All Forum Posts by: Stephanie Cabral

I'm not a mortgage broker but I've done 2 203k loans - one full, one streamlined, and am pretty well versed in them. While I think they're an incredible tool, they take some administrative stamina. The paperwork can be really tedious so finding a contractor that's done one before and is detail oriented is KEY to getting through it without an ulcer. And a good HUD consultant will give you so much information on construction work and materials that if you take advantage of the opportunity, you'll walk away with a working knowledge of how to manage construction. Also, I didn't see this in there but the 203k can be used for single family residences up to a 4 plex. So, hypothetically, you could start with a 4 plex, then refinance it so you don't have the 203k loan in your name, and then in a year, use the 203k program again for a single family.

This notice is for May 25th! June's meeting is the 22nd. 

Hey all! If you haven't marked it in your calendar yet, please note that Wednesday, May 25th, is our next meetup group for those in Connecticut. We'll be meeting at 7pm and then do introductions at 7:30. During the introductions, feel free to share your experience with REI, what you're working/focusing on now, you'd like to get from the meeting, and any special skills or knowledge you can share or that you've come across, including a brief tip, a favorite podcast, etc. Then we'll continue networking after intros.

Please let me know if you can make it. Also - the June meeting will be June 22nd. Plan ahead.

Thanks,

Stephanie

Tag those who might like to attend because this is a very incomplete list below! 

@Kyle Civittolo, @Jason Kushner, @Jacob Reilly, @Ken Colwell, @Melissa Gittens, @Login George, @Jonathan Makovsky, @Jon Bachman, @Rick Santasiere, @William Collins, @Eric Munson, @Eric Zdanowski, @Andrew Ginsburg, @Paul Haughton, @Kelly Niddrie, @Mark Zippo, @Aaron Bowman, @Mike Curley

Glastonbury, manchester, rocky hill, east hartford, wethersfield, bloomfield, hartford, west hartford, newington, bristol, avon, farmington, storrs, mansfield, hartford county

Hi @Jon Bachman, I recently took over hosting the Rocky Hill meetups at Wood N Tap. Our next two dates are May 25th and June 22nd. Hope to see you there!

Hey all, we are continuing the Bigger Pockets meetups started by @Account Closed. Our next meeting is TOMORROW, Wednesday, April 20th at Wood N Tap in Rocky Hill.  Following the format of @Jonathan Makovsky's Fairfield meetups, we'll have networking at 7pm and introductions at 7:30, followed by more networking. 

While there is no cost to attend, please come prepared to support Wood N Tap by purchasing something to eat or drink while there. That's how we get the space for free!

As a housekeeping matter, most of the regular attendees knew about this by email but the actual forum post will come out with more advance notice for next time. In fact, our next meetups will be:

5/25/16
6/22/16

See you all there!

-Stephanie

thanks @Gino Barbaro, I'd prefer to hold. My thinking is buy using hard money then refi into a permanent commercial loan. So your suggestion is to acquire at 70k using seller financing and come out of pocket the $54k to pay off the liens and make the repairs. I was thinking BRRRR - buy using hard money then refi when it's fixed and rented using a commercial loan. If my all in costs were $112k, including refi and closing costs, my return is pretty good, since I wouldn't have any money in the deal at the end. That puts me at an offer of about $80k. So my scenario has me using a bank but has me out of pocket $0.

Hi all, I am looking at a duplex with motivated sellers going through a divorce.  

Here are the facts (from the husband, I don't know where the wife is):

• The house is paid off but there's a $20k lien for work done on the property and a $14k tax lien.
• Appraised at about $$140-150k. He wants $92k.
• The two sides could lease for a total of $1900/mo. total
• C neighborhood. Old house but well maintained with only $15-20k in repairs.
• Both husband and wife are on the deed and their separation is not at all amicable. 

Because of the two liens, I think seller financing is out since the lien for the work is due on sale and he's going to be foreclosed on if he doesn't pay the outstanding taxes. Because they have a terrible relationship and are intentionally incurring debt for the other, I don't think keeping the property in their names and leasing it from them is prudent. Thoughts? Is this best to use cash or a bank on this one or can anyone share some ideas on how this might work without a bank. Thanks!

I'll be there!

@Cindy Gerson, I can get it for $80k.

Thanks @Jason Dillard, it's only a few years in to the loan.  Not a bad idea to just stay in it. And @Jacob Sampson, do you know how much closing costs are to a do a "subject to" purchase?