All Forum Posts by: Brandon Wulff

Hey BP,

I am trying to get a fourplex under contract, but the listing agent says that the property is a no-show until it is under contract.  All four units are rented out currently, but is it pretty standard to not let an investor see the property before putting an offer on it?  Apparently I can back out of the contract once in escrow, but it's a little odd that I can't see what I'm buying before buying it.  Thanks!

Brandon

Hey everybody, great meeting you all tonight. Thank you for setting up the event! Look forward to crossing paths again in the future. 

@Winston Covington Thank you! Another question... I drove around today to a few of the fourplexes in my area and I wasn't very impressed with the surrounding areas.  Not sure if they are areas I would feel comfortable living in.  Is this true for most fourplexes in most markets, or just the one that I'm looking in (Phoenix and Vegas).

Also, how would renting out rooms in a SFR affect the FHA Loan? Could I buy a single family home with an FHA Loan and rent out the rooms also?

My friend and I want to partner on a four Plex, but because he doesn't have the best credit history, and I do, I was wondering if we were allowed to do this...

I would apply for the FHA Loan and I would put the 3.5% down, my partner would fund the necessary repairs and match the down payment. Would we both be allowed to live in one of the units?

Another question, am I allowed to rent out one of the rooms in the unit that I live in, I.e. get a roommate and charge him rent?

@Steven Picker thank you. This was my worry also, and I’m very new to real estate... last thing I want is to get caught up in a legal battle with one of my first few houses.

@Tom Gimer, from my understanding, the court decision is final, but the bank is appealing that decision. Is that same thing as you’re saying? And if I can ensure I am a bona fide purchaser, then the coast should be clear?

So I have a friend of mine who is a lawyer and represents a client who wants to sell a home that he bought at an auction years ago. Here’s the details:

He bought the home at an HOA foreclosure auction, and the laws in Las Vegas back before 2015 said that if the HOA foreclosed on a home, then the deed of trust basically became null and void. So if the previous homeowner owed money on a house to a bank, that payment did not need to be made to the bank. Because of how obviously ridiculous this sounds, Nevada changed their laws in 2015 to make sure the bank got paid. However, the bank is still trying to get their money.

The court has officially ruled on this house that the bank can not collect on the old loan. However, they are appealing, and now the homeowner is trying to sell his home. If he sells the home to me, the bank can not collect from me because I am now a bona Fide purchaser, and the argument is that I bought the home based on an official court ruling, so even if the bank wins the appeal, I should still be in the clear because I bought a home on the assumption the first official court ruling.

He is selling the home for $200K, and it’s worth $315K. There’s currently someone renting it for $1450/month through February. Seller wants an all cash offer, so I was thinking of wholesaling it to another investor.

Is this a legit deal or is this something I should stay away from?

Would I qualify for an FHA loan if I rent out the other rooms in the house? Would those rooms count as individual units?

@Bill O'Donnell great idea! Thanks!

What are some ways that people add value to their rental?  That is, what things do people do to their homes to charge more for rent?  Fixtures? Flooring upgrades? All input is appreciated!