All Forum Posts by: Brandon Fitz

Recently, I have been faced with a situation where I listed my home for sale and the buyer asked for an extension because they changed lenders. We accepted and gave them a two week extension totaling about 45 days under contract. Now, and two days before closing, I am being told by my realtor that the buyer is now asking for a 30 day extension. With this being said, the home will be under contract for about 70 days with the same buyer if I agreed to this (which I did not and will not) . I believe that it is in my best interest to deny the extension and attempt to recover the earnest money deposit. With this being said, is it possible to recover the earnest money? 

All of your insights are incredibly thoughtful and beneficial and for that, I say thank you so much! I believe that our best option, myself, is with the consensus.. .  SELL and sell sooner rather than later and use that money to invest in other and better investment opportunities.  Thanks, gentlemen! 

Hey all,

I am currently in a conundrum. I bought a property roughly three years ago. At year two of owning the home, we refinanced (since interest rates were so low) and have since moved out and now rent to a tenant. We are making about 300ish more a month than our loan payment is. Currently, we have reached out to approximately 4 realtors to give us a price estimate and they are all roughly 30-40k more than what I purchased it for. I am looking for advice or opinions on how to handle the situations listed below:

1. Do we continue to rent to the tenant making roughly 300 a month. All of these funds go into an account and have not and will not be touched unless there are repairs that need to be done to the home. By doing the math we could make roughly 30k in about 7ish years (including the principle which is being paid off of the loan). We have considered increasing rent at the end of the lease. However, the market would probably say that we could not go up much– if any. 

2. Do we list the home while the tenant is still in the property? We attempted to sell it to the tenant, however, after many attempts to negotiate a fair price, negotiations fell through. We understand that having a tenant in the home could be a turnoff for many people seeking homes now. 

3. Do we wait until the lease is up in August to sell? The issue I see with this option is that if interest rates were to go back up between now and then there could be an inverse relationship between the price of the home and interest rates. I.e. when interest rates go up, the home value goes down. 

My wife and I are wanting to have a passive income but we are not sure if this is too good of a market to not capitalize on the huge increase in price. Thanks, everyone in advance!

@Mark Safrin Thanks! I am currently listening to a couple of podcasts and I am about to buy a couple of books on rehab so I can possibly do it myself! 

@Greg Dickerson I think I am going to take your advice and start smaller with a BRRRR strategy to get my feet wet. Depending on how well (or bad) this goes will definitely sway my next move! I appreciate the links! They are good resources I will definitely spread those to my Soldiers!

@Alina Trigub How do you recommend I network with investors in my area? I don't feel like I bring a whole lot to the table if I were to go to them?

@Alexander Felice To put it frankly, I don't have any experience other than the research I did when buying my home. I would more than likely need 25% down with other investors. Do you know a lot about lines of credit? before I jump into something I will have multiple options on the table as far as financing and I want to leave no stone unturned. When you refer to underwritings do you suggest I have a financial analyst take a look at it? Lastly, I want to be a passive investor until I own a handful of property when I could support myself off of their income. 

To everyone, thank you for your advice! It is incredibly appreciated!

Hello everyone. I am new to BP and to investing in general. I am currently an Active Duty Army Officer in the Fayetteville, NC, area. I want to get into building apartments for when/if I get out of the military. I have no idea how to get financing but have read a decent amount on how to get the ball rolling once you have the money worked out. How does the average person go from owning just a house and vehicles to taking a step as large as the idea I am talking about? Any advice helps!

@Alina Trigub 

Thank you!

Hello, all!

My name is Brandon and I am an Active Duty Officer in the Army. The idea of real estate investing is incredibly appealing to me. I am just getting started in this and want to do all of my research beforehand. I don't have a significant amount of money saved to outright BRRRR a home in the Ft. Bragg area. However, I want to maximize a passive income and one day building an apartment complex. Short of getting a line of credit how do I go about financing my first investment property? The idea of a line of credit seems a little daunting and, in my mind, would cut into any profit I may receive. I am very open to any advice you all may have!