All Forum Posts by: Becky Hiu

Been paying almost 6 years of home warranty on our first property of about $360 for first 3 years and now $720/year in anticipation of a HVAC failure (HVAC was 15 years old when we acquired the property), which amounts to $3.2k in sunk cost. In hindsight, wouldn't have done it. Replacing new system might cost $5-7k in DSM area. We don't have home warranty on the other 2 (1st year was mandatory and let them expire). 

Wayne - This is incredibly helpful. Personally, for starters, I'll encourage the Seller to contact her lender with us. Will post updates here.

When's the next one?  Seems like I missed the last one. Just joined this forum.

When is there a next event such as this in DSM? Wanting to partake. Thanks.

Currently co-own 3 SFRs in Des Moines, IA. Been here 10 years, former grad/undergrad student at Drake. Financial analyst by day, more so serious RE investor after-hours. I've some questions re: accurate ROI/forecasting performance for current RE investments and would love to chat with those who have some thoughts/experience. This is very important for us quants as it determines max price we are willing to bid on a property.

Attempting to expand RE investments by buying 1-2/year or more with current business partners (one actuary, another actuary/extreme handyman, programmer and myself). The 2018 Des Moines market is tough, especially purchasing properties near Drake (own 2 walking distance and 1 in the Beaverdale area/house hacking). Recently outbid on 3 properties. 

Always open to brainstorming ideas/RE strategies. 

Hi all. 

Need some direction/advice here. 

Short background: I currently co-own 3 SFRs in the Des Moines, IA area (started investing in 2012) and have always used a trusted RE agent for the purchases with the exception of 1 of them, as the Seller had a dedicated RE attorney for closing and we avoided the RE agent.

However, stumbled across a deal where a friend's neighbor is selling a rental she owns as her previous renters were evicted due to disability to pay monthly rent. She is currently in pre-foreclosure (I think? Unsure of the right "terminology"). Also, is a short sale = pre-foreclosure? The Seller doesn't know much about how protocol/procedures work in the real estate arena and we are trying to avoid using our RE agent to lower cost of purchase so we (my business partners and I) trying to do as much legwork as possible. We have not much/no experience in the pre-foreclosure/short sale area.

We contracted a local RE attorney to draft us a Purchase Agreement (PA) and we handed that to her for her signature, which she did. However, she doesn't know what to do with it and neither do we, really. We are already pre-approved for the loan and are waiting for her to contact her lender for next steps. She instead gave us her lender's contact info along with her loan info to ask us to proceed. Is the ball in our court or is it in hers? I tried calling her lender but they will not speak to me. I talked to our lender and said the Seller is responsible for next steps. I suggested calling her lender via conference call so we can clarify steps with her authorizing me to speak on her behalf, but haven't heard from her since then.

My understanding is that she needs to send our PA to her lender for approval and they will deal with our lender. Is this accurate or am I in the wrong lane?

Any advice/direction will be helpful. It's been 2 months since she signed that PA and we are getting to the point of frustration. Should we just contract a RE agent to finish the job? 

Thanks,

Becky H