All Forum Posts by: Walmsley Gedeon

@Vinh Nguyen

Whatever you do don’t give them anything until you have all that is required to move in. Under no circumstances do you give a signed lease and access until all parts of the agreement has been satisfied.

And remember you do not have to accommodate anyone because this is a business transaction and should be treated as such.

Good luck!

I have a property in Brooklyn a friend of mine has exclusive rights to and I have two potential cash buyers for the deal. How do I contract a Finders fee in NY to bring the two parties together? Do I need an attorney to draft something? Is this legal? Thanks BP

I have a property that I have exclusive rights to sell and I have a friend who’s and agent and a cash buyer that’s interested. How do I contract a Finders fee for this deal?

@Brett Goldsmith Thank you Brett. Much appreciated.

I have a FHA loan on my 4 family investment. Due to the pandemic I took a forbearance on my loan because all my tenants and myself and wife lost our jobs. I recently found work in late July and two of my tenants moved out due to not having work. The other two were on unemployment but have had issues and my wife is still unemployed and pregnant.

I took the option of a loan modification after not paying mortgage for 5mos. Prior to this I wanted to refinance my loan to lower my rate and essentially my mortgage. Now that I’ve taken this modification how will it affect me being able to refinance my mortgage in the very near future.

Please advise.

Thanks BP Family!

@Paul Welden sound advice.

@Ahmed Saad @Paul Welden

After she adds me to the title. Can I take out the renovation load on her behalf or can she do it with me as a co-signer?

Please explain why or why not.

Thanks again,

@Paul Welden thanks for the info Paul.

@Ahmed Saad it just needs a cosmetic upgrade. $100k or less on renovations. 3-Fam... 3bed rooms.

Can I take out a loan for her?

@Ahmed Saad Yes she still has a loan on the investment but she has close to a million in equity. I was hoping that could work in her favor.

Is there a way for me to co-sign perhaps?

Or how can I take the property over without involving the banks. Then I can take out a loan and I can still give her the rental income.

Do you know if that is possible without me putting money into the loan process?

Please educate me anyone?

Thanks!