All Forum Posts by: Andy Ballester

I have a property under contract, was suppose to close on the 20th of the month, however it has still not closed, im a merchant marine, and have to go back to work in about 2 weeks, march (10th )(1st purchase) all cash deal, needs some work fannie may foreclosure. Had already put 10% down and have cash to close I dont want to back out, realtor suggest that I dont its great deal. He is not exactly sure of issue. Something about the new mayor and everthing being backed up. But if I do not close with the week ill be going overseas shortly. So my ques is should I get a temporary power of attorney, Also realtor suggest that since I have done everything right on my end, its on them and I can close in 6 to 7 mths when I return is this poasable I would be Ok with it, on the other hand I slightly wooried about property basically being abbondoned for the next 7 mths suggestions please

I am extremely familar with lawercville, and people do invest here, but im not sure if the market may have been missed, unless you find an extremely good deal. Ive researched plenty of propertys in the area and nothing seems to make sence finacailly. Row homes are selling for 150000 to 200000 for 3 bed 1 bath, 10yrs ago these same houses were 40000 to 50000. And there are only bringing in 1200 to 1400 a mth rent, so if your trying to follow 2% rule these propertys are less than 1%. And 2% or close to 2% is more realistic in other pittsburgh neighborhoods. You may be able to find a few people ready to cash out, on the appreciation value, and find a decent deal. But it just seems to be an overpriced neighboorhood. A new hospital, and a couple new restaurants, to me does not justify a property tripiling in value who knows may be im wrong good luck.

@Harry M I left it alone I just remember reading post of an aveg being 3 to 400 but thx for advice appreciate it.

@Curt davis I just bought a property in pittsburgh for 20000 needs about 5000 in repairs cosmetic, 2bed in C+neighborhood will easily rent for 700 with quality tenents

@Jean Bolger sorry I was typing faster than than thinking, and I just reread it was suppose to read title insurance. 500 fannie may is charging, seems a little on the high side for some reason, I could get my own rather than using there's but realtor suggested to just keep more pressure on them to close rather rely on waiting for me. I need to close fast work overseas from time to time.

Just wandering im a DOD employee work for military as merchant marine sub contract work, I do have a CAC card, not veteran or military am I eligible.

Just to update house is sold as-is I guess I was not aware of once I sign agreement that there is no backing out unless I want to lose my 2000, I did sign agreement one thing I that seemed a little high from reading other post was fannie mays title insurance (by title company) was 500$ closing protection by title company 75$ I did mention this to agent that it seemed a little high, he agreed but recomended that I stay with there title insurance company to but all the pressure on them, I am on a time frame im a merchant marine and have about 5 weeks before I get back to work, 1 more question for BP community is should I get my own insurance company or leave it as is. And also since there is no more negotiating how important is it for a property inspection. Knowing what work needs to be done. And im pretty much locked into the deal. @Jenna Stonecipher realtor told me with an as is property and low price that fannie may would not turn utilities on for property inspection, I do know all utilities were on 4 mths ago I know im at some risk in that area @Adam Roberts ARV after repair is compared to comparables is 45 to 50000, im more interested in buy and hold and trying not having to work forever thx to all BP community I guess im now an offical REI.

refreshing one last time have about, 2 hrs before I sign papers.

@Jenna Stonecipher this is going to be a cash purchase, thx for response.

just wanted to get back to the top of the list (anbody???)