All Forum Posts by: Dan Baker

Maryland

Waterfront home that I really like and think I can get a good value for. Don't have enough cash outright (only 25K available)....I'd hold onto it....also FYI it has structural damage (about 60K worth). I tried to buy this home last year but it fell through because of the damage found during the inspection. I kind of wrote it off (at the time it would have strapped me for cash). But I've got a promotion and am in a better spot now and recently found out this was going to foreclosure and wanted to know if there was any way I could pursue it.....

I've recently been following a home in my area. It was in the short sale process but has now finally been taken off the market and started the foreclosure process. I'd still be interested in the property. Is there anyway to pursue this?

Thanks,

OK, so approximately a year ago I made an offer on a short sale, agreed upon a price with the home owner and the bank accepted the offer. A week before closing a significant amount of structural damage was discovered. I got several estimates however the bank refused to renegotiate and the deal ultimately fell through. Now about 14 months after the intial offer the property is still listed as a short sale and I've been told the foreclosure process will begin shortly. I feel like the house has huge potential for multiple reasons, and I also know the appraisal value and the cost of the renovations. With the foreclosure now pending does anyone have any advice on how I can swoop in and get this property? Anyway to get in before the official foreclosure? Or do I just have to sit and wait for this to go through the foreclosure process?

Thanks for any advice,

So would it be in my best interest to do a FHA investor loan? I mean my goal is to live there, but after I finish rehabbing the home if the appraisal comes back high I want the option to atleast test the waters. Just not sure what's the best way to go about this.

Thanks a lot for your input.

I'm currently renting at a very low monthly payment. I have about $24,000 cash saved and have found a foreclosure at what I believe to be a good deal. The home is in a highly sought after area and is in great condition. The one catch is there is mold in the basement. I would like to do a FHA 203K loan with this as my primary residence. After the renovation is complete I'd move in here. However if all goes well and the home is fixed at a reasonable cost is there any limitations on me for selling the home. My thought is I'd move in however I'd like to throw the market up for sale to see if I get any hits. If I find someone willing to buy it and I can make some money I'd then sell and just continue to the rent, pocket the cash and start a business venture thereafter. Is there any legality issues doing this. Basically my plan is to live but if a good deal comes up I'd like the option to sell.

Some added info
24,000 in cash
Maryland Residence
$60,000 yearly salary
Excellent credit rating

Thanks Will, the site is a little overwhelming and although I've found much great info I'm looking for something a little more structured as well as something I can read on the road (don't usually travel with my laptop). Guess you don't have any suggestions in regards to books either?

Thanks Joshua, yes I've been reading/viewing the site. Just looking for some opinions on good books/courses to consider. I like reading the forums/blogs online but it would be nice to read a few published authors who have a general consensus to provide good info. Also a course would be great but it seems most are scams so I was looking for some real world feedback.

I've spent the last 2 years searching for a home for residence. I found a home approximately a year ago (short sale) and it ended up falling through at the last possible moment (week before closing). Since then I've switched gears. I have found a very low rent apartment and currently have around ~1,500 left over in disposable income. I also have $25,000 cash in hand. I'm familiar with my market and have some basic construction experience. I'd like to find and purchase a home at a reduced cost, rehab, then either sell or rent (worst case scenario I'd turn this into my permanent residence). Does anyone have any suggestions for books/articles/courses? I've tried looking online but everything I look up is either often referred to as a scam or said not to include detailed/viable information. Any help to get me started would be great.

Thanks,

I'm a first time home buyer and recently was attempting to purchase a home through a short sale (it fell through due to structural damage). I've kind of switched gears and decided I'd like to purchase a shell/fixer upper and remodel it. I enjoy construction/home remodeling and feel it would be a good learning experience. My goal would be to purchase the home, remodel, and then sell for hopefully a profit. However if I can't get the value I'm hoping for I'd would switch and use this as my primary residence and/or rent the home out. I'm looking to get an idea on what my options are, why type of financing/loan, and how to handle the costs of the renovations.

Here's my info
Property Location Baltimore, MD
Occupation - Engineer (hire date 06/08)
Salary - $65,000 yearly base.
Credit Score - 722
Debt - Approximately $4,000 in student loans
Cash in Hand - $21,000 (I'd like to keep as much cash as possible in hand)
Rent - $400 monthly, no lease
I also have a friend who is looking to partner with me so this is a possibility as well. He would add an additional salary of ~35k if I decided to go this route.

I would be looking to purchase a row home in the city. Shells/fixer uppers run for about 35 to 100K based on location/condition/deal.


Now I've talked with a lender and was told that I could not sell the home until one year after purchasing it (it kind of foils my primary goal). This would involve putting 20% down. Is this true? Is there anyway around this w/o having the cash to buy and remodel outright?

Also is the any other advice and/or financing loan options you could suggest to me?

Thanks,