All Forum Posts by: Scott Wolf
Scott Wolf has started 43 posts and replied 1797 times.
Post: any gap funders here deal with an investor not paying them back
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@Alexandra V Moreno, my friend Henry Graham deals with this a lot downstate in NYC. He's an attorney. You can reach out to him and see if he can assist. His email is: hgraham at cpc-law.com
Post: How To Know If Lender Is Legit?
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@James C. trust your gut. Anyone looking for a $1,100 application fee is not legit. All fee's should be paid at the closing table, with exceptions for the appraisal, and survey if needed.
Post: Looking for a Line of Credit for Fix/Flips
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@Charlie Reyes, where do you do your business?
Post: New York Investor Friendly Closing Attorney Recommendation Needed
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
Originally posted by @Jeff Stansberry:
Hi All,
I'm looking for a closing attorney that can handle contract assignments and double closings. Any recommendations? Thank you!
Where in NY? It's a big state.
Post: Is it common practice to require escrow money for a LOI?
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@Ernie Sturzinger, I agree with @Greg Scott. Escrow for LOI is some BS!
Post: 33 Year Old First Time Home Buyer Needs HELP!
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@John Buffet, you'd need to ask a mortgage professional, but depending on your price point, I believe the FHA allows gifting for some or all of the down payment. I also know there are 0% down programs for certain properties and buyers (USDA, Doctors, etc.) you may want to see if there is a similar program for teachers. If you need a mortgage referral, I'm happy to provide one.
Post: Trying to decide if I should sell my house with tenant in place
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
Originally posted by @Ruth R.:
@Scott Wolf If the numbers didn't work, I would not have bothered to pose the question.
@Deb S. Unfortunately, no. When I bought the house, given that he was a long-term tenant, I considered offering him a rent-to-own arrangement with the plan that I would then move on to another property. He had lost a great deal on a home in the 2008 crash and never wants to own one again.
@Brendan Miller I'm aware of the advantages of selling with the house vacant :-). That's why I was originally planning to go that route. There are also disadvantages, such as needing to vacate the property and prepare it for sale. Also, some investors might like an undemanding, long-term tenant with consistent, reliable income. I don't need to do anything special in order to vacate the property. I simply need to not renew his lease. I would only need to resort to cash for keys if I have a problem once I give him notice that I'm not renewing. Hopefully he will leave willingly, so that he will not have an eviction on his record. I really hope he will not want that thus making it more difficult to find a home in a tight market. I'm also giving him more time than I legally need to. I think 15 days is absurd and I know he has a lot of things he will need to move.
Meanwhile, I have not yet started the process. I was trying to see if there was an alternative before I did.
If the numbers work, you can send the info to the email in my signature!
Post: Using Syndication Ownership(s) as Collateral for Loan or LOC
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@Zach Frederick, I got a pitch from one company a while back. I had to do a deep search, but found the firm. QuickLiquidity is the firm name. I remember the threshold for them to give a loan was high, but they are the only company I have heard of that does this.
Just a note that I am in no way endorsing them, and have never done business with them, but it's the only firm I have heard of that does this.
Post: Trying to decide if I should sell my house with tenant in place
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
Post: recommendations for lenders
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@Vidyadhar R., your best bet might be private money from friends and family.
Also, I know AMEX offers personal loans, and I'm sure most other credit card companies offer something similar as well.