All Forum Posts by: Peter Tverdov

I need to pull comps soon in order to increase the odds of meeting appraisals. I know of several properties in the same area where I'm trying to close a deal, where a house closed and transferred ownership. However, nothing shows up on the MLS as being closed (yet - it's been over a month) because it was an off-market deal (FSBO) and nothing shows up yet on the tax records (that takes 3-6 months I would say). Any ideas how I can pull comps to show an appraiser that these houses DID indeed close and the prices are bonafide?

It means when a financial storm comes, if a few things go wrong you will lose your shirt. No one ever thinks that's going to happen to them when they do a personal guarantee. I do, which is why I won't do them.

Oil Tank Services do a scan for $200. Cheapest I have found and I've used them a bunch. Google them for the number (I can't post it here). They're located in Roselle I believe.

So let me get this straight...

You want to buy 50 houses in a war zone with only a 5% cap?

Sounds like an old investor who is stubborn and has zero idea of what his places are worth, or he thinks you're a fool.

War zone properties need to be 10-12% CAP rate...not COC return.

Run.

Nice story and offers a lot of inspiration. However, I personally will NEVER personally guarantee a loan. I understand people are excited about their business but I only needed to meet one VERY smart and VERY broke individual last year who had personal guarantees on his business when the market tanked in 2008. Very very risky IMO and not worth it to me anyway.

Hey Eric, sorry to bump this but I'm exploring the idea of purchasing a mixed use building that would at minimum be 33% owner occupied (2 apartments and commercial on ground floor). I don't believe I qualify for only 10% down but you're telling me there are commercial loans with only 20% down? I thought it was 25% standard. Would love to hear more from you or anyone else for that matter.

Yes and I really enjoyed it. Very good read.

I doubt they give you a list of that. In those areas those towns have code violations on 80-90% of the rentals in those towns.

Venmo is good. The problem is if you have a lot of doors. I believe you can only transfer $3,000 at a time and $5,000 a week.

I made several offers recently with owner financing on properties. Offered 10% down, 30 yr amort/ with 10-15 yr mortgage terms @ 5% interest. Rates right now for a 30 yr are 3.5%