All Forum Posts by: Fran Flanagan

I did something similar, with similar finances. Assuming that you don't have a huge pile of other debt, you will have no trouble getting a new place without any tricks. 

it sounds like you already know which ones would be best for the property. I'm confused why you'd turn them down for someone more likely to cause problems... And give that group a longer lease on top of it.

Sounds like you're over thinking a pretty simple decision to me.

Google amortization calculator and familiarize yourself with it.

As for the interest, you borrowed a little over $101,000 at 3.5% interest. On 101k, in month 1, you'll pay interest of $101,000 * 0.035 / 12 = $295

Annual interest 3.5% = 0.035 and there are 12 months in a year.

Wow. Is it possible to put a clause in future leases that would state that evictions are only to be settled in front of a judge or that tenant waives right to request a jury trial?

Disclaimer: I'm not a lawyer and have no legal training. No legal advice given

If you can put 10% or even 5% down, there should be no need to get an FHA. It would just be a conventional mortgage with PMI.

If you have the cash available, ask about paying the MI up front instead of monthly. You'll save a lot this way and never have to get a later appraisal to have the MI lifted.

I can't see which part is bolded, but I can tell you that the tax assessed value has no bearing on the value of the property. Please compare to recent comparable sales in the area.

Not to your primary question but related to topic. Take advantage of this demand to save yourself some hassle. Tell people that there is huge demand and that instead of individual showings there are two open houses, scheduled for: xxxx and yyyy

I'd probably do one on a weekday 5-7 PM and then weekend like 11-1 PM. People who want the place will be able to make one of the two. Having multiple people there at once will encourage people to fill out applications there instead of taking them home. Gives you the best chance at choosing a decent tenant IMO.

Why are you trying to dance around the listing agent? Just put in an offer and see what happens.

I'm hardly as experienced as some, but I put in a 430k offer on a house listed at 520k, intending it for my primary residence. I'm sure they were offended, but such is life. I ended up going as high as 453k, my planned max, and it sold for 462k to someone else.

Even though they were probably annoyed, my initial "low offer" was 26k closer to the final sale price than their listing price (which was almost 60k higher than the sale price).

My agent indicated that it is pretty painless to resubmit for homepath. I'll report back in a few weeks to see if he still feels that way.

Thanks for all the feedback thus far. We came up a bit and resubmitted today. I'll update the thread occasionally and certainly when the property reaches a deal with someone.

I had an offer in on a fannie mae home for about 20% below list. I didn't expect them to accept, but was hoping they'd counter. They rejected my offer. I've learned from the agent that no offers have been received yet. None during their first look and now we're about a week into the investor period with no other offers.

It's a cool house, but with the amount of work needed, it is not worth what they have it listed for, in my opinion.

Is it even worthwhile to increase my offer slightly or do I just need to wait for them to drop the price? Any guesses on how long they'll wait before dropping the price, if there are no other offers?

Is the lack of other offers simply due to other investors knowing that it's not worthwhile to put in low offers on fannie properties, prior to a price drop?