All Forum Posts by: Chris Haas

Found this house and liked it quite a bit as a long term rental.
I then found it on redfin instead of trulia and it has a nice big banner "short sale"

http://www.redfin.com/PA/Shillington/101-N-Brobst-St-19607/home/38724275

My question, Do most listing agents do the homework of getting the short sale approved, meaning the bank agrees the hardship etc, or do they just list and wait for offers. Seems to me that would be a waste of the agents time as well.

Thanks for your time

My understanding is it's what zillow is projecting it will go for. I actually think the #'s are a little low compared to what it eventually sells for in my market. At least it has been on the few properties I have kept track of.

@Stephanie Dupuis

Do you have an excel spreadsheet that you would be willing to share based on the assumptions you outlined?

@Tim Barry It's not a standard answer, "it depends". Basically it depends on if you expect your tax bracket in retirement to be lower than now. For most people this is a yes since you are working now and hopefully won't be in retirement.

I have always maxed my 401k and the wifes first and then put some in roth iras. We are both working so we expect to be in a lower tax bracket when we retired.

Regardless of you decision you should minimally use all the 6% match.

Hope this helps

@Chris Rosenberg

Thank you for the recap, maybe I'll try to hit an upcoming meeting.

So how would you refinance after a month? What type of ltv are they claiming they get through a portfolio lender?

@Chris Rosenberg did you attend last night?
I kinda wanted a review as it will take me over an hour to get there.

Make sure it's worth the drive.

Any timeframe on the "Rental Property Calculator" coming soon?

Or is anyone willing to share a spiffy excel rental property calculator in the file section?

If I would get licensed primarily to get access to the mls, and in general gain that knowledge, does that adversely affect my tax status.

I have no intention on quitting my day job, so if I get licensed, buy a rental property would that income be passive or taxed at earned income rates?

With a short sale, the seller has no real interest in getting a high offer, or even a "fair market value" offer because he will keep none of the proceeds. The lender is going to lose money, they need to get Broker Price Opinions to make sure someone isn't trying to "steal" the property.

That said I think it really depends on which bank is the lender. Also, is it a single lien, or are the multiple liens? I would add that detail to your post for more specific feedback from people that have already dealt with that specific banks timelines. If there are multiple liens, are they the same lender? Otherwise you have to get two different banks to cooperate which makes it much more complex.

Best of luck.

-Chris

Best of luck. Might want to get @George Bittar to weigh in.
http://www.biggerpockets.com/forums/105/topics/98872