All Forum Posts by: Rajiv R.

Would that make sense with a higher rate and higher closing costs? 

Thanks. First is a 7/1 ARM 6.875 and the other is 30 yr 8.00.

Excuse the rookie question as maybe it's obvious, but having only purchased a primary property a couple years ago and under contract to purchase my first investment, looking for some guidance (not expecting a line by line breakdown). 

Which of the closing costs are generally up for negotiation? I imagine "Loan Origination" and anything paid to the bank itself can be negotiated but I am being quoted different amounts and line items are labeled differently in each quote (e.g. Credit Report fee is $56 vs. $200; I don't see a "Closing Protection Letter"  or "Abstract" in all of the quotes).

Two varying examples below:

Purchasing a new townhome and received the following as best so far:

- 6.875% 7/1 ARM

- 7.35% 30-year fixed 

I am aware of the risks with the ARM and plan is to either refi when (if) rates drop, or sell around year 5 (along with others I plan to purchase) to get into commercial or larger multifamily. There is a small chance I keep this one and continue to build the portfolio.

One lender is pushing the 7/1 and the other tells me an ARM isn’t for investment properties. Everyone has their incentives so wanted to ask here for some unbiased advice. 

This is for my current house so excuse me but I figured someone in the BP community will have  relevant knowledge or connect me with someone who does. 

I have an 8 x 4 foot, 1200 pound pool table on four legs that I want to move to the third floor of my 2 year old house (table is disassembled and mostly already up there).

The floor is built to handle 40 pounds per sq ft (I believe it takes 300 lbs concentrated). I am still weary of whether it would be ok to  do so without pulling up carpet and subfloor to reinforce joints. 

Are there any experts here who may be able to opine on this? Also open to referrals to a structural engineer to speak to about this, preferably in the next couple days. 

Thank you!

I’v bounced back and forth about what type of property to purchase for my first investment. Started out ambitious and wanting to do a value addc but I’ve been looking since last year and properties like that in my area were going above ask to all cash buyers mostly (according to my realtor and these were mostly late last year and early this year). 

There are also the risks involved with rehabbing.

I then decided to look at properties that were already renovated and found one in a B-/C neighborhood that looks like it was patched up. It’s been sitting on the market for 2 weeks (I think unusual for the area) and I’m hesitant to pull the trigger. I’m also suspicious (partly what’s keeping me from getting anything at all) because the mortgage would come to $1500-1600 at 7%+ interest and comparable rentals in the area are listed for $1900-2300, but that seems too good to be true. I haven’t yet found a property that cash flows like that, particularly in this environment. 

Another issue is the paint is peeling in one of the rooms in the newly painted property. No idea why that might be the case but fear what could be behind the walls. 

Sorry for the long post but any input or advice would be appreciated! 

Started looking at properties in my area a few months back for my first investment and finding that, according to my agent, most or all are going as-is and are getting cash offers with all contingencies waived. Is this the norm all around or am I just in a very competitive market?

Hmm I still don’t get it and trying to understand what I’d need to acquire the house for.

The Purchase Price + Rehab is 77% of the ARV (I know should be about 70% but I'm overestimating the rehab costs by quite a bit, which could in fact happen).

I supposed I’d need to acquire the property for about $35k less to get my down payment back (?).