All Forum Posts by: Michael Plante

@Evan O'Brien Which technically you can get a Fannie/Freddie 2nd home loan with just 10% down, good luck finding any workable rate/points. Rates for 2nd home and investment properties are very very bad right now. My bank has launched a portfolio loan that would allow a qualified individual to buy a 2nd home loan with just 5% down, No MI and very attractive rates.

Hey all, 

     Got an offer accepted on first deal and after having the inspection I'm second guessing the purchase so I will break it down.

2 unit 4bd/2bth upper and lower 

PP-130 with 25% down

Originally seller wanted all cash offer for 124k.  They were worried the place wouldn't pass bank inspection.  Cash offer pulled away b/c it has a shared driveway.  They now opened to conventional so I offered 130 with a 2 month post occupancy (they are currently looking for a house to buy).  Inspection revealed that the service line from outside to the panel inside the house has a lot of water damage and you can see the calcium deposits on the breakers.  Looks like its been an issue for a long time.  House also has a single car garage but its a complete loss as the foundation is compromised and the whole garage has a lot of structural issues.  I'm fearful that the garage if knocked down will hurt appraisal in the near future.  Both furnaces are over 20 years old and showing signs that water is getting into them-very possible the chimney needs to be repaired. 

I don't want to lose the deal but struggling to find a way to make it work.  I plan on going back to the sellers and asking for some sort of either price reduction or credit.  Good chance they'll tell me to pound sand.  Any insight or advice would be greatly appreciated 

Hi everyone- I was curious how everyone first started out that maybe didn't have the thousands of dollars to start. Our exit strategy is to flip and sell so that we do have that capital for our future investments. However I am having a hard time figuring out solutions to raising capital for fees such as down payments, closing costs, etc. Any companies you recommend that helps with this? 

PS. I am talking with a few investors to do a JV project, just nothing set in stone.

Greg,  

Thanks for the response. It's a HUD property so rents can only be raised once a year based on a cost of living factor. Yes, I don't want maintenance to stop and that's the issue, how to get the manager to get the job done but get it done for less. Some of it's managing the contractors, the tenants, the purchasing of supplies and tools for maintenance, and possibly utility usage.

How can I incentivize the manager to increase the NOI?

Maybe that's it; if the NOI increases for the month, the manager get's a bonus?

I close on my first investment property this week. It is a manufactured home on a permanent foundation. The home will be de-titled at closing. I am purchasing using private money and funding the rehab myself. My question is, how difficult is it to get these types of properties refinanced? I will list the details below. Cashflow on this will be decent, and I really want to hold it as an LTR versus selling if I can get the property refinanced. Does anyone have any advice or experience with this? Anyone you would recommend reaching out to for lending?

PP: $95k

Rehab: <$20k

ARV: $150k (this is a conservative ARV)

Monthly Rent: $1300+

Ok MFD homes need to have been built after June 15, 1976 in order to get financing, and cannot have been moved more than the initial move when it was originally delivered. As to loans, do a search for financing of manufactured homes in your state. Good luck.

I have a home listed for 11 days and I’ve had zero offers. It’s a flip so the home is fully renovated. Given that it’s a sellers market I assumed as soon as the home listed, the offers would start pouring in but nope! I’ll admit the landscaping was not good which I am currently addressing but the home itself is nice. I just don’t feel like my agent is doing enough to market the home needless to say, she’s not familiar with the area.  it doesn’t even have a sign outside. My research also tells me that We probably overpriced the home…. My thinking is to finalize the landscaping and then get a new agent to re-list. Listing price is $849,995. Address is 69 sylvan rd Madison ct. feel free to check it out on Zillow…. Would love your thoughts on what I should do.

I am based out of Wisconsin and have recently started to invest into realestate. Seeing as how I have background in construction, I obtained my pre-dwelling contractor license and am looking to get fully licensed in a few years to work on bigger projects. I am asking the BP community on what they think or wish every general contractor would do or know. What are some things or practices that I should have in order to be that 5-star contractor?

I have a deal 400k, previously was approved for 3 family but city converted the zoning to SFH on whole block.

I'm thinking to submit an offer this weekend. I'm so nervous

The number is very lucrative. 3300sq ft+ in a B+ neighborhood

1 3bd & 2 2bd estimate 3700+ rent

monthly mortgage $2814, owner occupied, minus 10% (repair & maintenance & vacancy) I would still cash flow over $500 & 1k+ when I move out

My main concern is the legality of renting out... renting by room? will the home insurance cover if something goes wrong since this is not a legal multifamily?

there seems to be many advertised as multifamily but do not have the zoning & permit in Philly.