All Forum Posts by: Michael Romero

Just a heads up to anyone that finds this post. Mary Bogard fro Goosehead insurance was able to find me a policy that satisfied my lender on my VA Renovation Loan that included a builders risk policy that did not require the tenants vacate the property during renovation :)

I also need a builders risk policy for a four unit i'm trying to purchase in Indianapolis (va renovation loan, lenders requirement). Anyone know of a provider that would cover the property while tenants are still in the units?

@Yaniel Suarez yes definitely has the inspection contingency - that's what I'm working within now

Trying to figure out whether I should walk away from a deal I am currently in escrow for. $476k purchase price with 4% seller concessions. Zero down VA Loan. Closing currently set for July 3. Inspection was last Saturday 5/31. Inspection results came back, and I'd asked for most of the items to be addressed by the seller in our inspection response. Seller fired back that they don't want to correct any of the issues but instead offered a $12.5k reduction in price. Over this past weekend I had a contractor estimate the cost of repairing the inspection items we requested repaired and he came back with it costing around $58k to address the list.

Should I counter with $58k ? I was hoping to use my $100k renovation budget on improvements that would force equity into the property (1 bed to 2 bed conversions of 2 units, HVAC throughout, some energy efficient windows, storage cages in the basement), but spending $58k to fix things leaves me with only $42k for improvements. 

This is my first multi-family investment. The property was not listed "as-is". Isn't there an expectation that inspection items get addressed by seller, potentially paid out through proceeds from the sale?  I thought this was a common thing and was surprised when seller came back that they weren't willing to address the issues. 

Looking for advice here. If we counter at $58k (up from their offer of $12.5k) what "middle ground" figure would make this deal still worth moving forward with?  DM if you care to see more details of the property. I have the listing, full inspection report, and 360 views of the property I can send over.

-Mike