All Forum Posts by: Alan Ouellette

@Tomeka Wray

Yeah, listed to Jim. Unless you live nowhere near the property, there's no reason to hire an actual locksmith.

@Matt H. I would agree...this sounds like a great property. You may have to go with the hml for the full mortgage and then do a traditional refinance after the year to 18 month mark. I believe that's the more standard process. I hope you qualify and get this property lightning quick. Please let us know how things play out. Good Luck!

@Adam Galal

Even IF this is legal in your state, you would likely need to put up a bond that should keep you running away with the money. There are consumer protection laws concerning paying in advance in many if not most states.

@Leland French I love Dayton OH and am looking into Land bank properties in Syracuse NY. Those would be flips though so a very different kind of investment.

@Christine I.

I would take the deal..but that doesn't mean you have to give a good reference for them.

@Nadine O. Dayton, OH Land and homes are actually still affordable. Also, anywhere with a land bank strictly for flipping.

That's going to depend on the state potentially.  Congratulations on him making an absolute killing on the sale though.  That's a pretty good problem to have.

Without know more of your big picture and long term goals, I would go with option A.  It would take over 8 years of that 200/mo. to equal the $20K difference and start to outweigh the first option.  I would save the $20k.  If you need some savings/emergency fund for the property, part of it could go there.  Otherwise, you could use it to start saving for the next property.  I feel the options, opportunities and abilities of having that $20k in the back are worth more than the slow trickle of cash flow it would provide.  I may be the odd one here as I like investing for the future, so cash flow is a lower priority for me.  I like 15 & 20 year mortgages.  The fact that the properties will be paid off before my son is out of high school is very satisfying for me.  That being the case, I would have heart palpitations putting less than 25% down so that you are looking at only 15 or 20 down...Either way, I hope the appraisal comes back amazing for you!

@Swetha Mandava

Congratulations on being this close to your deal!!! My thoughts would be to get quotes on updates mentioned above, not worried about the roof, and then reduce your offer by that amount plus 5-7% for your time. They will either have it done or pay for it. You can remind them that anyone looking to purchase this property would likely make the same argument. The electric box is my biggest concern but I also can't see how bad the foundation crack is.. Trust the professionals. Let us know how it goes.

@Joanne Green Wow, there is sooo much conflict of interest. I agree, it feels like you should get a discount at a minimum. Also, it might be worth looking into the codes of conduct for realtors in your state to make sure things are above the board on this. Or at least make contact with the brokerage directly to confirm the policy. Bad energy with this one. Good luck and let us know how it goes.