All Forum Posts by: Josh Bakhshi

Sorry to hear that Jeff.  I guess this is a good lesson for all.  I'm thinking $600 is worth not having the stress.  Now you are free.  Good luck

BP is great.  Play around with it and ask questions

Brett,

I love seeing realistic and honest goals.  Good for you! I would like to give you some homework...

1- Contact 1-2 lenders to get pre-approved on a loan so you know what you have to work with.

2- "interview" 2-4 local real estate agents.  See what they say about your plan.  Pick one and have them start sending you listings so you know what kind of properties you are working with.

3- Learn, Read and Ask.  That is what BP is here for.

Good luck

I like Nick's thoughts.  I don't know that area at all, but we have a few properties in CA that are worth 800K+ and rents are about 3-5K/month.  Usually we want at least 1.2% of value to be monthly rents.  But we keep these on our portfolio b/c of appreciation.  We don't think silicon valley is going anywhere for prices will continue to rise over time which makes up for the lower rent ratios.

Instead of selling them, why don't you cash out w/ a HELOC? That way you have access to the money when you want/need and you still get more appreciation.

Jenny,  You shouldn't pay your agent anything unless you agreed PRIOR to making the offer or when you hired her as your agent.  They would usually get 3% of the actual purchase price or sometimes there is a minimum.  Either way, it shouldn't effect you.

Good luck

They will probably send it back to you.  You should sign and scan it over.

I agree with Gregg.  So far you didn't loose anything.  My question is why did you hire an agent in the same company selling the property?  I would offer your original price of 105K or even less.  If they take it, make sure you have your check to a trustworthy title company.  If not, they are playing games. 

If there is only 111K owed on the property, they would JUMP on an offer of 112!!!!  Hell, the original owner would have sold it for a profit instead of getting foreclosed on. 

Personally, I would move on and make a deal that makes sense to me.

Well said Eric.  There are many banks that still do this for investment properties.  I think their limit is usually up to FOUR properties that has debt on it.  Start with the major banks like BofA, Wells, Citi... b/c they usually have the better rates.  Make sure you explain your situation and if they say that they can help you, find ONE person.  Hopefully at a branch, but if you do it over the phone, make sure you have their direct extension.  That way all communication will go through THAT person.  If they say something wrong, you know who to blame.  They can't say they didn't get anything if you sent it directly to them.  You got to make sure you stay on top of them.

Good luck.

Welcome. Why don't you start by telling us what you wanted to do with real estate

Andre, I love your enthusiasm.  First thing is to know what your goals are.  Think of 2-year, 5-year and 10-year goals.  Try to be honest and realistic.  Write them down.  Then do a plan on how each of the goals are going to be reached.