All Forum Posts by: Mary Jay

It seems that in my area a lot of multifamily units are in C- and D areas...Which seems to stop me...But I see those multifamily are being bought quick...

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Originally posted by @Harjeet Bhatti:

@Mary Jay Its not about working in same state. Its about type of property. You can buy 1 unit as 2nd home.

Second Home Properties

The table below provides the requirements for second home properties.

✓	Second Home Requirements
	must be occupied by the borrower for some portion of the year
	is restricted to one-unit dwellings
	must be suitable for year-round occupancy
	the borrower must have exclusive control over the property
	must not be rental property or a timeshare arrangement
	cannot be subject to any agreements that give a management firm control over the occupancy of the property

Thank you so much! I really appreciate your help!

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Originally posted by @Curtis Bidwell:

@Rodney Sums Things do get different when you deal with commercial financing. Also they already knew where the funds had come from so seasoning was not an issue. The issue is making sure the funds are legitimately sourced and not just a cup-and-ball trick moving money around to look like you have some.

@Ryan McGlasson Actually, I used the line of credit for both the down payment and the rehab! So yes, this was a true 'no money down' deal. **HOWEVER**: I did this knowing full well the value before I entered. So, while I didn't have cash in the deal I knew there was already value (as evidenced by the refi in 10 months for double the value). I wasn't "leveraged" beyond what was 'safe'. The reason is 2-fold:

1. RENTS were WAY below market. A 2-bedroom was renting for $525. 2 days after I took possession I filled the one empty unit for $895 without doing any upgrades or even paint in the unit. That alone proved significant upside value (approximately $400,000 increase based on income!)

2. The property CONDITION was D-. It didn't take much creativity to improve the interior and exterior to make it attractive.

I went into this deal knowing it was worth $800k. The refi appraisal came in at $750k (a bit low, but typical of a refi). Today rents are pushing $950 and value is in excess of $1m. So while I bought it with 100% Loan to Purchase, I knew I really had about 50% Loan-To-actual-Value.

People want to buy with 0-down because they don't have any $. But buying with 0-Down is not a 'magic pill' to make you rich. It can be extremely dangerous if you don't have adequate cash flow, significant reserves, and upside value from the start.

Happy Investing!

This is so impressive!

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Hi guys,

I am trying to buy a duplex out of state. I wanted to buy it as a second home but my lender is saying that since I do not live/work in that state plus it is not a single family, the only way I can buy it if I do it as a rental (20-25% down). Do you guys know if there is a way around it?

Thank you so much!

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Thank you guys so much for helping me out!

Took me couple of days to get into the groove. All this transaction was so upsetting, just felt like crying and felt like I have no energy to deal with it...But life goes on, and I need to re energize myself and move on!

I called title company and the secretary said the woman who is dealing with my closing is busy and I left her a voice mail few days ago but she never called me back...

Alexis Adams from this forum is an angel! She was very helpful and checked into it and said that the owner owes 92K and foreclosure is happening on June 7th. I had it under contract at 84K and seller pays all closing costs.

At the auction the bank may start the initial bid at 92K, I think it may be only 8K away from fair market value, which probably is not gonna do any good for me because there is about 5-7K that needs to be put into the house. (holes in the walls, missing floring in one room, holes in flooring in a different room, some leaks on the silling, ect) So 84K was the max I would pay for this house...

I was not able to get hold of my realtor since last Thursday, she just does not answer my texts.

I can try to email title company and realtor tomorrow.

I want the title company to return my earnest money. Do you guys think I should call them up and ask them not to do any title search so they would not spend my security deposit? Or how do I make sure they dont do title search if they have not already done so? If i ask them to stop then the seller will say that its because of me the deal did not go through because I asked the title company to stop and then they wont return my security deposit...Should I just ask title company to hold of with title search until inspection happens? (Inspection probably wont happen because the seller still did not turn utilities on)

Thank you so much for helping me!

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Thank you guys so,so,so much!

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Hey guys,

I think we have so many amazing people on this forum and it was just such a pleasure reading Rich Weese's "From janitor to multimillionaire" book!

He is a real-life guru who walks among us and posts on biggerpockets.

I have learned a lot from the book: how to structure no money down deals, how priorities in life are important, how to know when step away, how to understand that Real Estate investing is in the blood and it will always lure you in, and many more...

Its really worth reading the book! You can listen to the book on Kindle on your way to work, which is what I did. Its really worth the money!

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If I dont close on the house, does it mean that the title company will charge me money? Its some attorney's office.

I already lost money on this deal by going there twice. Thank God I did not pay for the inspection yet. But will title company charge me for their services even though the purchase wont happen? How do I make sure I do not get charged ?

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Originally posted by @Vic Iyer:

I am from florida. Did the title company send the title commitment? Just because it is scheduled for auction it doesn't mean it will be on auction. Almost 50 percent of those scheduled for auction gets cancelled. You need to contact the title company and ask for proof of Escrow and title commitment. Chill down. Did you send the EMD to the title company directly?

My lender asked for title commitment yesterday. Will text him today and ask. I did send earnest money to the title company directly.

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foreclosure auction is in 2 weeks! TWO weeks!! What, realtor did not know about it? I can swear she will continue lying to me that she will turn utilities on and will allow to do inspection soon. I feel used! What do I do?

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All Forum Posts by: Mary Jay

Mary Jay has started 259 posts and replied 1268 times.

Post: What areas do you invest in? A,B,C or D?

Post: Second home on a duplex out of state?

Post: Is there a way around downpayment?

Post: Second home on a duplex out of state?

Post: Is it common in Florida?

Post: Is there a way around downpayment?

Post: Rich Weese's "From janitor to multimillionaire" book

Post: Is it common in Florida?

Post: Is it common in Florida?

Post: Is it common in Florida?