All Forum Posts by: Tony Lipari

from what I gathered there is no mortgage and the  auction is guaranteeing it to be free and clear if anything were to happen. It's actually a trustee auction so the home isn't actually in foreclosure 

so currently I am in an online property auction where I just went up to 100k for the property, which is fine. The house is valued at 260k and it would be a buy and sell to give myself a good profit, I'm trying to decide what to do for funding such as using hard money or going the traditional bank way. I'm not even sure a bank will fund this for me though? Any thoughts?

thanks @Randy E. I know the first year or so won't show me much return but as long as I can get a lot of it paid off or all of it and not hurt my personal expenses I'm happy 

thanks @Jesse T. that's the plan but we all know sometimes things don't go as planned, also the house is worth somewhere around 90k-100k so that should also be very helpful wen it comes time to refinance the loan

@Jesse T. I plan on not taking or using and money from the house but will have it sit in the bank to build up and use it when necessary, such as paying off the loan asap

@rob 

@Rob Beland it was an unsecured personal loan the terms were 84 months @11%, I know kind of high, but that should be paid off in full hopefully in a year and my bank does not have an early pay off fee.

I just wanted to let everyone know that I will be closing on my first real estate investment with no money out of pocket! Here's how it went down:

The property is a 2 family with 3 and 4 bedrooms the owner agreed to do owner financing! So I called my local bank to apply for a personal loan to cover the down payment and misc costs, approved! The cost of the property is 80k with 20k down the terms for the property is 15 years @6%. The income from the building gives me 1750 a month which can be raised with a little elbow grease from one of the apartments to around 1900 giving me a decent cash flow per month. Plan on paying as much as I can to pay off the personal loan and after a year refinance the owner out after a year or 2 and use the equity to purchase my next investment, which the owner has more properties in which he would be interested in selling me with owner financing. Any thoughts on this deal?

I live in  troy looking to buy my first investment in Albany!

any suggestions for a private lender on a 5 unit? Looking to barrow about 200k and I don't know where to start, I'm located in ny 

I am looking on possibly doing my first flip here's the details:

3 bed 1.5 bath 1200 sf ranch with semi finished basement at foreclosure asking 70k really only needs paint,carpet and landscaping. I was planning on refinishing the kitchen cabinets, I'm think no more then 15-20k into it and seling once everything is done. House Is estimated for about 130-150k. The house is down the block from my house so I would plan on doing the work myself.

Should I try a bank or look at at private lenders since I don't plan on holding it long? If a private lender any suggestions? I would like to jump on this asap!!!

Thanks in advance!!!

-Tony