All Forum Posts by: Kevin Rain

@Russell Brazil

Right, I understand 100%. I do not understand the logic as to why this is happening. The only thing I can think of is there is a relationship with a buyer out there that they are trying to appease.

It was not a verbal acceptance. Through the homepath website they countered our offer and we accepted it. This was all done online and we have proof showing the status of our offer as accepted. 

We're trying to buy a Homepath home and it's been a little rough. We would be owner occupants, first time home buyers with 20% down. We made an offer the first day the property was listed, and during the "first look" period. We offered 97% of asking price with 3% towards closing after taking their first time home buyer course (which offers the 3% towards closing if you pass).  Listing agent responds that they will not offer 3% towards closing and will sell for 100% of listing price. We accepted this offer and it was shown as such on the homepath website. The listing agent comes back later and stated that the listing will be going into a multiple offer round and that we need to resubmit our highest and best (after we already accepted the 100% offer).

Has anyone dealt with a similar situation? This seems like extortion of some sort. Any recourse?

 So 9/1 there will be a meeting? What time?

Let me preface this by saying this is an incredible long shot.

My wife and I have been attempting to buy a house for about 8 months now. I'm very picky and looking for a good deal. Unfortunately, in this market, it's not really a recipe for success. A home just popped up in a foreclosure auction which checks all of our boxes. Pending a title search, it could be the perfect opportunity to build some sweat equity in a great neighborhood for a personal residence.

Assuming the title search checks out, the major hurdle is coming up with the cash necessary to purchase which would be due in 24 hours after auction close.

Weapons in my arsenal:

~$50k cash in a Capital One 360 Account
~$100k in a taxable vanguard account which currently has a $5k unrealized loss due to this recent dip in the markets.
~$100k in various IRA/401k and their Roth variants which I would NOT want to utilize for this transaction

Pending title issues, we would be interested in paying up to $200k for this house. Estimated value would be in the ~230-260k range but it really depends on the condition...which is a bit of an unknown at this time. Fixed up and in good condition I would say it's a $270-300k house.

Hard money lenders don't seem to want to deal with the hassle of a foreclosure auction and the associated lack of inspection/amount due immediately. I'm still working on the idea that we have a significant amount of collateral and would compensate them for doing their due diligence. Family members could potentially be an option for small amounts, but not the whole deal. Ideally we would find a lender, pay the outrageous points/interest rate for as short as possible until we could refinance with a conventional loan. If we can't find a lender, should I sell my stocks at a loss in hopes of picking up this property for $150k or less?

Any other ideas or suggestions?

If you were using the property as a personal residence, any ideas on how to come up with the cash if you don't have it? HM lenders won't lend for a personal residence. As soon as I acquired the property i would refinance with a conventional mortgage. The property I am looking at is handled by the courthouse, is on auction.com, and is not a REO. Similar circumstances as above...owner passed away and owes $400k in principal, interest, taxes etc.

Brandon Turner, sure have heard a lot from you though my headphones. Great podcast, keep up the good work.

Right now I'm looking for a place to live, starting sometime between now and early 2014. Since I'm not sure how long I will be in the Tampa area, there is a good chance I'll just rent again but if some SFH, 2+ bedrooms, no HOA or flood zone (killer in Tampa area), within 30 minutes south of downtown Tampa came up for <$180k, I would definitely be interested. I've found quite a few that I really like but they are in a flood zone. Recent flood insurance legislation has me thinking that is a horrible idea right now as I think there will be major changes. Not even sure where to look because most of the areas I like are in a flood zone.

Long term I really love the idea of managing rental properties but like I said, I may be moving within 3-4 years. Since that is the case, those plans are on hold as I don't think managing those long distance would be ideal.

Hello everyone,

I registered for the site who knows how long ago, but only as an occasional browser. I also somehow stumbled across the very first podcast when it came out and have listened to almost every one that has since come out. This is a great site with an absurd amount of information and posters that are eager to share their experiences.

Although I don't currently own any real estate, I am currently looking for my first home which is closer to my work and hobbies. Speaking of work, by trade I'm a CPA/Tax Accountant. Eventually I want to move to the east coast of Florida and get into buy/hold/rentals.

Hobby wise I enjoy pretty much everything outdoors especially those involved with boats.

Real estate investing wise I am mostly interested in learning more when I can. I currently have a couple of other non RE related things going on so while I am not ready to dive in quite yet... learning more is always a good thing.

Anyway, thanks for having me and I'll do what I can to avoid being one of those statistics that they talk about in the podcast where I never show up again.

Cheers!

Lupe Santiago Thank you for the insight, I truly appreciate your quick and concise response.

Generally, how much is needed to get into private lending? $50k? $100k?