All Forum Posts by: Dolores Waldron

Hi,

I am in the Boston area of MA where property is VERY hot and a lot of it going for over asking.

Buyers waive all sorts of contingencies to try and get the property,  they have a lot of cash and can pay over asking.

We recently put an offer in on a 2 family and it got accepted (still in shock) - we offered market value for the property so no steal there.

I'm just curious when we do our home inspection and if there are some issues that come up - what is it like to bargain with the seller in this 'hot market'  to fix / give credit for any of these issues.

Anyone experience this in the MA area?

Thanks for your time.

Dolores

Thanks All - VERY helpful !!

Thanks, I didn't see a spot where I could actually search the forums - I'm sure it's been discussed hundreds of times - thanks so much for the feedback....

I do agree that you can spend all the time in the world on the courses but useless if you don't actually do anything.

HI All,

I went to a Rich Dad free event yesterday and was encouraged to sign up for the 3-day seminar to learn the strategies of doing all these type of real estate deals, setting up entities etc. The 3-day event cost $495 at this seminar.  The speaker had really sold me but I didn't sign up as I wasn't available on the dates for the 3-day seminar.

Curious if anyone has taken his 3-day series and if they can share their thoughts.

Thanks!

Hi,
We purchased our first home a 2 family, we live downstairs and rent upstairs unit.
It's a positive cash flowing property.
We purchased it with an FHA first time home owners loan - 5% down.
We would really like to purchase a second property - we have looked at quite a few and the numbers work but we do not have the 20% down payment to purchase a second property.
Is there any way around this?
Thanks for any advice.
D

Sounds interesting, how does it compare to the other note buying courses out there - I have taken a look at some and they feel they are not worth the money.

Is anyone interested in selling it at discount?

Thanks
D

HI Stephanie,

I am new to this this group and I am very interested to hear how you got started?

I have experience in buying non-performing mortgages but not in the wholesale business.

I would love to hear how this all works as I am trying to get into this area.

Thanks so much!
Dolores

Hi Jon:

Thanks for your comments.

Exactly what I was thinking - as soon as it was clear someone else was making a few $$ it bothered me that we had offered what the seller had told us - which was that their the bank would take no less than 380K for the short sale.

Jim, yes, it's not the best deal in the world - we would rent out one floor and the tennants would have the other floor and we would not cash flow but break even - which i felt was better than paying rent - which is what we now.

My gut is telling me to walk away - if it was a better deal it would be worth all the effort.

Thank you for your comments :)

Hi All:

I thought I might run my scenario by you and see if anyone has any thoughts and I'm probably venting also.

We are purchasing our first home a 2 family.

The broker that is selling this 2 family we were interested in.. had listed it as an approved short sale and that one would need to be able to close by end of February.
Also, there were tennants renting one floor who are not on a lease but tennants at will - one of the stipulations also was that these tennants could stay at the rent they are paying (at will) otherwise if we wanted it vacant - they would need to be given a months notice and hence deal would not close by end of Feb.

Well we went to see the house and really liked it - we figured that tennants could stay as is until deal closed and then we could revisit the issue.

Asking price - 399K
We were told sellers bank had agreed to a 380K short sale - nothing less.

We found out that the home had been under contract twice before but fell through - the realtor said it was due to financing issues.

We crunched the no's and figured 380K was fair - not a sweet deal but fair and from comps it looked like FMV in this market was approx 380K.

We put the offer in subject to inspection & financing.

Offer was accepted.

We had the inspection and all was pretty much as we expected.

We had already been pre-qualified for a loan so we felt confident all would move quickly.

Anyway we received the signed purchase offer but it wasn't in the name of the actual owner it was in the name of an investor.

And from what we could gather, this investor had taken it off the hands of the distressed home owner and had worked out a short sale with the bank.

We had our attorney take a look at the draft of the P&S the seller's attorney sent over and we realize this investor has just recently acquired this house from the homeowner who was obviously in distress and apparently our bank doesn't approve such transactions ie. a seller who has not held title for minimum 60 - 90 days unless we put a substantial amount of money down.

My feeling is the seller's agent should have been more clear about this - that it wasn't a typical transaction and since financing had fell through before, i feel they should have asked us who were using and probably gave us an idea whether such a lender would approve it.

We can try now to look for a lender who can push a deal like this through and close by end of February.
I also feel this investor who has worked out the short sale has worked it out much less than 380K and is basically making a few $$ himself, why else would he be involved.

I just feel frustrated as we could have saved alot of time if everyone was up front. It was only through our attorney pulling teeth with the seller's atty did we get all the information.

I'd be interested to hear anyone's thoughts on this.

Sorry to be so long winded or confusing.

D

:roll:

Hi,
Has anyone used the above course for buying notes?
I appreciate any feedback.

Thanks!
Dolores