All Forum Posts by: Nick Trimmer

ISO Atlanta based CPA or Accounting Firm, with experience handling the complexities of Real Estate Investors. Our current guy was great when we just had W-2 income, but now with a business and multiple rental properties on top of our W-2s, he can’t keep up.

Also, if anyone has an attorney, specializing in estate planning, we’d like to chat.

Thanks in advance and Happy New Year!

ISO a Property Manager in Cincinnati and wholesale deals in Columbus (NE, E and S of downtown). Cheers!

Hi BP!

I have a story and need some advice please...

My wife and I thought we had a perfect opportunity for our family spotted, and soon under contract.  This is a triplex in the best school district in GA, with all recently renovated units.  The main unit (we planned on occupying) is a 3/2 and is the perfect size for our little family.  The rental units are a 2/1 and a 1/1.  We got the property under contract 4/14 (the day after it was listed), and were set to close 5/14.

We were really excited that our mortgage company told me the asking price is under the FHA limit for a triplex. We would only have to put 3.5% down, get into the best school district in the state and lower our fixed monthly housing expense by $2k per month, with the 2 rental units occupied! Sweet deal, right? Here's where it start to get off track...

4/27 I started a new job.  I'll admit it was not ideal timing, but there are many reasons why it was unavoidable.  I work in Sales, and my new position has a much lower base than my previous position, so I made sure my LO knew as soon as the switch had been made.  His response was "No problem.  We'll just verify employment and it shouldn't be an issue."  I provided my new HR Contact and that was the last I heard about it.  4/13 at 3 PM (the day before closing and 19 days after I told my LO of the job change) I received a frantic call from my LO, his branch manager and the company's SVP.  They told me, "because you changed jobs, this loan can't close, unless you add your wife to the loan".  Our Financing Contingency ended 5/6, so now we are out a $5k Earnest Money deposit (plus the appraisal, survey and inspection, $7500 total) and don't get this great deal unless we act fast.

In short, we provided to income docs for my wife, but our current primary residence is in her name, so that didn't help the DTI much, and we ended up losing the deal. My question is, do I have any recourse against the mortgage company? They knew 9 days before the financing contingency ended, and 19 days before closing of the job change and waited until the day before closing to provide us with options. We still live in a great house, and our oldest is 3 years away from school age, but we lost out on a great deal and $5k in earnest money due to their slow response. Thanks in advance!

Hey Man!

Is the property in Summerville?  I can do this in no time.  Send me a message with address and specs.  Cheers!

Our Atlanta Market Discussion will be lead again by Shaun McCutcheon. Kimberly Byrum will be helping us understand how all of the Multi-Family development in Atlanta is affecting the New Home For Sale market. Finally, a little birdy told me, our Managing Principal, Tim Sullivan will also be in attendance!

Seating is limited, so you must RSVP!

RSVP by sending “yes” to [email protected] and provide names and email addresses for additional attendees, or follow the URL above.

DETAILS:

Wednesday, February 28th

7:30 AM – 9:30 AM EST

LOCATION:

Roam Innovative Workplace: Dunwoody

Perimeter Pointe

1155 Mount Vernon Highway NE

Atlanta, GA 30338

We look forward to hosting you!

Hey Y'all!

I know most folks on BP are looking to quit their "day jobs", and so am I.  A little over a year ago, I joined the Sales Team for a Housing Research and Data provider called Meyers Research.  This has helped me accelerate my "quit date" (I'll be retired/full-time investing by 40, at the latest), because my earnings have increased and I have access to a real-time housing data tool (Zonda), that I can use for my investments! 

We have openings in some great markets (Seattle/Portland, Vegas/Salt Lake, Gulf Coast of Florida, Dallas and DC/Baltimore).  I was able to become the top Regional Sales Director in the company, in my first full year, by bringing an investor mindset to my work.  If you'd like to connect, talk about Zonda, talk about these openings or talk about investing, I'd love to hear from you.

Happy Holidays, BP!

Thanks Mitch!  Connected.  Happy Holidays!

Happy Holidays, BP!

I'm looking for a new Investor Friendly Agent.  I buy 2-4 unit homes in Gwinnett County (NE of Atlanta), for rental income.  My current agent is a great guy, but all of his other clients flip houses in the city, and he has a hard time understanding a lot of our strategies and he's growing increasingly slow on responses and tasks. It's time to start exploring other options.  All recommendations are appreciated.  Thanks BP!

Perfect!  Thanks for your help, y'all!

Hey Y'all!

My wife and I just bought a duplex, and inherited a tenant on one of the sides.  My question is, since we closed on the 11th of August, and the rent had already been paid for the entire month, shouldn't we receive a prorated amount of that rent, after we took ownership?  I'm struggling to find this answer.  Thanks in advance!