All Forum Posts by: Mike Berlay

Hello,
We are planning to make an offer on REO. Property don't have major problems, but I think there will be issues passing FHA inspection. (garage converted to room, illegal)
I really want that property and the only options for me to go with FHA. I will live in house.
I know banks don't like FHA, because of inspection.
I'm planning to get certified FHA inspection. And submit offer with inspection.
The question is: what I have to put in contract to make repairs done before closing. I will pay for repairs.
Any other ideas?
Thanks to everyone.

Guys, check out this post made by Robert Kiyosaki
http://finance.yahoo.com/expert/article/richricher/211091
I'm personally like this guy. Every time I read his books I start looking more and more information about discussed subject. It give me more than just simple advice "Buy this stock and you will see gain in 3 years."

Staten island is 58 sq. miles with population 487,407 people. The third of that is really good neighborhoods and I want to find a deal in these areas. Also because it is island there areas with high flood insurance.

Thanks Christina, I don't have other way just keep trying.
Dustin, thanks for reply I working on craigslist now, but I need more options.

I understand that agents can bring good deal and he should be paid for it.
To get seller financing i should search for FSBO or contact property owners directly even it is listed with agent?

Hi every one.
I started to learning what available on market now, once again. This time when I see house on map I know what to expect.
Last weekend I was driving in my area to see houses that listed and get in open houses. On open house I asked agents about seller situation, mortgage balance, payments and they was looking on me with a question in mind: "Whatta hell you asking me? who cares? Just get new mortgage for asking price and pay me." I asked about other listings, but they asked what price range I looking for. But I know it not only price it is also terms. How to let them know that I'm not regular customer.
It is hard for me to look like investor, I'm 24 but look like 18 :) and my English not so smooth, I`m 3 years in country and English is my second language.
My goal is buy a home for myself now, but the way investors do. So I can rent it out later(3-5 years).
I`m looking seller financing or little money down. I was on one of open house, seller is old lady and moving to kids. agent said, there is no mortgage on it. I was thinking to make an offer. But want to be prepared for this stupid look of agent.
Still can`t get to local REIA. Maybe I'll find some one there.
Any advice?

Hi Jon,
Check this out
http://www.biggerpockets.com/forums/61/topics/1810
and this form Letter of Intent to Purchase
http://www.biggerpockets.com/real-estate-forms.html
I stopped here trying to get sort of template for offer. Some one told that you can find copy of offers with documents on sold homes in county office. But interesting to see offers from investors. I think Charles Parrish can help with that.

Mark, You killing me :)

Jon, thanks for full reply.

Jon, help me with that. I going to buy a property in Staten Island, NY (lower price and taxes), condo 2 BR 1 BA 800sq/ft is about 200k asking, rent 1400/ month. taxes 1500/year. I`m 24, working on cash (PayPal) 2200 month gross. 720 credit.
As I see PITI same as rent in case i can get FHA mortgage with all first time homebuyer things.

Actually I don`t think they give me something more $75k.
So I have to invest in Michigan or go to coops with 400-500 sq/ft or high crime areas????

Nice deal Nick.
But, guys, tell me. why people pay $700 per month rent if they can buy a house for $30k????????????
It is crazy for me in NYC. Where rent not even cover montly mortgage.