All Forum Posts by: Naveen Desai

Hello,

     In such a situation, I have borrowed from peer to peer lending services like (( can I add this site name here ?   prosper  dot com ).  Look at the Fico breakdown above, a new account is only 10% impact to your score, (obviously it adds to your total owe, but length of that balances it better),

Again, that website gives you a long period to do you returns, upto 3 yrs, and you know your monthly installment amount. 

The catch is if you are a new user on that site, the rates are high again, you have to build rating through their system too, for which I borrowed a one year amount and paid off in 10 months at high rate and now with better ranking, I frequent there for all down payments upto 30K.  I usually pay off in 6 months.  I know others on this website who use "prosper" as well. So it does give some leverage if you know HOW TO USE IT TO YOUR ADVANTAGE.

Having said that, I also think you could have just used a vendor's financing program from where you bought appliances. Although that shows are charge, but I don't think it would directly affect your scores as the credit cards did (** pls verify this statement and don't take it as is ).

Have fun investing ( * borrowing responsibly).

Naveen.

Hello Elizabeth,

Thanks for input. Yes the realtor is already sending me comps for a month now while the rehab was happening and doing a good job at that till now. I am going to say, I need to know all and every offer that comes must be reviewed by me and I will decide which bid to choose. The comps are through MLS and I have been getting weekly updates. However the realtor is saying the contract must be for 6 months, while I am thinking it should not take more than 60 days to get into a contract ( based on comps I saw), so a 3 month contract should be good.

I also want to tie commissions based on  selling price ( how much higher than asking) and how soon it gets sold.  Want to know if any of you have had clauses such as this in the agreement?

Thanks,

Naveen.

Hello @Brandon Foken 

   Concord, CA or pretty much anywhere in the Bay Area, is a HOT market right now. However if you buy now and work on the project to sell next year, have to consider where the market can be.   Considering the inventory right now, in the area it must be an easy sell. However if you have seen Walnutcreek, as you enter Ygnacio valley road, there are numerous developments going on.  Most of them looks like apartments for rent.

Is this land something that you can do the same with? As there is market for rental. Are you only looking to Flip. If you get the lot for an "awesome" price, may be you can consider it for build and hold!  Just my 2 cents!.

Between if you are looking for partners on the project  :), please do ping!.

Thanks,

Naveen.

Hello,

      Going into a contract to sell a condo, I wanted to get some inputs on all the points to cover and add to contract.

Primarily,

1. The commission for seller and agent who brings the buyer.

2. Duration of the contract.

3. Staging yes/no and cost involved?

4. Any and all costs (hidden) that will be a seller expense in the transaction! - other than transfer fees, country documentation etc.,

This is a northern CA property. Please advise on any important points I must not miss. Appreciate all your help.

Thanks,

Naveen.

Hi @Tim G. 

   Great job. Congratulations.  I am an out of town investor in Cincy market. Will send connect. 

Thanks, 

Naveen.

Hello, 

This is the first time I have got an application from a renter who is being provided HUD program renting(not section 8) or it could a form of section 8, yet to get details from program administration in the county.

This person is on wheel chair and the program will setup the ramp to front door etc. Also they will have to inspect the house and certify it for the person to be approved to live there. 

While the property itself is all in good shape and may get approved, I have many questions running. 

Firstly, I may not be able to deny this application as it is the first I got when my property manager advertised for it. 

I would like to know all the documentation, disclosures that I have to obtain in this scenario.  Looks like the program will be paying me, so not too much worried about getting rent, but like to go through and do all the procedures correctly. Please dump and throw at me all pointers that I can gain some quick knowledge in this situation. Appreciate all your help!

Thanks, 

Naveen. 

Hello,   Is my post very specific and hence no response? Or are there no wholesalers, realtors who are active in this area.  Sounds latter cannot be true, but it sounds like it. 

-ND. 

Hi, 

Looking for a suitable property in Irving, TX Las colinas blvd / Valley ranch. Should be atleast 2b/2b. SFR's first priority then a townhome , then condo.

( Working backwards ) - have a renter ready! need a property :). Can close in a month. 

Please inbox.   Appreciate your deal lists!

Thanks, 
ND. 

Hello @Account Closed, 

Now when you say you would like to invest out of state, that is a possibility and a duplex in $55K.  The question then is: How would you manage the property? Are you going to have PM and you may have to account for that cost as well.  Plus there are expenses involved in maintaining an out of state property, and additional time that a local property would require.

I know the points are outside of your basic concern of getting $$s to invest in, but these questions will add to the numbers and hence relevant.

To gain an insight into the business and also make some additional, I was going to recommend you something that you can start off with not much cost.  Have you thought of managing a property in the area you are for- out of town/state investors and make a regular income. If you have time to do that outside of your school without impacting school, may be that will give you a headstart with income! & learning the strings of this business.

-ND.

Hi Marvin, 

   Please check your inbox.  

Thanks, 

Naveen.