All Forum Posts by: James Edwards

So I've been researching seller concessions, either closing costs, or paid points. 

It appears at 10% down, max seller can do is 3% on Fanny Freddy loans. 

I am curious if there would be any creative work arounds?  Is it the full amount a seller can comp, or is that just the closing costs limit and seller can do other things? 

Ie say I want a home backup generator, or central air installed and offer is contingent on that. I would imagine most sellers would just comp the value. Does that eat into the max the seller could do?

bump

Hi all, 

Curious if anyone has ever put together a deal like this. 

So I have some elderly family member that owns a nice property. I often do general maintenance, or landscaping chores just to help them out. 

The property is valued pretty high, probably higher than I could currently get on a mortgage. 

I've been considering making a deal for a purchase option on the property. 

I would offer to purchase the property for x amount, probably 10% under current market value:

I would pay all property taxes, insurance, perform and pay for all maintenance/repair of the property. If when 1 family member passes away, the deed transfer to me and I will have the option to purchase it for the set x amount, minus any of the above costs. Should I not qualify for a re-fi on the property to cover the amount, the property goes back to the estate. 

Should I purchase it,the 2nd family member, can live in the house for as long as they are willing/able, as long as they are willing to pay me x rent, and I will continue to pay for the same as above. 

My thought is this would be like a reverse mortgage. 

Benefits to me:

I would lock in a purchase price

I would likely be able to fi/refi the property at the time I purchase it. 

Benefits to them:

They wouldn't have to worry about any house bills

It would be maintained to the standard they like

The house would go to someone they like/would appreciate the property

Both family members would ensure that either one would be able to stay there

Has anyone made a deal similar to this, anything else I could offer on it?

bump, if that isn't possible what about ok on zillow, trulia, realtor.com etc. 

Hi all, 

Have any of you sold a property FSBO with an app, that lists on the MLS?

If so, which one did you use?

For those that invest to rent them, what are you paying for purchase, rehab and setup?

Been seeing quite a few decent doubles for $9k for purchase, around $10-$13k for move/setup and foundations. 

Rehab obviously unknown, figure probably $4k on them. 

Also, what are you renting them for?

Anyone have suggestions for re-fi's/long term mortgages for a small rv park? $200k value. 

It was... lol. 

 For EIDL or the grant? I applied for the grant on Sunday evening and have received nothing... 

When did you apply Rudy?