All Forum Posts by: Terry Majchrzak

@joe correct. Assuming nothing goes wrong and no vacancies, yes. My thoughts exactly. But turns out her wanted a 5 year balloon. I'd be ****ed. Can't do it. Thanks all. Joe connect with me please! Ha

That was my justification...the cash flow...

I cant qualify for a mortgage yet. Ive been on this journey for over a year now just learning and saving. also trying to repair my credit. up about 90 points since i first heard of BP/Rich Dad. just figured that if i can swing a property before i go the traditional route then why not? thank you all, really. i understand what each of you are saying and i will not do this deal. 

If my calculations are correct this would cash flow 2-300 per unit. 

Yeah I'll gladly share more info. Asking price is 145,000. With 20% down amortization loan 7%. Not on market. 3 units. 3 bd, 1bd, and a dentist occupies the first floor. $575/565/735 per month. I'm worried about the refi because of the lack of equity, yes. I asked for a 10 year balloon he said he needs smaller. At the 10 year mark I'd be more than just "in the green" but anything less than 5 I doubt I'd get the amount LTV to cover the balloon.

I'm currently looking at a Owner financed 3 unit commercial/residential building. I couldnt find any comps but my broker friend did and the price difference is pretty astronomical. 

however after paying the note holder, taxes, and insurance id cashflow still about 600 bucks. But there would be a balloon payment after 10 years and im worried that because id be over paying that when I go to refinance...i might get screwed...

So Ive found a property in Ransomville, NY. And a wholesaler I met through facebook accepted an offer on 39.5k. And everything ive seen as far as comps go are highly favorable of an 90-100k ARV. I would be obtaining the funds from an annuity and 1k EMD.

Due to an almost marital status change...i kind of need a place to go. (Mom says hi!) However its 36 minutes from me(it is indeed very rural)...which isnt so bad but its the complete opposite direction of my entire life. Which...i can manage whatever. Im a union carpenter by trade. But im no electrician plumber or hvac guy. And im literally putting all of my eggs in this basket in hopes of a place to live and cash out as well. 

There is a farm that this property is smack dab in the middle of. I thought about contacting them the day i closed to see if theyd be interested in the property for around 60k. But it has been pointed out that that has most likely been attempted. When i met the owners son it did not seem like they knew the farm owners at all but who knows. Thats a gamble all in its self. 

My question to BPfam is... (i worked really late in a place with no reception today trying to figure all this **** out)...is it alright if i say i want an inspection but they can start the title search and if that goes south i can back out? Obv i lose my earnest money deposit. But i just wanna make sure i can back out of the contract if theres somethin "i dont know what i dont know" type of thing. Like is it too late?

Oil burnin furnace (no gas lines around) and a septic system. I have no experience with these. 

Cheers, guys. Thanks!

Terry

Hey, yall. I havent posted much clearly. (Gonna change that now). My name is Terry. Im from Buffalo, NY. Ive been researching real estate and money for about 8 months now. Huge BP podcast listener. 

.  My post today is regarding "hope" and "motivation." 

   My situation may be a little different than average. Had an "immature" up bringing. Ill use "product of my environment" as an excuse, sure. Now...im coming up on 30, as of August. Ive always had a different outlook than my peers. And full disclosure...my credit is f'd. However, within 100 points when i started this journey. 

I read DG'S BRRRR, and even he mentioned about people laughing that your saving and saving. Getting ready for that low market deal but no one believes ya. Saving on a BS salary ain't a quick ordeal.

Every attempt ive made has failed. Every person i try and look up to just stops responding. Im on all sorts of local networks, ive seen 4 properties that i thought were good but i fall short due to the seller. I know im getting scammed, type of thing. 

I guess im really asking, through the thick and thin of denial and being the laughing stock, how did you all keep going? I swear man if one more person STOPS RESPONDING IN THE MIDDLE OF A CONVERSATION, i may lose it. Idk. Venting, but BP gives me the only glimmer of hope that "terry you will be successful". But in my home marketplace...small fish become prey or get disregarded. 

Idk, help?

Go Bills.

Ok ya'll, long time BP learner, first time poster. My name is Terry! I'm from Buffalo, NY ( GO BILLS). I've come across a property about an hour away from me. The owner's daughter posted a " presale" ad about the property. 

    The current owner is getting older and needs to move back home (according to family) towards my hometown. I am interested in this property for a number of reasons.

1. Its right along the route of my son who lives about 40 minutes away. 

2. HUGE ski country/ Air B&B/ vaca rental opportunity. 

the daughter, whom i spoke to, said that they owe the majority of the mortgage...however its an FHA loan. I have a nice down payment as was gonna offer a potential subject to if i paid their profits/ closing costs...but can you subject to a loan not in bad standing/ FHA? thanks guys!