All Forum Posts by: Michael Ricklick

Thank you for your advise it is greatly appreciated.

I do not see anything in the contract that states I would lose my earnest money if I back out due to delays; would that be true?

It is the holiday season and we had a closing date on a duplex of Dec. 6th, which currently has no end in site. The seller's broker has a history of delays, their attorney was running for public office and their title company has lost paperwork. Our NY lawyer will be giving the seller a "Time of the Essence" letter. Do I have any recourse? 

I live in CA and my daughter and son-in-law moved to Rochester, NY for grad school. While visiting, I found that my CA income, the lower cost of properties and good rental income near the university and med school enticed me dive into the real estate market. Actually, the fact that my daughter was renting on the wrong side of the river pushed me into real estate investing and I m now glad I did thanks to BP.

A local CA commercial banker friend told me to that I would have better luck with local Rochester community banks. In last few days I have received loan estimates and will now sift through the numbers with greater scrutiny thanks to Michael Kinsella's advice.

Thanks again!

Thanks for the (working relationship) tip...I need to think long term and build a network of great teammates. 

Two months has led to binging on the first 105 BP podcasts and reading real estate books, I’m now ready to pull the trigger. I have my first buy/hold duplex deal under contract.

My dilemma, I’ve asked five lending institutions what their rates and fees are. They ‘him and haw’ about the numbers changing often and low ball the rate when pressed.

I think it is pure folly to give away ‘quan’ for five appraisals and five sets of fees only to lie prostrate to the final judge, the underwriters and their denial.

Whom do I choose?

Thanks for your wisdom