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All Forum Posts by: Gary Fischer

Gary Fischer has started 6 posts and replied 37 times.

Post: I insulted seller

Gary FischerPosted
  • Real Estate Investor
  • Parker, TX
  • Posts 37
  • Votes 3

well, personally when I'm selling I'm not insulted by offers, I either say yes or no and counter. Any offer is activity and it's all business. Lowball offers seem to me to be more of an irritant to the agent because they have to take the time to present it even if they know it will be rejected. 

Post: Hoarder Tenant given 75 day notice won't leave - Evict?

Gary FischerPosted
  • Real Estate Investor
  • Parker, TX
  • Posts 37
  • Votes 3

@Greg H.

Agree with Greg and the other advice here. It's best not to label in any public forum. There is no point as no longer under terms of a lease, refer to removal or eviction according the the laws in your area. 

Any cashing of checks could be considered an agreement to the intent of the check. So, return the check(s). 

Unfortunately eviction according to the set laws in your area seem to be the logical path. 

Post: Wholesale opportunity

Gary FischerPosted
  • Real Estate Investor
  • Parker, TX
  • Posts 37
  • Votes 3

Hello Ron, unfortunately, I am not in the area now but in Dallas and made the deal sight unseen. Since you are in the area feel free to drive by and take a look. I'm not referring it out for wholesale based on any inspection. In fact, my current plan is to relocate upon closing and renovate. The home went into foreclosure as the remnants of an estate. It seems to have been kept up prior to that and I jumped in and bid and had my offer accepted. Nationstar is who I am purchasing from and I am sure there would be no problem going by and taking a look. However, of course i can't grant entrance or authorize it prior to closing or previous arrangement. During the closing process I will be able to authorize inspections. My pre-qualifying on the loan was through Nationstar itself so if inspection of the property is required, I would imagine it can be arranged. Well, actually required. I am just not sure who would be permitted except an inspector and an appraiser. I would be happy to disclose complete inspections and appraisals and grant access if possible. 

Post: Wholesale opportunity

Gary FischerPosted
  • Real Estate Investor
  • Parker, TX
  • Posts 37
  • Votes 3

Message me if you have questions. This is a verifiable deal which has profit to be made. All of you who have been investing in rehabs know there is a number you are willing to forgo the rehab process to make it worth letting go of the future profit. This is mine on this property. 

Post: Wholesale opportunity

Gary FischerPosted
  • Real Estate Investor
  • Parker, TX
  • Posts 37
  • Votes 3

I am offering the purchase of a property I have secured through contract to be closed on or before June 6th 2015. I have my financing lined up, and I am prepared to rehab the property. However, I am also willing to wholesale. The property is being offered for $180,000. The property address is 2640 Semoran Dr, Pensacola, FL 32503. Current Zestimate $270k, foreclosed on amount was approximately $240k. 

I have a contract on a property I intend to flip. The contract is for approximately 60% of a realistic expected appraisal. I have a pre-approval but with 6 mortgages already have to put 25% down. I can do the 25% down and the renovation with cash but would prefer not to and find a more creative way to finance the purchase and even hopefully include some rehab in the loan. On 6 mortgages there is about 35% equity totalling approximately 4x the purchase plus rehab on this home. I am looking for creative financing options such as portfolio lenders. I don't mind paying more for the money and refinancing if I ended up having to hold and lease the property. Purchase price is $160k and most likely a current appraisal is in the $240k-$260k range. Maybe the easiest would be equity lines on existing properties to purchase the new one then refinance? Actually, one of the 6 mortgages will very likely be paid off very near the date of closing on this new one. We have a long term renter vacating on one that we will sell. They vacate on The 9th of May and our close is set for June 6th on the new one... the last two long term rentals we sold in the same area sold immediately (within 3 days of listing).

Post: What kind of loan program should I be looking at?

Gary FischerPosted
  • Real Estate Investor
  • Parker, TX
  • Posts 37
  • Votes 3

Oh, which I will go ahead and add. I considered making this an owner occupied rather than investment property because I actually will be occupying the property while fixing it up. But, I can't classify it as an owner occupied if their name is on the deed and their name has to be on the deed if the mortgage is in their name. 

Post: What kind of loan program should I be looking at?

Gary FischerPosted
  • Real Estate Investor
  • Parker, TX
  • Posts 37
  • Votes 3

I have a contract on a home that my intention is to flip. It's a Nationstar REO so I got it through Homesearch. I had to put the contract in my parents name because my credit just isn't where it needs to be yet from a business collapse about 7 years ago and I am rebuilding credit now. My parents have very good credit that between the two of them range among the 3 bureaus from like 790+ to about 810. One problem though is they currently own 4 long term SFR rentals, 1 second home/vacation rental, and their primary residence. So they have 6 mortgages in all. They have substantial equity combined among all the properties in the neighborhood of $740k with a combined market value of about $2.1M. Nationstar requires you to obtain a pre-approval through Greenlight if you want to finance the property even if you don't use Greenlight. So, we got a pre-approval through Greenlight and the best rate on an investment property was 4.5% and 25% down. The purchase price is $160,125. I don't really want to have to put $40k down. Currently the closing is set for June 6th. If I don't close on or before June 6th, the contract automatically extends another 30 days. I can extend it even beyond that for $150 per 30 day extension. I shouldn't have to do that. I want to close ASAP and get to work on this. Does anyone have any suggestions for actually getting the funding we need with substantially less down. I'm not even worried about having to pay PMI because the intention is to get it sold asap. But, I would rather hang onto more cash and be able to keep looking for other properties while working on this one.

Post: Highest bidder on Homesearch.com auction, what now?

Gary FischerPosted
  • Real Estate Investor
  • Parker, TX
  • Posts 37
  • Votes 3

And as I am sure a lot of people have mentioned when investing in condos, be careful on foreclosures and the association dues. Also, if you're planning on financing the purchase, that $1000/mo association due has a big impact on how easy it is to qualify. Like on that particular one in PCB, if someone wasn't making their mortgage payment they haven't made association dues payments either. One reason I stopped pretty early on that one was because there was a $68k lien recorded for delinquent association dues. That particular condo was bought back by the mortgage company in the foreclosure auction and at least the way I read the law, if a condo in FL is purchased back by the bank in the foreclosure auction and then sold as an REO the buyer can only be held liable for the last 12 months in dues. Maybe someone who has had to deal with that situation could confirm this. I didn't have time to check with a real estate attorney in FL so I pretty much stopped bidding where I'd be ok even if I had to pay all the back dues. I'm assuming for it to have gone for $260k means either I read that law correctly or the winner wasn't aware of the lien.

Post: Realtor commission based on MLS list price or purchase price?

Gary FischerPosted
  • Real Estate Investor
  • Parker, TX
  • Posts 37
  • Votes 3

I'm not sure that would even be legal. You'd have to check in the state the property is in but just an example from discussing submitting an offer in California. They would be modifying the listing broker's commission structure. 

When an agent writes up a purchase agreement, can he/she put a higher commission in the contract than is stated on the MLS?

No. The cooperating broker, when acting as a sub-agent or buyer's agent, shall not use the terms of an offer to purchase to attempt to modify the listing broker's offer of compensation stated in the MLS Rules nor make the offer contingent on the modification of compensation.

I understand they aren't changing the percentage but the structure in the MLS is based on sales price. So, the effect would be to modify the compensation.