All Forum Posts by: Ralphy Rosado
Ralphy Rosado has started 38 posts and replied 102 times.
Post: purchase and sale agreement and assignment contract
- Investor
- Brooklyn, NY
- Posts 117
- Votes 4
Originally posted by @Mark Updegraff:
What are you trying to accomplish? Get something together and I'll help you out with the details. You've still got my contact?
Cheers,
Mark
Thank you Mark. Well I advertise that I want to buy properties. Im looking to build capital. So I'm looking to wholesale deals to investor. Im not sure if the contracts I've downloaded are good and legit to purchase the deal. I read that I must have ( and or assignee on my contracts so Im confused about using a regular real estate agent purchase and sale because I don't see and or assignee on it. So I'm wondering if Im using the right paper work.
Also I would like to know what the right paper work to use to assign.
As well as how to use the memorandum and when to use it if needed
Post: purchase and sale agreement and assignment contract
- Investor
- Brooklyn, NY
- Posts 117
- Votes 4
Hello everyone and happy New Years. I would like some help on whats the most actual purchase and sale agreement and assignment contract I can use as an investor. Also I would like a memorandum of contract. I've been googling all these. I'm looking to buy and at times wholes in NYC, and Florida , also rochester
Post: Would hard money fund my deal
- Investor
- Brooklyn, NY
- Posts 117
- Votes 4
Originally posted by @Stephanie Medellin:
@Ralphy Rosado You probably already figured this out as this post is a bit old, but when investing a percentage of your own money into a transaction, that money always goes to the title company or attorney handling the closing, not to the lender. In NY (or at least parts of NY) the real estate broker collects your earnest money deposit and holds in escrow, so that's OK too, but you don't send money to the lender. The lender will be paid any fees owed to them at closing (with the exception of the appraisal, which is paid out of pocket).
Think about it this way. You're paying that money to buy the house, so eventually it has to go to the seller, less any closing costs. If you're buying a property for $100,000, putting 10% down or $10,000, and borrowing $90,000, that equals $100,000. That $100,000 goes to the seller. It wouldn't make any sense to borrow $90,000 and give $10,000 to the lender.
makes sense thank u
Post: wholesaling in brooklyn
- Investor
- Brooklyn, NY
- Posts 117
- Votes 4
Im looking for deals in brooklyn
Post: Heloc. home equity line of credit
- Investor
- Brooklyn, NY
- Posts 117
- Votes 4
I've heard of way to pay of my mortgage on my primary home and investment property in 5 to 7 years how does that work and where is the best places to go to get one
Post: Would hard money fund my deal
- Investor
- Brooklyn, NY
- Posts 117
- Votes 4
thank you guys for the information. This is definitely good information. I've never done a wholesale I've always done single family rental but I'll definitely look into it.
So for future reference - My understanding 100% financing is rare or could be scams and so can many hard money lenders. If I found a lender that would cover 90% LTV and I put 10% again for future reference. How does that work. Would I just make a check out to hard money of the 10% of would I just send that to my title company or Attorney towards the deal directly ???? Im a little confused how that works
Post: Would hard money fund my deal
- Investor
- Brooklyn, NY
- Posts 117
- Votes 4
thank you . Are you also a lender and if so what are your requirements
Post: Would hard money fund my deal
- Investor
- Brooklyn, NY
- Posts 117
- Votes 4
ok thank u Warren I will fill out now
Post: Would hard money fund my deal
- Investor
- Brooklyn, NY
- Posts 117
- Votes 4
i'm also looking to buy my home in Florida. I've notice you are out there in Florida. Im assuming you lend out in Florida as well. Is there a minimum and max. Also do you guys have lender long term low rate for rental. I also buy rental at 15,000 and put 5000 and rent out for 900 to 1300 a month I'm looking for lending on that as well
Post: Would hard money fund my deal
- Investor
- Brooklyn, NY
- Posts 117
- Votes 4
Originally posted by @Warren Ifergane:
Hard money, which I specialize in, will require some money upfront. Happy to look at the deal. My application is 1-min long at iferganeconsulting.com. I have the most competitive terms, and this way you'll get an idea on money down. It's preliminary, of course.
hello there and sure the property is 1415 greene ave brooklyn ny. can you tell me what i would need to put down as a down payment