All Forum Posts by: Jonathan Sher

You will most likely only get a rate locked in for 3-5 years. This reduces interest rate risk to the lender. They will lock the rate for 3-5 and your amortization will be 15-20 usually. At the end of that 3-5 years, they might refinance with you at a rate that is currently acceptable or you might be on the hook to find someone else to finance it for you.

The last part of your question is really going to depend on how the private lender works. If they are going to require an appraisal and you put money down, it will be hard borrow extra for reserves or repairs. Some private lenders might loan you more on the ARV (after repair value) if you can prove it.

as an agent and investor, this doesn't surprise me.... So many clueless agents. The first thing I do when I look at or list a house is run comps and make adjustments. Doesn't matter if it's a $30,000 neighborhood or million plus....

Welcome David. Is there any reason you haven't looked around St. Louis?

It's nice to see a decent amount of Saint Louis/Missouri people. My eyes are always open for multi family opportunities or single family homes in good areas if anyone ever comes across something!

Hello everyone,

Great to see more people from Saint Louis on here. I currently own 15 single family properties in Saint Louis with my partner. What are some of your guys goals in the RE market?

Hey Scott, I originally put the closing date for 9/30/13 to give plenty of time and in the counter they want it to read "30 days after lien holder approval so that's another change they made. Plus the real estate commission wouldn't like that closing date in a contract.

The short sale rider gives me the right to terminate the contract basically at anytime. Without it, I feel naked going into the contract. They could hold my EM for months and months if the bank doesn't approve the short sale, and If I want out for any reason, I can walk away because of the clauses in the short sale rider.

Hello BP Fans,

I'm currently trying to purchase a short sale in my area. The sellers agent countered today and they want to remove the Short Sale Rider addendum to the contract. Have any of you guys seen this before or completed a short sale without that language in it? It basically gives me (the buyer) a way out of the contract all the way up and past the lien holder approval.

The deal would be great at the price but I feel like the agents trying to strip out our rights as a buyer in a short sale.

The current tenant should call the gas and electric company and tell them when to turn them off in their name, and then you need to make it clear to the new tenant they need to call ahead and make sure they have them put in their name right before they move in, or they will be shut off. I've called laclede and Ameren before and sale if they have been transferred before and they will usually tell you what date they were requested to be transferred.

Hi Rick, Are the utilities currently in your name, or are they in a previous tenants?