All Forum Posts by: Mark Spritz

I am in a 25 story Condo building on the 19th floor. I will not fire the best contractor this building has ever seen. He has done 15 of the other condos that look incredible when they get done.

Thanks

Mark

One thing to note about tile. Sometimes there are huge surprises. 

For instance, we are remodeling our condo, and putting in Ceramic Tile that are 10"x36" tiles over the 1600 Sq Ft.

So far they haven't finished and it has taken over 4 weeks so far to lay the flooring down. I thought it was going to be an easy job for the contractors and be finished well under 1 week. However, we find that our floor is not level, from the front door in the hallway to the outside sliding doors there is almost a 2 inch difference. So to make the floor level and to have some mortar underneath the tiles by the outside wall/sliding doors they have to put almost 2 inches of mortar near the door way areas, and that takes quite a bit of time to put down. And therefore the labor costs are a whole of a lot more expensive than we had hoped. Maybe the contractor, while still crazy at 15K knows something the other contractor at 3K doesn't know about your install.

Mark

So I keep getting blocked. The error message showing

that this IP address I get from my VPN.  "199.116.118.153" is being blocked by BiggerPockets. So instead I have to be unsecured when visiting this site.

I also have PIA VPN. Interesting idea about paying customers white listing the IP address, but wouldn't we have a hidden IP addresses via the VPN?

Thanks Don for your comment. I am not sure how you jumped to that conclusion, as most people list their property at a price they want, but still have a range they are willing to accept, which might be less than the listing price

So what I was saying and meant by that is that I was willing to go down it price. 

But it is definitely not what I wanted as a price, or what we have had it listed at for months. 

I actually wanted it listed at a much higher price than it was listed for but for some reason the realtor listed it for less than I wanted. And for this sale the sale price is 10K less than the listing price that has been listed at for months.

Also, the first purchase price of this deal was at the listing price with a seller financed second mortgage. The first mortgage bank came back and asked us to change the price to 10K less, but to increase the second mortgage amount. So the current changes is to sell it for 10K less than asking and agreed upon price, and increase the second mortgage, by the mortgage lender.

Please let me know if this is a problem. From my perspective, I am agreeing and selling at a price near my asking price, not above, and agreeing to seller finance a second mortgage.

I appreciate your response and help on this Don.

Mark

Everything is in the Solo 401K. The property I bought within the Solo 401K and the selling is done through the solo 401K. The second mortgage the buyer would have is paid to my Solo 401K. In terms of in line with the market. The loan does not have an interest rate. But it would benefit the 401K because the money from the loan is more icing on the cake.

Thanks.

Mark

I have a property that I am selling and have a buyer that requires a 2nd mortgage and that it is from me the seller and at 0%. The buyer needs that to be able to purchase the property at 75% LTV from the bank. So let's say it is 20K 2nd mortgage over 10 years. but at 0% because if the second had interest then it would allow the bank to be at 75% and do the first loan. Now this 20K is actually above the price I was willing to sell the property anyway.

1) Can I have that second done in my Solo 401K and still be in compliance?

2) After closing, is it possible to sell the note such that I sell it for less, but at least I don't have to manage the loan for 10 years?

3) Do you think I should just not do the deal because of the 2nd mortgage?

It has happened again today. I have to disconnect from my VPN in order to get to any page here on BiggerPockets.

Funny thing, is today I am on my VPN and I was able to see Bigger Pocket pages. I will keep this up to date if the issue returns.

Thanks

Mark