All Forum Posts by: John Hamilton

Jerome,

That's great you got approved with FHA.

What exactly is happening that is frustrating you? What kind of deals are you looking at? Maybe you're not moving fast enough?

I'm just wondering...

Talk to Keller Williams. They usually work with investors, at least that has been my experience. Call a local office to the area you want to look, which is obviously the Dallas/Arlington area.

Otherwise, local investors are your next choice. Spring is OK, but spotty like someone said. You''d have to spend some time to really understand the better investment areas for what you looking to get.

You can recoup if you get the buyer to cover closing costs...

I'd hit him up on facebook, too. Hopefully, you get a neighbor to confirm that is them, and use them as your way to introduction. You took a chance and found him as the possible owner. Don't take too long...

Sounds to me like some great advice.

What I hear is be a close ally to the seller with your offer, providing free advice and guidance on what actions the realtor should/is going to take and what the seller should expect over the next several weeks/months no matter whom they choose to pick.

If you predict certain outcomes, especially if negative towards the realtor, then that might put you in the driver's seat once they are done with the realtor and still have the property.

You mean they owe $440K of the $730K? Otherwise your underwater and dead in the water. Move on!

If this is the case, then you have some options.

First step is talking to the bank, with the owner, in taking over the payments. This may help the owner get something out of the deal (credit save, keys for cash if in foreclosure). Or buying it from the owner outright, but you need to get a loan. First option is cheaper.

Once secured in your name, then you can do the lease option and hope to make a good profit in a couple of years, with a good down upfront to play with. Be prepared to put that back come decision time. You can realize a goodly profit, but it takes time.

You can also sell it for 70% of ARV ($486.5k) which gives you a little over $40K, minus costs or God forbid extensive repairs. Use that money to move on to your venture.

Or, sell immediately, after repairs, for a little under recent solds ($600K) for bigger payout of over $160K, minus costs. It may take some months, so be prepared to pay out-of-pocket. Winter is soon approaching, too.

I would notify the police anyway, just in case something were to happen, like a raid.

You were given written notification by other tenants, which makes you liable and may mean losing your place, if they want to get nasty about it, because you condoned the behavior by letting it persist.

Eviction is difficult no matter 3 days or longer, or returning the deposit or not. Maybe them being arrested might give you the out you need to let the courts handle it for you.