All Forum Posts by: Emily Lopez

@Ricky B.  This is a non-answer.  As I'm sure you know looking into this, 1031 Exchanges are a little tricky and very specific.  However, I was very surprised when speaking to a company representative about the specific pricing of having them handle your exchanges and it is actually a really affordable service for the amount you can save and the resource of their knowledge.  I would recommend contacting a company that specializes in 1031s to tap into their expertise. 

Sorry to revive this but yeah, @Blake Fossen this has been common in my experience with clients buying HUD homes, both the invite to re-bid as well as them telling you their net bottom line. Also @Chris Wiseley I have seen them go surprisingly lower than what they originally ask.  I had a client purchase a home that was originally listed at $232,000 and they ultimately purchased the home for $154,000.  I have a friend who is an agent that sells a lot of HUD homes and I can't remember the percentage she told me but they generally lower significantly if it hasn't sold in the first 30 days. 

@Bob Okenwa Thanks for the feedback! I guess to get started I would need to find where we would live, as far as neighborhoods or suburbs, I'd ask, where would you feel safe living? What are convenient locations?  We have no kids and don't plan to, so I'm not concerned too much about schools other than if we eventually planned to sell the home or rent it.  I am fine with older homes as I can do the renovations/updating myself and actually don't really want to pay for someone else's renovations.  I would like to stay under $300,000 for sure and if possible would like to be around the $250,000 range.    

Hi guys- 

I am a Realtor, contractor, and invest in rentals and renovate properties in Wyoming.  My husband and I have considered moving to the Phoenix area for several years and I would continue or I guess, more or less start overt there with the same type of investments.  I am nervous about going from a small market that I know so well to a much larger market with several suburbs and niches.  I would appreciate any feedback or information from those of you active in the area or close suburbs.  

What is the market there like as a Realtor? Property manager? Landlord? Flipper? Any feedback on neighborhoods? 

I would like to take a trip there later this year to start exploring the area a little closer and more seriously and to see what areas we would potentially consider living for starters.  I am especially nervous to have to rebuild a reputation from scratch as a Realtor and to find a good brokerage to work with.  What have been your experiences? Thanks in advance! 

First thing that comes to mind is that they are going to have to be a partner initially and on the mortgage and title.  When you refinance, you can refinance into only your name (so long as you qualify solo) and then just do a quitclaim deed at the courthouse to remove their name from the title.  Quitclaiming is not difficult and most courthouses will have a form for you to do this yourself (so you don't have to pay an attorney) and pay a small fee (like $40) for recording. 

You may be able to just borrow the money as long as you have everything in writing stating what you pay them monthly and that including that, you still meet debt to income ratio requirements and can qualify for the loan.  You would just need to disclose and provide the agreement to your lender.  It would be no different than a personal loan from a family member to pay for say a car.  You just have to still meet the income and debt to income ratio requirements.  We had a client in our office who was a Pastor and borrowed the down payment from the church, as long as it is disclosed it should be fine.  I think this would work, just ask your lender.

I'm not sure of the rules in Maine.  Are you working without a real estate agent? If you have one, they should be willing to answer any of your questions.  If you are closing with a title company (again, don't know how it works in Maine).  If you have a title company doing your closing, or whoever your closing agent is, they should be able to tell you how much exactly you need to bring on the day of closing as it will be different daily, based off of as you said property taxes, etc.  They will likely require a certified check or money order so you need to know the amount up front.  Also, the money the buyer brings will be required to be a certified check or money order that will go to the closing company and then the closing company will issue you a check.  You're check will not come directly from the buyer so it doesn't really matter if the money is a check or a wire transfer, everything is certified and the title company will be good for the money. 

If you're going through hell, just keep moving.  You may need to do some other work on the side if you need the additional income but keep persisting the course toward what you want to do.  If someone has a successful business established and does not need help, they may not want to take the effort to mentor you.  Do the best you can and persist, educate yourself, and learn.  If you need money grab a part time job until things pick up.  A lot of real estate is relationships so just keep networking, marketing, and advertising in your area.

Ask your loan officer to send it to you to esign.  This should not be a problem.  Due to TRID (Truth in Lending Act/ Real Estate Settlement Procedure Act/ Integrated Disclosure Rule) there are required timelines for signing certain documents.  This is meant to protect the buyer although sometimes it can become a nuisance.  I just had a closing move from 2/27 to 3/3 because a client had not signed a specific document that is require by law to be signed at least 2 days prior to closing.  It should be fine to electronically sign it,  but yes you do have to sign it.   

Absolutely common, as long as you are within your inspection objection deadline. You can either ask to re-negotiate price or to have them repair some of the items.  You may also walk away at this point if too much came up and you can't come to agree on new terms. 

Yay! Fantastic!  You are setting your kiddos on a firm foundation--or should I say giving them the option to set themselves on one if they chose to do so.  Good financial parenting.