All Forum Posts by: Jameson Tanner

Hi fellow BPers. I need some help. I have a final walkthrough with a new condo that we are purchasing and I’ve never done a final walkthrough on a property since this is our first rodeo. I understand that I need to be looking for any major problems with the build but does anyone have any specifics on what to look for during the walkthrough? We have been approved with the loan and close in 2 days, the appraisal has already come through and is looks great. What should I be looking for at the walkthrough?

Thank you!

Hi BP fam, I am in dire need of some advice on how to get myself out of a sad situation. I’ll try to make it as short as possible:

Since last past year I have been sacrificing and saving as much as I possibly can to buy a condo with an FHA loan. I'm 26 and need to get started as soon as I can. I finally have enough money to put on a down payment and I found a condo by my house where the numbers actually work on my analysis to house hack! I live in an expensive market and the cheapest 3b/2ba condo is around $215,000. This condo is $256,900 and is going to be completed in June of 2021 and they already have people submitting offers because of the demand in my area.

Here comes the sad part: I submitted paperwork and tax returns to two different lenders to pre-qualify for that property. I was worried about my income level because I have been running my own business for 2+ years and I do a couple of side hustles to get around $3000/month in income. The lenders both came back and said that in order to buy any type of property, I would need to basically double or triple my income to qualify. I already work days and nights and I am running out of ideas on how to do this. I don’t need a brand new condo, but since I live in such an expensive market, $256K is on the lower end of things.

The other option I have is to get a co-signer, but both my parents are in so much debt and bad credit scores that the lenders would never approve them and I don’t have anyone else that I could ask to put a property on their debt-to-income ratio/credit report.

I know I can get out of this predicament, I just don’t know how yet! I just wanted to see if anyone had any ideas on what to do. I appreciate you reading through this!

Hi all,

I am a very new investor trying to get into the real estate game. I have been soaking up the BiggerPockets webinars, books, etc and feel confident in my ability to analyze/offer on deals.

I have a few duplexes I would like to make offers on, but the piece that I don’t quite understand is how to approach a bank for financing. My question is this: After sitting down with a loan officer and submitting tax returns, etc, will they let me know a price range that I can buy in? And if so, how long do I have to work with that number until I have to do that process again?

Would someone kindly explain that process to me? Thank you!

I am about to submit an offer to my realtor for a small single-family home. I have heard Brandon Turner say that instead of only submitting one offer, it is wise to give the seller two offers to look at so psychologically they are forced to make a choice rather than an ultimatum. The house is overpriced for the market, so I want to make the offers appealing but get a good deal.

What are good ways/methods to submit offers like that? Does one deal include buyer covering closing costs and the other offer doesn’t? What’s most appealing to a seller when it comes to an offer besides a high price?

I am going to see a couple of properties for the first time tomorrow. I have never done a walk-through on a rental property before ever. What are some key questions to ask the realtor and important things to look for at the property when I do a walk-through? I really want to make sure I have a good experience during my limited time tomorrow even when I’ve never done it before.

@Frank Chin thanks for all the info! I will look into that!

I am thinking about purchasing a small rental property in a small town where there is a small university of about 2000 students. I’d like to find out information from the city about how many people are allowed to live in a house at one specific time. Does anyone know what specific city office I need to go to to check into that?

I know city government can be kind a nitpicky sometimes; is it better to ask for permission and explain my strategy to the city? Or is this more of a “ask for forgiveness” issue if it comes to that?