All Forum Posts by: Maiko Miyake

Hi,

I am still fuming. I was working with a broker to purchase my first investment property. It was not lendable, and I told him that, but he still went ahead to arrange an appraiser. Then the broker dissappears. Two weeks later he tells me that the property cannot be qualified for conventonal loan, so we have to start all over again with hard money loan. I sent applications, paid fee, then he dissappears again. Despite the fact that I started the process 6 weeks before the closing, he tells me that he cannot close on the date, and he needs another 3 weeks. After some nagging and talking to his boss' boss, this went down to 2 weeks. I am bound to pay $100 late fee per day, and they are saying nothing can be done. Seller is now quite nervous and contemplating not to accept the postponement of the closing and walk away with my ernest money. So my dilemma: I want them to make pay at least a part of the penalty that I have to pay. if not, I want to walk away and work with a new lender, but since I only have two weeks, it may be too tight for a turnaround. I cannot supress the urge to somehow get back to this idiot, but don't know what to do. Is there a place I can file a complain officially? :pissed:

the link you showed me took me to a great discussion site. thanks! very useful

Hi, I want to find a seller of a house who just got off the list. My offer was once rejected and I was waiting to make an offer again, before going foreclosure. I told my agent to keep an eye on it, but while I went out of town for two weeks, a last minute short sale was advertised, nobody bid, and not it gets taken off the market. and my agent did not catch that at all :pissed: The seller's agent claims she does not know anything, and is not giving out seller's number. I searched her through a few people search website but no luck. Any idea how I can find her?

Hi noobdogs,

I want to buy and hold for rental property. I don't feel I am ready for whole sale yet. For this property, I was going to buy with low down, conventional mortgage. I will use my cash reserve and tap into a little bit of equity from my other house, since I need to fix it. Then I wanted to buy a next property using the equity of this property, since if I get the deal it would be about 70% of market value. But I am seeing the limitation of my strategy, and realizing that somewhere along the way I need to do whole sale or flipping. So I started to study how these strategies work.

yeah, I guess. as long as my agent stays with me to hear 50 no's. :wink: I don't think I will stop offering something that makes sense to me, which looks like a low ball offer in my area. I'd rather hear "no" than getting into a deal that I cannot afford.

well put. thanks!! I feel better :D

and I am so envious. I live in a latter type area where you shouldn't be...

I am just curious. Where I live, if I were looking at residential properties (below 4 units), average sale value would be anywhere above 150 times of monthly rent. It is not untypical to find over 200 times. I sometimes hear that people can buy a house for less than $100k and can get more than $1000 on rent. Is it real in some parts of the US? What kind of place is that?

I am a newbee investor, and was on a way to make my first offer. But then, it was shot down even before I made an offer. The seller's agent called my agent and said that they had just received a unacceptable offer and that an acceptable offer to them is 35% more than what I was about to offer :cry:

The thing is, the seller is a fellow investor, but not a very smart one. He bought this property for condo conversion, at top of the market and started the process. Then, he got caught between competing projects that he was working on and could not complete the one I was looking at. The project is left in the midth of it, the property looks miserable, went down in value since the time he bought it. But he is still asking for just below market for a totally fixed up property. I also learnt that his option was foreclosure. So here I am, I thought I could offer what I came up. I used the property analysis tool on this site and figured out the max that I could offer, which was, 35% less than what apparantly they are willing to accept. So I am bummed. I was so excited at the thought of making my first offer. I know I should just get used to it, and I promise I will get over it. I just wanted to vent.

But I am also trying to understand something here. OK, at the offer I was making, the seller would have lost his shirt. But wouldn't it still be a better option than going foreclosure? he held the property on his name, not on LLC. Especially when he is working on another investment project, wouldn't one want to make sure he has access to credit? Oh well, I guess there are so many different scenarios and one can only speculate. But I wanted to hear from seasoned professionals out there what goes through your mind when you know you made a bad decision and it is a matter of deciding how and when to cut it loose.

T-bone, I hear you about living in an expensive area. Where I live is also very very expensive, and it is very tempting to invest elsewhere, but so far I am sticking to my neighborhood, just because I want to stay with what I know till I get comfortable with REI. So out of Sillicon Valley, where do you invest? How is it going?