All Forum Posts by: Justin Aymer

@Bill Gulley Thanks for your input. I am "estimating" the repair cost on my limited abilities and this kind of thing. My bank told me that they will need a bid from a contractor for the construction / repair loan amount. The bank has me pre-approved for this purchase. I just have to let them know that it is going through.

@Account Closed - I already have financing in place. I have not worked with a for sale by owner on real estate. I am not sure of the process. The owner verbally accepted my offer over the phone. Now I don't know what my next step is. I feel like I need to get some kind of written agreement?

BiggerPocket Folk - I need your advice. I am new and my investor friend is out of town for a while. I put in an offer on a duplex and they accepted the offer. I have no idea what the next steps are.

The price they agreed on is $30k (they were asking $50k). I am estimating less than $20k in repairs. One side of the duplex currently has a tenant on a verbal month-to-month agreement paying cash. I have talked to a bank about financing already.

My questions are:

1. Do I need to get this offer in writing somehow? My investor friend is an agent and she is going to do the contract for me. She is out of town for another week. This is a for sale by owner property.

2. Does a home inspection come first before a contractor to estimate repair costs?

3. Do I need to contact some city home inspector? The current owner has not had it inspected.

What is my next step? Thanks for your thoughts.

-Justin

BiggerPocket Folk - I need your advice. I am new and my investor friend is out of town for a while. I put in an offer on a duplex and they accepted the offer. I have no idea what the next steps are.

The price they agreed on is $30k (they were asking $50k). I am estimating less than $20k in repairs. One side of the duplex currently has a tenant on a verbal month-to-month agreement paying cash. I have talked to a bank about financing already.

My questions are:

1. Do I need to get this offer in writing somehow? My investor friend is an agent and she is going to do the contract for me. She is out of town for another week. This is a for sale by owner property.

2. Does a home inspection come first before a contractor to estimate repair costs?

3. Do I need to contact some city home inspector? The current owner has not had it inspected.

What is my next step? Thanks for your thoughts.

-Justin

@Steve Chaisson Thank you for your input.

@Matt Devincenzo That is a good point. Thanks for clearing that up for me.

@Ron Jones Thank you for your input. That is a stand up move that you did.

@Andrew S. The property is listing as $50,000.

@Bryan L. Thank you for your input.

@Eric Black To be honest, I am not comfortable doing this on my own at this stage in my investing career. I am happy to work with her, but I have no idea what a fair price is and how this part of the deal is supposed to work.

@Account Closed I plan on keeping her in the deal. She has helped me a ton in this process already. I couldn't leave her high and dry. I just didn't know what is normal with a for sale by owner deal.

@Matthew Paul That is exactly how the Owner of the property feels! He isn't thrilled that I have an agent.

@Account Closed Thanks for the input. That is a good idea. When you say seller pays - does that mean knocks off money from the sale price? How does that work?