All Forum Posts by: Ben Fernandez

Depends on your contingencies expressed in the contract and their expiration dates.

If you inspection contingency expired first, then the appraisal-financing contingency, and you defaulted, the seller is correct.

If the appraisal- financing contingency expired first, before your inspection contingency, and you made the seller aware before expiration, and an addendum wasn't completed to extend the financing contingency period due to the challenging of the appraisal, you are correct.

If they both expired at the same time, the seller is correct - in reference to you defaulting.

You all probably should have done a formal termination of the AOS once the financing contingency failed. But you'll need an attorney to clarify.

All boils down to the terms specified in the AOS and you alls performance.

All the talk about returning a portion doesn't sound typical. But if you're the party that defaulted, you're lucky that they'd consider returning anything. You really need to determine your position based upon the terms of the AOS and who did and who did not perform within compliance.

@Karla Garcia You're welcome!

Each persons ability to take advantage of opportunities and/or incentives will be unique.

Overall you want the find the highest and best use of your cash that delivers the fastest return.

If applicable to an owner occupant purchase, the best use of funds would be to accomplish getting down payment assistance, utilize a 203k or HomeStyle loan (to force the equity), and to house hack. Coupling all of these (if capable) will grant the most favorable return.

I know some buyers will not be comfortable buying a multi unit and some aren't comfortable with buying a home that requires renovation, and some won't qualify for down payment assistance. However, no matter how you slice it, the growth is always where it's uncomfortable. That's how we also learn and develop.

Make your next move your best move. Time waits for no one.

Only in respect to micro markets.

As a whole, the U.S. will not have population concerns. It's just a matter of time until they orchestrate an updated immigration plan. It's time.

Each agent has their own unique set of skills. You need to find the one that fits your needs best. Think of them more as a partner in assisting you meet your goals. That means that not only are they resourceful, their dialogue is effective, informative and useful in you making your decisions.

You evidently haven't found someone with the level of expertise you'd prefer. 

The most important factors with wholesaling is credibility. Your ARV and your renovation estimate will dictate if your pricing makes sense. It's also ideal if you know what strategies support your particular deal (fix and flip, BRRRR, rental/turnkey or STR).

Feel free to connect if you need any tools to support you in these mentioned regards.

You're going to have to locate markets that have a decent price to rent ratio. Cleveland and Pittsburg come to mind. 

However, deferred maintenance is a key concern you need to keep front and center. Even if a property does cash flow well, an unplanned repair can remove years of cash flow. So, you either need to plan the repairs into your operating expenses so when it's time to repair/replace something you're prepared or you need to repair/upgrade at your entrance in order to put much less away per month for CapEx.

If you need a CapEx calculator or a cash flow analysis calculator check InvestingTE. The rental property/cash flow calculator is free but the CapEx one isn't.

The free rental property calculator also helps you identify the ideal purchase price range for any potential rental property using what the median income is for any zip code - that is pulled using city-data's website.

Hope this helps! Feel free to connect anytime.

You must decide if you want a short term or long term return.

For short term you can access private money to engage in a fix and flip, buy a tax foreclosure and wholetail it, or joint venture with another investor on a value add project.

For long term, you can buy a rental property that cash flows, potentially engage in a BRRRR project (although your market will dictate if this is doable based upon barrier of entry), or invest in tax liens.

There are more strategies like land flipping, mobile home flipping and mobile home rentals but these are more niche strategies.

My short answer is tax deeds to wholetail. You could accomplish this flying solo. All other strategies will require partnerships/resources. So it depends on your current knowledge base, passion, lifestyle, confidence level and established partnerships.

In today’s competitive real estate market, where inventory is tight and opportunities seem few and far between, many potential buyers are overlooking a game-changing option: renovation loans like the 203(k) and HomeStyle. These products allow you to purchase a home that may need some work and roll the renovation costs into your mortgage. 

Instead of being discouraged by a property that doesn’t quite meet your needs, why not see it as a chance to personalize and add value right from the start? In this low-inventory environment, the right renovation loan can open up possibilities that you might have passed by otherwise. 

After all, many buyers are buying renovated homes anyway. In this scenario, you might even walk into equity when your project is completed.

I'd bet most homebuyers have no idea they can flip too...And they certainly aren't privy to the off-market deals that someone like myself is privy to.

In my area I have access to many buying opportunities that the public market will never see due to them being off-market. However, I see countless opportunities where the deal is ideal for a 203k buyer when on-market and off-market. 

Like with so many things, awareness and access to information leads people to take less favorable options when spending their money.

In having substantial experience as an investor, where these projects are second nature, I'm making it a priority to partner with buyers to guide them through the process. This way they can take advantage of programs they have access to but have little knowledge of (for the largest purchase of their life).

Have you considered a renovation loan in your home search? What’s your experience with using these options to unlock potential?

I'm curious if others are seeing similarities in your markets. Feel free to connect.

Amen brother!! Love to hear feedback from like-minded people! Please send me your service areas! I'll keep you in mind for referrals in your area. I'd appreciate the same if anyone needs assistance in PA (primarily counties of Lancaster, York, Lower Dauphin, Cumberland, Adams, Lebanon and Chester).