All Forum Posts by: Buddy Holmes

Ok that did not work so well!
A good agent should work for their money, but they do need to be compensated.
They should st you up to receive MLS listing for what you are looking for the very first day they hit the market.
They should have some off-market deals that are not yet on the MLS.
They should be able to think outside the box. eg offer a person with a temp credit issue an investor purchased deal with a future sales agreement and a pre-purchase occupancy contract.
They should know the rental market and be able to give you rent level info on the properties they find or you find.
Keep looking, there should be one in you area.
Cheers,
Buddy

@Joshua Hughes

@Joshua Hughes

@Joshua Hughes

@Joshua Hughes

@Joshua Hughes

@Joshua Hughes

@Joshua Hughes

@Noel Miles

Noel, My understanding is that you must live in it 2 out of 5 years.  Not the last 2 of 5 years.  So you can live in it longer or rent it again as long as you lived in it at least 2 of the last 5 years on ownership.

Cheers, Buddy

Craig, make sure that what yo are contributing to your 401k after taxes is going into a Roth account and separate from the pretax. If so you will be able to roll that over into a Roth IRA at some point (retire, change jobs, age).

If you can roll one or part of one into a Self Directed IRA now. you can make good return in several forms of REI nw on the way to retirement. NuView Trust has weekly webinars on all the ways you can do just that.

(FOR THE MODERATOR)  I am not a customer of their's but enjoy their webinars!

I also contributed to my 401K after tax money for years. If you can get the company's match w/o that and can go straight t a Roth IRA, I suggest that you do that!

Been there done that.

Cheers, Buddy

@Craig McCarter

Craig, IMHO you should sell and start your REI journey for retirement.

1) clear the cash from the IRS while you have the chance.

2) You need to clear the sentimental attachment.  Keep the memories but not the house.

It will lead to problems with setting rents and judging tenants from what you have written.

Unless you really really like the PM role, find yourself a good PM and concentrate on the task of building future income streams for your retirement. Have an IRA or 401k? get them into a self directed IRA and find ways to use that money as well.

Cheers, Buddy

Jared. Yes that was my suggestion. If you have a good mortgage broker you can certainly ask their opinion.

Jared,  Not sure about the two loans at once but do know at closing you are saying you don't have any undisclosed applications or loans. SO DON'T apply for a new loan until after closing.

In the first offer did you say you would apply within so many days that puts you into this conflict?  If so let all parties know that you will not be able to apply until after this closing date.

Most contracts are dependent on financing so you can use that exit if they want to hold you the loan application date.  I doubt that they would if they have taken this long to respond to your offer.  Most likely means some other offer fell through.  I'd guess that you are a bit in the drivers seat.

Cheers,

Buddy

Leodardo,

If the two that want out do not want to be on a mortgage, then:  

1) Sue and Sally sign RE sales agreements for their interest in the property for $ x each. 

2) Joe and Jane sign THE sales agreement and agree to apply for a mortgage of $ 2x in Y days and close with Mr Lawyer in Z days.

3) Joe and Jane agree on how the title is to be given at closing. 

IMHO this should be a legal document stating how future disposition is handled. That is a LLC, LP, Trust, Recorded Contract, or some legal entity so the situation does not repeat.

4) All becomes legal in one closing.

@Leobardo Rodriguez

@Leobardo Rodriguez

@Leobardo Rodriguez

@Keegan Schaub

Keegan, Other than times and places around local Ski resorts, the Summer is the main tourist season.

Skiing is weather dependent which is variable, so that season is short within the winter.

just IMHO.

Cheers,

Buddy