All Forum Posts by: Robert Granara

im a small landlord/investor looking to expand...we own 5 properties and want to purchase more but want to find another way to fund future deals...my score is around 665 mid, but my wife's is well over 720

can i use her better credit score for a LOC?...

im thinking of making an offer on a codo in a 3 family...i actually want to buy all 3 condos ...however it needs to be cash bc no HOA in place

now if i am able to get 1 of the condos under contract and someone else gets one of the other 2 (which are priced twice as much as the first one im going after) i want to have an out

im thinking a contigency based on me going under contract on the other 2 units but im pretty sure the bank will reject that in the offer very quickly

i guess the home inspection can be an out but i think i will need more time to get the other units u/a

no one?

anyway a realtor gave me this idea today...if i were to use "subject to a clean title" in 2 weeks that would give me an out bc just about all bank owned properties will not have a clean title in that amount of time

the only reason i want an "out" is bc im doing a cash deal for 3 separate condos in a 3 family house...im trying to buy all 3 but I dont want to get stuck buying 1 and not the other 3

the realtor said no way would a bank agree to a contigency on me buying all 3 so i need another way out if someone else in the meantime buys another unit...

any advice appreciated...thanks

Looking on advice on buying 3 condos in a recently converted 3 family...They are all bank owned and on the market...Im going to put an offer in on the lowest priced one first and try to get that one under agreement...if i can get one u/a then i will have some leverage to go back to the other 2 banks and show them their prices are too high (condos are just about identical but) ...

they sold for over $200K a few yrs ago and they are asking $65K $99K and $109K, I wll offer $50K cash for the lowest priced first...

there is no HOA in this house, so financing is not an option...im only interested if i can buy all 3 condos...i would then re-establish HOA or convert back to a 3 family...either way im buyng and holding for monthly cash flow

but big ??? is can i structure the offer to say contigent on buying all 3 condos?...

no news on this property, the realtor said he'd call me after xmas...i still want the property but wont go any higher than $300K...have i fallen in love w/ it?...i dont know...i do know at $300 it still makes damn good cash flow...

the property is still marked active and not UA yet...but i have a hunch its going to be foreclosed on

im also not worried about having an empty apartment, thats part of the game...in my market i can fill these 3 or 4 bedrooms in this neighborhood very fast even in the winter, they are way above average units...

if i can get it at $300K- great if not o well...im not planning on getting this one, bc there is another (supposedly) offer that is higher...there is a chance the realtor was pulling one on me, but from the start i said i'd go to $300K, therefore i started at $270K

jon, im thinking of the HML's also...but why would that be easier to refi out of than an all cash deal...will there not be a 6-12 month seasoning?

75% LTV and 3.5%...but what makes me nervous is that this line could be taken away or reduced at any time...is that right?

a broker just advised me he could do a HELOC for me 2 weeks after the cash purchase...

what about this option?

here is my deal, the listing broker says cash only deals...its a 2 family...100K price, needs 10K in work...rents are 1200 and 1500

my ? is if i do a cash deal it will be all of my cash...i want this deal but want to make sure i can refi right after purchase...i have my calls out to the banks i have been working with

do you think i will be able to get a mortgage right away and get my cash out of building or will they require seasoning of 12 months or best case 6 months...?...thanks all

figured it out thanks guys!