All Forum Posts by: John Newhall

If you find a good agent they will be out searching for deals that meet your criteria. Usually the seller pays the commission but that can vary. I recently helped one of my contractors out with a wholesale deal and charged him $500 bucks. (Much less than the 2.7% we usually get from the seller).

Find an agent that's willing to work with you for the long term and you will both be happy.

Welcome Mary!

I can't poke any holes in your plan. Many others have done the same thing. Just make sure you have sufficient reserves to cover major repairs and prolonged vacancies. 

All of the rehab loans I'm familiar with require a licensed contractor to do the work. That said, sometimes you can use a straight conventional loan if the repairs are more upgrading and cosmetic.

I closed a sale with a FHA loan, for a client, on a duplex this last spring. We had to get the inspector back 3 times because they kept finding peeling paint they didn't like. It was a nonprofit selling it and I actually walked around with the painter pointing at things I wanted him to paint.

We got it closed though.

I've had a number of buyers that got home warranties, with the home purchase, and they were kind of better than nothing but it seemed to be a fight to get anything out of them.

I've had good luck with regular service contracts with the gas company. They have plans that cover just the gas items and plans that cover all appliances. Much less hassle than the HW.

Like I said, this could vary by State, but here you can redeem the property for the Sheriff's Sale price. It is more common that the SS price is higher than the eventual sale price but I have seen instances where it was lower.

I certainly wouldn't let a property go into foreclosure hoping the bank is going to low bid at the auction. 

You also have to have cash to redeem. 

Where I live the amendment wouldn't alter the original contract unless signed by both parties.  During the Inspection Contingency you can "negotiate" for repairs but if the buyer doesn't cancel during this period they bought it. This has been a bit of a bone of contention because we have a set number of calendar days to get this done and if we don't have an agreement the buyer has to send them a cancellation or the contingency is null and void and the sale goes forward. 

My first rental was a primary home I bought right out of college. I had 2 roommates when I was living there and when I had to relocate for work I rented out my old room. 

But, will the Bank LET the original owner "redeem" it by selling it (for a potential profit) during the redemption period? Seems to me, that goes against the intended boundaries of "redemption"?...

In MN you can, other states may vary.