All Forum Posts by: Daniel K.

I have been watching the market here and I see little or no change in interest in SFH rentals. Somebody is apparently still working and moving.

Also, this is not a financial policy crisis like we've experienced before as in 2008.  Instead it is an impacting event that has an acute affect (no pun intended) on specific industries that foster gatherings of people.  It will take some time to see a ripple effect from it going to other industries but this impact will probably be limited.

Our risk is definitely impacted fast. Here in Cleveland, I am supposed to close on my second SFH in Parma on the 28th. The contract was signed in the middle of February. Anticipating a major price drop, I might do better to back out and let them keep the earnest money. It's not a house that's likely to resell easily due to carbon fiber foundation repairs found to be adequate by an engineer's inspection, but renting it seems like a good prospect nevertheless. Without a tenant in either properties, assuming my others got laid off too, I face no apparent forecasted deficit but it's close to only breaking even. I wonder what others would decide in this situation?

Curious - how did that turn out for you?   Did you assume the worst and make a low offer? 

Banks don't deserve any different treatment than the rest of us.  If any one of us offered to show a house and refused to offer the miniscule, disproportionately small favor of allowing utilities to be turned on, we should expect an offer about 15,000 or so lower.  So should the banks then.  Otherwise it's an unfair and disproportionate proposition.

Everything is negotiable.  If they do not allow utilities but they are struggling to sell the property-IE it's been off the market repeatedly or it's taking long to sell, make an offer that requires you get utilities anyway and maybe they will budge.  Or as some have said, make a lowball offer to reflect potential unforeseen damages.

ps

I did decide to post on this topic even though it may be old.  It's still totally relevant to what others may be doing and I am offering on foreclosures right now.

Thanks for the reply.  When my agent told me they only take offers that can be contingent on walkthrough, he said "I obviously don't recommend that but it's your call."  

It looks good from the outside, and they have no sign which makes sense.  Definitely worth a shot IMO.

A SFH I see has finally dropped to an attractive price for ROI so I wanted to see it. But the agent said they are accepting offers on it and not showing it. It has a tenant on a month to month lease. Is this a common scenario, and what does it normally mean?

Thank you, I agree.  And on second thought if the lender acts funny about it this other agent should have other recommendations.

My agent is on vacation and won't return until two weeks from now. We closed on a SFH in October 2019 and that is the last business I ever did with him, though he still shares his MLS with me. However I have just become ready to make another purchase and I see one SFH foreclosure property that looks good so I called another agent rather than wait the two weeks and miss out on it.

My question is if I try to fund this new purchase with the same lender I used before, but for a purchase with a different agent because mine is on vacation, could this cause problems?  I ask because the last time I attempted to switch agents and spoke with my old lender for pre-qualification (the same one who lent for my primary residence for yet another agent) he asked why I switched agents, I told him it was because this agent was a friend/experienced investor, then he never followed up with me.  This lender was obviously unfriendly towards investment lending very early on, but this experience makes me wonder if I am breaking some kind of real estate buddy code, as if lenders are faithfully partnered with particular agents.

Right Karen, that is exactly what she meant.  

I called the landlord and he actually does section 8 only for her current multi-family unit.

I just don't know a lot about bankruptcy.

I just put the listing online yesterday and got 13 replies.  As I sort of expected, I got no good leads for the initial wave of inquiries, but this area, Parma Ohio, is still pretty hot right now.