All Forum Posts by: Amy Xu

@Account Closed thanks for your comment! I just found out that owner's title insurance will be offered but buyer not seller will need to pay for it. 

I've called a few agents and no one wants to take this property on because the starting bid is so low and some commented that many bids don't go through. I see their point but I need to see the interior to get rehab estimates. Any advice how to find a agent to work with?

Hello I am considering putting a bid for an auction property on Williamsauction.com. This will be my first time purchasing through an auction. The property was seized by the US Marshals Service. Does anyone have any advice on what I should be looking out for other than searching for liens on the property? Are there any special requirements when you buy from the US Marshals Service other than pay with cash? Based on the pictures of the house it will need a lot of rehab (no kitchen cabinets, no appliances, missing tubs, sinks, toilets). I plan to call a realtor tomorrow to see the house and get a rehab estimate. The starting bid is $5K which will probably go up significantly as the auction period draws to an end. Homes in this particular neighborhood sell for $89K-$120K.

Thanks!!

Amy

I'm new to investing and want to buy a house to rent out. I have excellent credit (over 780), no debt,  I was pre-approved for VHDA loan with 3.5% down since this would be my first home. My loan officer keeps telling me the best way to build real estate wealth is to finance a home with low money down and then live in the house for 2 years, after two years buy another home with little money down and keep the first home as a rental property and keep going from there. Is my loan officer saying go for low money down because she wants me to pay interest on a larger outstanding priciple so in the long run the bank gets more money or is this a good strategy in general? I don't have enough for 20% down anyway, should I wait until I have 20% down or should I go with the lowest down deposit possible?

Thanks

Amy