All Forum Posts by: Max Gomeniouk

Maybe a small line of credit against the house would solve your credit card debt short term if you are trying to avoid high rates of credit cards. If interest rates aren't an issue just wait it out until fully completed. Max

These attorneys were recommended to me by local REIA however I have not had a chance to use them.

• Tristan Pettit
• Michael Crowley
• Bryan Ward (works out of Marty Greenberg's office) 
• Michael Plum or Rob Sayas 
• Hyndiuk Law Offices 

Thanks everyone. I'll see what I can do with getting my Contractor thru first. Appreciate the help

Days on the market = 96

@andrew my rehab # is on the conservative side I believe but I haven't been through the house with my contractor yet. I think my lender requires inspection and I'll double check on that also. Thanks for your reply! Max

@matt k. Inspection is my only way to get out of there is something significantly wrong and would blow my rehab budget out of proportion. Am I incorrect in how I look at inspection?

Forgot to add that I wanted to add $1500 seller paid closing costs with my final counter offer.

Hi all, We are working on securing a flip. Seller countered our offer and I'm trying to find ways to be creative with my counter to them since there is not much room in the price. Here are some details 1. List price =$249,900 2. Rehab cost = $50-$60,000 3. Holding costs = $12,000 assuming 180 day holding period 4. Sales commission = 6% on 325k arv (conservative arv) 5. Profit = 20k My first offer was $213k with inspection and financing contingencies. 14 days for inspection and 45 to close. They countered at $231k. I'm thinking of making my final counter at 221k and 30 day closing. Lender has 30 day turn around time. Anything else I can do to sweeten the deal for sellers? Thank you! Max

Maybe Home Equity fixed loan would be a better choice due to fixed rate? Heloc is dependent on prime and prime is on the rise due to improving economy.

Thanks all. I've provided my financial statements to the lender so they do have my credit profile. I'll see if other lenders in the area are any different. This is a small credit union whom I wanted to establish a long term relationship with. In my example I was dealing with a person selling their home not a commercial property. 

Max