All Forum Posts by: Brad G.

@Jeremy Hauben Welcome to BP.  I am right around the corner from you in Hamden.  Good to see another local investor on here.

I'll be there.  Thanks for setting this up again Jonathan.

@Mike Moles Welcome to BP Mike.  I also have a long commute (+1 hr) and find the podcasts to be great listening and educational.  I am currently up to podcast 48.

I will be there. Looking forward to the meeting.

I am definitely interested. Just let me know when and where.

@Nick Scalero I guess in the case of multiple offers as you are doing, you would need to put in the contingency you suggested about other offers being voided after one is accepted. Or, you would need to be prepared to close on all.

@Wayne Brooks For one of the short sale offers, the time for seller's acceptance was left blank per my attorney's advice because he said we did not know when the seller would accept. Now, there was a short sale addendum that required the seller to get release from secured parties (e.g., the bank) within 90 days. I did not have a chance to ask my attorney, but I figured the offer would expired after 90 days if we did not hear anything.

@Kim Knox the offer had inspection and mortgage contingencies that specified a certain number of days after short sale approval. However, I do not think there was any limit on how long the short sale approval could take other than the addendum that required secured party release within 90 days.

@Nick Scalero Yes, I think putting in a contingency about other properties could work. However, I like the suggestion of putting an expiration on the offer (e.g., seller has 48 hours to accept).

@Justin S. I have just made 2 offers. One offer was verbally rejected, and I am waiting to hear back on the other property. I was planning on making several more offers, but an agent cautioned me against making too many offers at once. So, I asked the question here because I previously thought I could easily back out of each with the contingencies. Sounds like putting an expiration period is a good strategy.

Mike, have you tried the housing wanted section of craigslist? There are lots of people looking for housing there.

I will also be renting a unit in Hamden soon. I hope to fill it by May 1st. If I find a marketing strategy that works well in the area, I will let you know.

Thanks for all the feedback! I appreciate the diverse perspectives.

@Walt Payne I think managing the expirations is a good way to handle things. I suppose that would be done by setting a duration for seller acceptance. That would address the concern of having someone accept an offer 6 months after I made it at a point where I no longer have the funding unless I wholesale or find a partner as an afterthought (that's probably unlikely but why take the risk when you can list an expiration).

@Bryan L. I agree with what Bryan said. I am a relatively new investor, and I just started taking classes for my real estate license. Access to the MLS and setting your appointments is huge. I also like learning about real estate in a structured environment. I have heard a lot of pros and cons to getting your license. However, I think your investing style and personality are factors in determining if getting your license is right for you.