All Forum Posts by: Mariusz Bojarczuk

So, does it mean that companies wait for investor to go through financing process? I feel empowered by all answers. Yes, I do have money but cannot afford 70k in cash. The company that tries to get me is still in touch and offers in house financing with option to pay back the principal. They still, however, have half rehabbed houses. I would like to ask them to provide fully rehabbed property with independent inspection (I will pay for it) but again, I don’t want them to tell me I was offered many deals and I cannot make a decision.

It is not that. I just want to understand the process but every email I get is half explaining and half hiding the rest of information.

I like when many of you say that if not this company, there is always another.

Mariusz

Thank you again for your input. I am glad I was encouraged to toughen up. I feel more comfortable communicating what my priorities are.

Have anyone heard of Memphis Buy And Hold? I started receiving advertisements for homes that start with 30 thousand. They also send offers for 70 thousand. I don’t think 30k home is a legitimately cash flowing property. It sounds too good to be true. Has anyone worked or heard of this company?

My other question to everyone, since you have a great deal of experience is, is it a common practice to buy a half rehabbed home with a promise that it will be fully rehabbed and with tenant in place by the time the closing is completed?

Thank you everyone,

Mariusz

My great thanks to all of you! I backed out. Thank you for ALL answers. It has been very helpful. 

I am so glad I posted my concerns here and the community responded. 

That is a great feeling and valuable lessons all of you taught me.

Thank you!

Mariusz

Thank you for the advice! You are right Andrew. I did not work 6 days a week for a long time to just easily give it away.

Thank you. They offer seller financing:30% down and interest only at 10% rate. It is a balloon loan. I received the listing and did not like the properties. I was told that I had already wasted my time and their time and should "take the plunge." I am supposed to buy something that is not rehabbed yet. But how can I be sure the rehab will be done up to codes and I cannot do any appraisal either. So really? Should I just say no, thank you? How do anyone deal with turnkey companies? I would prefer to wait and get a conventional loan.

Hi,

A turnkey company is pushing me into immediate action. I never bought a turnkey. I checked the prices of houses on the street my future property will be and all prices are 10 or 15 thousand less than the property I am being offered. 

What should I do? Back out of the deal? They are very insistent and say I cannot be stopping them from doing business by taking time to do my due diligence. I am shamed for not acting fast enough.

Thank you for any responses.

Mariusz

 Thank you Jesse and good luck! Your response is much appreciated.

Mariusz

Hello,

My name is Mariusz. I am from Boston. I am also new to investing into rentals. I have saved money but I am afraid it is not enough to buy property that is not fixer upper and I am looking for connecting with someone to make the first purchase together by cobining resources. Would you be interested? The partnership may be legally established and the time limit also. This would diminish any risks involved in spending the funds.

Please let me know.

Sincerely,

Mariusz

Thank you Drew. I bought my house using FHA loan. It was a long process and, as described above, involved many inspections (fuss about railings is true). I used FHA at that time since my credit score was not high enough. I would definitely use regular mortgage if I could.

Mariusz