All Forum Posts by: Scott Wolf

@Bryan Weiss, that does seem a bit odd. What's the property type? I can get a quote for you.

@Destiny Holmes, as @Brent Coombs alluded to, as long as the numbers work you should have no problems refinancing from a private loan to a conventional mortgage.  Will the value after rehab and renting it out be enough to pull all or most of your equity back out?

Kathy, these are two separate issues.  OP is talking about P&C insurance.  

I've also yet to meet any attorney that doesn't get their client an Owner's Policy (Fee Policy) when closing,unless the client themselves request to not get one. The article you sent seems a bit like a scare tactic from the attorney who wrote it, especially since he's writing it from NY.  If there are any lawyers here that regularly tell their clients not to get an Owner's Policy, I'd love to hear from them.

Unfortunately, the classes are all virtual now, so no free lunch!

@Adam Rothstein, rentometer is usually a good source.  You can also look on craigslist and apartments.com for what apartments are listed for in the area.  RE brokers are good sources for rental insight too(just discount the one who's trying to sell the property, as they tend to get a bit too optimistic in my experience.)

 1) congrats!

2) Love the "TBD however it will be awesome."

3) nothing like local market knowledge!

That's a question the each of your individual investors will need to answer for themselves. Based on the purchase price,and with 70% LTV the cash needed at closing will be $780k. So that puts your interest in the investment at 6.4%(this number will be less with closing costs and attorney fees). It's not a ton of skin in the game, but once again,it will come down to your individual investors comfort levels.

@Owee Nicolas, I'm so glad your bank has your back!

As someone in title, I get phishing emails all the time, and see my clients & their attorney get them as well. The first thing I check is the email address(the name that appears is easy to spoof, the actual address not as much). And second thing I do is make sure to call ALL involved parties to confirm before any money is sent. Even the attorneys I do business with all the time, I institute this rule.  Some of them get annoyed, but if they lost a clients money, that could wipe them out from a financial and reputational standpoint. 

@James Taylor, this is not an impossible task.  If you can get traditional financing(you should start talking to banks, to see if achievable) or get seller financing, you'll need to raise about $1MM in equity.  As it is your first deal, most other investors will want to see that you're putting some of your own money in as well(skin in the game).

As it is an off-market deal, you won't need to worry about other buyers as of yet.  Good luck, & always happy to chat!

@Arby Gharibian, a title company should be able to provide you with a closing quote, as well as a bank. (I'd get from both to get accurate title costs, and accurate bank costs)