flow. Time is of the essence

Does anyone know of a private lender that will lend on a owner occupied 80% ltv??. House is in a great area in orchard park N.Y. Im currently in a brrrr and have fha financing and I dont want to give that up just yet.

I need to list and rent my brrrr that i have been working on. I came across an opportunity on a fsbo that needs TLC, good bones in a very nice area... Problem -financing That house i live in now has fha financing and I am coming up on my one year. 1) am I able to rent this out so soon with out penalty? 2) we are raising money from family as well as some assetts i have already, how do we make it fair for 170g of borrowing. I was think of either offering points, that way I know exactly how much it will cost me( possible wait till refinance and pay back lenders) or offer a 8-10% rate and have that payable when we refi. Has anyone been in this situation before any advice will help. We are going for a private showing and want to be able have a plan for out investors when they ask. Thanks bp

when I do kitchens I always know where my seems are going ahead of time and try to split them by the sink. they should have discussed this with you. but for under 50 a sqft thats a good price. if its super noticable and deterring ppl from (purchasing or renting?) I would not use them again unless you have a seam layout in your contract.

I thought about doing a buy out but I am involved in another property with him, hand shake deal. We are good friends but his interest in real estate only gets him so far, likes the money but doesnt want to do the leg work when looking for others. I would like to pull my half out of the property and do something myself.