All Forum Posts by: Jennifer Talcott

@Alex Applebee You are my hero!

Don't get discouraged.  You are so close to your CPA.  It sounds like it is difficult, but I believe that you will pass the exams and get your license. I don't know what a passing score is, but if 70 isn't passing, you can't be too far from making it. Just don't quit!  It's only a little while longer, and then after you get your CPA, you can decide which direction to go. 

For what it's worth, I would also vote for you to try the corporate world to see if you can stand it long enough to become financially stable. Then start learning and investing in real estate as your finances and time allow. Down the road, you can always quit your accounting job to jump into full-time investing. But if you don't get your CPA, you will NOT be able to jump into accounting should you decide that REI isn't what you thought it would be. You just have so many more options by getting your CPA first and doing REI later.

I've seen ads on CL for $189 appraisals (by licensed appraisers). If I didn't have access to the MLS, I'd probably go that route for properties I was very serious about. Heck, on some of the trickier properties I've comp'ed, I've been tempted to use one of those services just for a second opinion.

Greetings and best wishes!  I'm very much a US native, but my ancestors are from Dahl, Sweden.  Which part of Sweden are you from?

Accomplishing my goals - whatever they are.

Disclaimer: I am not an attorney and none of my comments are intended to be legal advice. My comments are based solely on my personal opinions and experiences.

I agree with those who say don't bother talking to your father in law.  He's a big boy and has already let you know he's not interested in your opinion.

His wife, however, is another story.  I personally know more than one elderly woman whose new husband/boyfriend bilked her out of her life's savings.  If she's in any way confused or ambivalent about the financial ramifications of selling her house and giving the proceeds of the sale to her husband, she should probably talk to an attorney.  She also may not want to let her husband know that she's talking to the attorney if there are any intimidation/threats/cons/lies/etc.

@Brian Gibbons  Ok. I'm new enough that I can't figure out what an RMLO is (something something Lease Option?)  Would you be so kind as to enlighten me? lol

I'm not a lawyer and this is not legal advice.  In fact, I'm fairly new, so definitely take what I say with a grain of salt.  

If I were you, I'd research the Frank-Dodd regarding owner financing and consult a lawyer.  I've read some BP posts that indicate you could potentially get into some big trouble if the new rules aren't followed.

Personally, I wouldn't worry about your father in law at all.  He has nothing to lose by making his wife sell her home, and everything to gain.  I'm much more concerned with what is going to happen to his HER.  I'm not a lawyer, and this is not legal advice, but I think in most states, if she bought the house before they were married, it belongs to her and not to him.  If she sells it, I'm concerned about what he will do with her money?  It doesn't sound like he's financially responsible, and she could wind up losing her house as well as all the money that she'd get from selling it.

Perhaps you could talk to her and suggest that she see a lawyer and a financial planner - alone - before signing any offer on her house.   

As a newbie, I've not done an assignment yet, so I really don't know when the end buyer pays you. 

Regarding "turnkey", I'd suggest a more seasoned set of eyes to look at the place.  Unless you have a lot of experience in remodeling/rehabbing, there may be issues lurking that you might not have noticed.  For instance, what does the roof look like?  how are the plumbing, electrical and HVAC?  Are there termites?

If the seller's price is emotional, this house may not be a good deal.  Most houses aren't good deals....