All Forum Posts by: Patrick Michael

Those closing costs are a massive red flag.   I'd walk away based on that alone. 

@Joe Henry so that's gonna be a lot more dicey than I know what to do with.  I will say that the "underwriter" is nothing more than a deal finder/ money cruncher so I apologize if that's the term you're possibly misusing.   Can I ask how you bought the property?  I can see it sounds like an auction but just verifying.

Was this deal via a trust ?

As far as I know you'd have to get the original owner involved who's holding the note.

Couldn't have asked the question better myself 

Someone more experienced will tell you but I don't know of condos being on the desirable list of investments, even if they are doable. With HOA and boards of managers/directors etc , it's almost guaranteed they outlaw any kind of rental/subletting.

Hey Ethan.   Lots of numbers on this one but at a glance, a 5% interest loan is OK but not the best to couple with a 2 year balloon.  Ideally IMO you'd want a long enough balloon to refinance the property to pay out her cut.   2 years may not be worth it compared to at a minimum 5 year balloon.   But I'll let others weigh in on that since I'm doing this all without a calculator and staying up way past my bed time .

This answers here have my anxiety up to hit the my multi family books harder before making any moves . 

I'm quite new at this myself but can I ask? Did you live in the initial property and what type of loan did you use ?  I believe those are 2 significant factors. 

@Rosemarie Smith wow yeah that acreage makes it a really unique situation.   Sounds like you'll sell it no problem.   And in the end I hope it's for a lot more than 10K assignment fee !