All Forum Posts by: Marcos Torres

I appreciate all of the advice! Definitely some great input.

Originally posted by @Karen O.:

Are you still in school?  You said your loan amount is going up annually.

Still, were it me, unless the house is appreciating greatly, I'd consider selling my interest in the SFH If the monthly take is equal or less than the loan payment.

No, I’m no longer in school. House isn’t appreciating greatly. Going up because of negative amortization.  

@Rafael Zavala yeah, i tried that. Unfortunately they cannot provide a deal. Such a stressful situation! 

. My payments are literally almost going all to interest. I pay monthly around $350, and $320-$340 is to interest. The remainder gets applied to the principle. Feels like a crime. 

What would you do? I currently have 3 units. One unit is a single family home. The other unit is a duplex. I own the single family home with a close friend of mine. The house is fully paid off and is worth about $100,000-$125,000. 

I have an enormous college loan that is around $52,000 and rising annually. I have the ability to pay it off, but that it comes at the cost of giving up my share of the single unit. I can have my friend buy me out and pay my loan off or sell the home and try reinvesting to help pay the college loan. 

Thoughts??

@Lee Ripma i am talking to a banker now, and they are saying FHA & Fannie Mae will not work with wholesalers .. they are stating hard money & cash are my only options. Purchase price 325k... rehab 30k-50k , ARV 460k-485k

@Jonathan Soto it’s a single family home . The house is priced fairly , but definitely needs upgrading. Thus resulting in forced depreciation.

Hey BP , I need some help figuring out how to purchase a property. I received an off-market deal from a wholesaler who is trying to close within 30 days. I am trying to purchase this home for myself and would have liked to have taken out a convensional loan through a bank... however, the wholesaler says there is not enough time to close via that method. He suggested purchasing the home using a hard money lender and then refinancing with a traditional bank.

Hello all, Looking for a reliable contractor to help me with a duplex i purchased in Belleville NJ. The duplex needs a lot of work, demo, kitchens, bathrooms, floors, Sheetrock etc. Please drop recommendations/contact info below.

please add me [email protected]