All Forum Posts by: Josh Dillingham

This would be an owner occupied tri-plex.  I understand your point of view.  As the sellers agent it is your responsibility to work for the seller, but there isn't anything in the contract that states I need to get an inspection right away, and the contract has already been signed, and treating this transition like a business deal, I am obviously trying to protect my best interest.  I guess I'm just worried that my agent is putting the sellers interest in front of my own, but I am a new investor so maybe I am off base here.

I just got a property under contract, it is my first deal.  It's a short sale.  The offer still has to be approved by the sellers bank.  My agent has told me that I should get an inspection done right away, but it makes more since to me to wait until I here back from the sellers bank before I put any money into the deal incase they come back with a counteroffer that doesn't fit my numbers.  I'm confused as to why my agent is asking that I get the inspection done now instead of waiting for the bank.  When I asked him about this he simply responded that I should get the inspection done right away. My only thought is that he is getting pressure from the selling agent to get the inspection done now so that if I wanted to get out of the deal they have time to find another offer before the bank decides to foreclosure.  but that's not my problem so it shouldn't be my agents problem either, right?

Exactly. Your value as a wholesaler is the fact that you already have a contract that I want.  If you come to me and tell me about a great deal that you are thinking of making, you are providing me with all the benefits of a wholesaler but at no cost to me because I can go directly to the source and make an offer on the property, leaving you high and dry.

If you came to me with this information and it seemed like a great deal it wouldn't take much to find out the exact property you are talking about and make a deal directly with the seller.

Thanks Brenda! My loan originator is away until Tuesday.  I have an email into her. I am sure the bank will come back with a counter so I should have enough time to get this all sorted out before any offer would be accepted.  Learning everyday, all part of the process, I guess.

@nicolecarney @Stephenbell @Peterk.

Thanks Everyone! I guess that's where the trouble is, I haven't specifically talked to the agent or my lender about FHA yet. I was under the impression I could do 10% down on a 4-plex owner occupied with Fannie or Freddie. I will call my lender on Monday. my pre approval came through a credit union (Vermont State Employee Credit Union) So the first step would be figuring out of they can do an FHA or find another lender.

Just placed my first offer today. It's a triplex in a short-sale. The asking price is 15% less than the assessed value and I offered 5% less than that, so it is like the bank won't go for it, but we'll see. My agent has me a little worried about the down payment. He seems to be under the impression that because it is a multifamily I will be required to put at least 25% down, and he doesn't think that it matters if it is owner occupied or the number of units. While we were at his office he asked another agent who is also under the same impression. I've been hanging around bigger pockets for a few months now and have been doing a lot of research on my own and everything I've come across points to the fact that if the property is owner-occupied and 4 units or less, then the mortgage requirements aren't necessarily any different then a single family, am I missing something here, or is the agent misinformed? I was pre approved for a loan with a 10% down payment with the understanding that it would be owner occupied (there was no discussion of single vs multifamily in the pre approval process) and I'm under the impression that I may even be able to qualify for an FHA loan which would allow for an even lower down payment? I live in Vermont if that makes any difference.

Hey All,

New here and to Real Estate.  I've decided that Real Estate is the direction I want to go in as far as my investment strategy to grow my net worth and set myself up for later in life.  I'm about to go see my first property Tomorrow.  It's a small two bedroom 1.5 bath outside my current town the asking price is $105,000 (this house was originally put up for say 3 years ago for $170,000, later being taken of the market and most recently in the past 2 weeks the price was dropped from $119,00 to the current price) My plan would be to move into this house with my partner and rent out the other room.  Crunching the numbers I think I could rent the room for $400 per month, collect $250 per month from my partner, which would leave me to pay the remaining expenses of roughly $400 per month, which is slightly less than what I am paying now to rent a room in a house.  from my research in investing so far my concern is that this deal isn't good enough and I should only be looking at properties that can turn a profit. The problem with that is those properties are mostly multifamily that are either significantly more expensive or require much more work than I should probably take on this early in my investment career.  the comforting thing about this house is that if I have trouble renting out for a period of time I can afford all of the expenses on my own if need be.  After living in this house for a while, ideally I would like to buy a 3-4 unit building, move into one unit, rent the other units out, then start rent the entire first house for roughly $1200 per month (no utilities included) which would create an income on that property of about $200 per month.  what do you all think, am I crazy for even thinking about buying this house? Should I skip right to looking for a 3-4 unit place even if that could stretch me pretty thin financially?

Finally Getting enough money saved up to start thinking about a down payment on my first property.  Thinking I will probably look for a place I can live in and rent space in so that I can stop paying rent and get some extra help from a roommate to pay the Mortgage. Would also like to use my first property to get my feet wet when it comes to some light rehabbing.  eventually I want to become a landlord with multipule properties, as well as rehabbing and selling properties when I can find the right deal.