All Forum Posts by: Kavita B.

thanks for your response @Aaron K. 

Apologies for the silly question, but what is a BPO?

Thanks for all the advice. Another piece of information i forgot to mention was that we will not be having a realtor in the transaction, but will have a lawyer to help with the paperwork etc. Do you see any risks etc in not having a realtor?

We are 1st time sellers, we are selling lower (460K)  than what we purchased (490k) the house for on 2007, but we will kind of minimize our losses by saving on realtor fees.

thanks for your response...

They have the pre-approval which they forwarded to me, we are ok with the price too, but they say its contingent on appraisal and inspection.

The question i have is, since they have been living in the house the last 6 years, should we be asking them to waive inspection contingency?

and, any other points to keep in mind?

Hi,

Looking for some Advice / Do's / Dont's etc. 

We have a tenant of almost 6 years that now wants to buy the house. 

what are some advice you would give in this scenario?

Should we ask to skip inspection since they have been living in the house for 6 years? Anything else we should keep in mind?

Regards

KB

@Account Closed thanks a lot for your advice, and response. I am really sorry you had to go through all that, but also impressed at the don't give up attitude you have.

You are right, i should educate myslef more, specially when it comes to choosing the right tenant.

Looking for advice from you experts.

I had (as of end of July) a joint ownership investment property which went south due to bad tenants, lack of time and knowledge from our side to manage the property effectively. We had the property for 7 years at the end of which we could not take it no more and decided to sell.  

With that in our past, i dont think i have the energy or time to put into managing another investment property.

However, that being said, i do want to educate my self and look at other options out there. 

I would like to educate myself on Passive Investing. Can you point me to resources  that will show me how this works?

since i have no idea how this works, i have several questions:

What is the minimum i need to invest, 

what is it that i need to look for while making a choice, 

how do i find opportunities

what are the pitfalls and traps i need to look for etc..

Who determines and how is the interest rate set?

So far my understanding is that, instead of getting a mortgage / loan from a bank, people take money from passive investors for certain interest rate, and return the money just like they would with a bank. Is that correct? 

If so, how do i guarantee that my money is secure, what happens if the person i lent the money to defaults / what protection would i have?

Appreciate any advice in this direction..

@chris breezy, per my understanding, all houses are available for non investors. But some houses (like the somewhat are 'just listed') give spevial preferences to non investors. For people looking to stay in the house. The program is called 'first look' I believe. The special preference is only for a certain period of time. When you look at a listing it will tell you when the first look period expires. Once it expires all the investors can make offer on the house. 

@Sunny Burns, thanks for your input. 

I am not a first time buyer and am looking to purchase for investment reasons. I checked the link and i wont be eligible for that program.

I do check homepath as well, and look for properties that are not first look or are out of that time period.

Since my initial post, i did get a chance to see a few houses..(which i never thought would happen :) ).

I am planning to extend my search to SFR as well. Will keep the group posted for sure, as i know i will need more advice and guidance as i proceed further..

@Jeff VanNote, kindly PM me the details.

Thanks @mateusz prawdzik, very valuable inputs.

@David Michael, would love to connect.

Thanks all, really appreciate all the tips..