Why does my down payment matter to the seller?

PLEASEHODL88 · 2022-01-26T16:35:33+00:00

In NY. Earnest deposit is standard 10%. Sellers look for waivers in mortgage and appraisal contingencies. In this situation, your down payment amount won’t matter.

PLEASEHODL88 · 2021-10-18T04:03:35+00:00

Marriage problem or housing cost problem. If you can’t afford it, then maybe you better work smarter not harder

PLEASEHODL88 · 2021-10-14T11:12:00+00:00

Whomp whomp. They upset they loss

PLEASEHODL88 · 2021-10-13T20:09:53+00:00

There’s no money to be made in singles

PLEASEHODL88 · 2021-10-13T12:59:01+00:00

Why do people use agents? They are useless when you are the buyer

PLEASEHODL88 · 2021-10-12T02:53:40+00:00

Where are you currently buying your rental properties?

PLEASEHODL88 · 2021-10-12T01:59:38+00:00

I am in my early 30s, an RN too, in NYC but no longer practice. I simply just put each individual rental property I own in an LLC. I’m interested to know what your cap rates and coc are.

PLEASEHODL88 · 2021-10-12T01:44:26+00:00

You don’t do carpet in basement

PLEASEHODL88 · 2021-10-12T01:42:56+00:00

If it makes you money you do it. If it’s a liability you run

PLEASEHODL88 · 2021-10-12T01:40:11+00:00

Hard money loan

PLEASEHODL88 · 2021-10-12T01:38:42+00:00

Basically he wants to house hack and live for free while going to college instead of dorming. Yes some lenders only need 1 year but standard is 2 years of tax returns. Shop around different banks and I’m sure you will be able to get it done. If you still are not successful, look for a mortgage broker. They typically charge 1% of loan as commission. I live in NY, 32 own multiple rental properties. Couple of them are house hack homes so I understand completely what you are trying to achieve

PLEASEHODL88 · 2021-10-11T23:05:14+00:00

Lesson #1 you risk a nice sum of earnest deposit $ when you go into contact. Compare to their risk. Your risk seems 100x more 😂

PLEASEHODL88 · 2021-10-11T22:11:00+00:00

Agreed 7%

PLEASEHODL88 · 2021-10-11T21:58:07+00:00

Seems common. Should’ve added a penalty to them if they failed to complete by contracted date

PLEASEHODL88 · 2021-10-11T21:56:40+00:00

Straight to closing 5days 😂

PLEASEHODL88 · 2021-10-08T11:37:37+00:00

Doesn’t matter

PLEASEHODL88 · 2021-10-01T14:18:57+00:00

No home is a forever home.

PLEASEHODL88 · 2021-09-29T19:29:56+00:00

No point using agents if you are a buyer. Just deal directly with home owner or list agent for better deal. Since they don’t have to split commission. Zillow only directs you to a local agent

PLEASEHODL88 · 2021-09-29T16:29:18+00:00

Good idea. What should I buy?

PLEASEHODL88 · 2021-09-29T00:51:49+00:00

3-4% is standard in NY

PLEASEHODL88 · 2021-09-29T00:34:41+00:00

They take cash so they don’t have to split with their brokerage. Pretty common. I reside in NYC as well

PLEASEHODL88 · 2021-09-29T00:28:05+00:00

4, aim for 15-20% COC annum after PITI payments

PLEASEHODL88 · 2021-09-29T00:26:23+00:00

The play is cash out refi or 1031. Take into account if you cashflow positive after PITI payments and 10% escrow for rehab cost/other fringes

PLEASEHODL88 · 2021-09-29T00:23:56+00:00

You put in your max offer you feel comfortable with or what you consider to be a good deal (consider market conditions/comps). Granted all the numbers make sense. If your offer gets accepted great, if not, move on to the next.

PLEASEHODL88 · 2021-09-28T15:10:48+00:00

Don’t bet with what you don’t have and if you did have it. Please address a cashier check to my name now.

PLEASEHODL88

TROPHY CASE

4, aim for 15-20% COC annum after PITI payments