All Forum Posts by: Christopher Nelson

Hey all!

I am looking to purchase a home where the buyer is offering 15k for upgrades at the buyers discretion.

I believe the home will still be able to appraise for the offer price prior to any updates.

Am I able to be credited at closing for this amount and get the repairs done by contractors I know or will the updates have to be done prior to the home closing? I believe I can get more bang for my buck if I shop around the work.

Ideas?

Thank you for the reply Christine!

My issue is that my lender would like a lease in place prior to closing on my new property.

Hello all!

Background: I currently have an owner occupied house that I am thinking about turning into a rental. I intend to purchase another property and occupy it.

I spoke with a lender and got pre approved. He mentioned that I will need a signed lease prior to closing on my new property.

Anyone have tips on getting a lease prior to moving out of the property? I do not want to have a lease and then we are not able to close.

Maybe make the lease contingent on the property closing?

Help!

@Ron S., yes thats the answer I was looking for. I believe wholesalers do this all the time and since it would be a cash transaction, you would be able to close before a foreclosure deadline. 

@Rich Baer

I am in VA. I hope to to buy it from the homeowner to avoid the competition. I will have to look further into it.

How does buying a pre-foreclosure work? I see trustee sales in my local paper but they appear to be listed by attorneys.

Do I contact the homeowner or the attorney?

If I decide I want to make a deal, is there lawyer fees involved on top of the negotiated price?

Any help will be appreciated. 

Matt,

Yes, I understand that it takes money. I just believe getting a mortgage after using the investors funds is cheaper in the long run if I were to do a buy and hold. Are you referring to the HomeStyle loan by FHA?

As far as cheap. I am not talking junk houses in the worst neighborhoods, but coming across maybe a distressed sale or something of that nature and capitalizing on it. 

I am currently a real estate salesperson and have been for a few years now.

Hello everyone!

I know this questions may have been asked and I have looked on the forum, but some of the information I am gathering is well over 2 years old. I just want to make sure it is correct. 

I am starting to get into investing and I have a few backers to get the ball rolling. 

I want to do fix and flips as well as buy and holds. (I want to get it to where I can wing myself off of using their money)

A strategy I want to implement is to buy a cheap property, put in some sweat equity and get a mortgage on it down the road to essentially get all of my funds back out of the deal and then some  to fund my next deal. 

Is there a holding period before I can get a mortgage based on the new appraisal price from a cash sale? I seen it was 6 mos minimum, but I want to be sure.

Any other creative financing techniques are welcomed!

Hello everyone!

I am looking to find a few investors within the Hampton Roads Area to help build my portfolio. Looking to build solid relationships for years to come. If you are interested feel free to message me!