All Forum Posts by: Eddie Brady

Hi Rory. That a lot of information to tackle but you are missing major expenses other than your mortgage. Search on BiggerPockets.com under Education and you'll find numerous articles and videos on analyzing deals.

The better question is if the ARV is anywhere close to 325k, why are you not flipping this house yourself? That could catapult your net worth and allow you to 1031 exchange into many future deals.

Contracts are binding documents. If a seller agrees to sell on a certain date, they must unless the contract specifies otherwise, such as an attached COVID Related Delay addendum. Read through your contract thoroughly. If they don't settle, most state's contracts would make the contract void.

Hi Teddy. I'm not sure what mortgage forbearance would have to do with your investment. That's for those who truly can't pay their mortgage and highly discouraged otherwise. Rates are at historic lows so there's no better time than now. Make sure you are accounting for all expenses in your calculations of cash flow (use BP calculators) and be conservative with them. If they still look great, go for it.

Also, I've never seen issues arise from not living in a property that is supposed to be owner-occupied, but you are signing binding documents at closing stating you will do it. So, be careful what you say on here!

A HELOC with zero balance should not affect it. Your lender should be able to verify this for you!

Hi Brian. Welcome! You will be better off listening to every single episode of the Bigger Pockets podcast. You will get so much out of the episodes. Not that paid courses can't benefit you, but I believe you can do very well without ever going to one. Read Brandon Turner's book "The Book on Rental Property Investing" and any other investing book you can get your hands on. 

Most courses will have you leaving feeling motivated but not really knowing what next steps to take. Start studying, find an area you'd like to invest in, then start talking to a lender and agent. It's that simple to just get moving.

That whole situation sounds very sketchy. What was the typo?

All sketchiness aside, $900 on a house purchase is so minor and shouldn't be a deal-breaker if it's factored into your loan. Your monthly payment will barely change. The bigger item to focus on is reading every single line of your contract to make sure nothing fishy is really happening. 

You can send better comparable properties (sold in last 6 months) to your agent to forward it to the appraiser. Sometimes this works. Appraisers right now are doing a TON of appraisals so it is possible they didn't take their time and do a comprehensive report. Hopefully, they actually took the time to go inside the property.

Another possibility is to ask the lender to schedule another appraisal. They might make you pay for the 2nd appraisal but it would be worth saving your deal. 

I can get you connected with a Realtor I know there. Message me and I'll get you in touch!

Hey Raymond! I know a good Realtor out that way if you haven't started working with one. Message me if you'd like me to refer you! Good luck!