Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Josh Palmer

Josh Palmer has started 3 posts and replied 11 times.

Post: REI meet ups in Tacoma Wa

Josh PalmerPosted
  • New to Real Estate
  • Sumner, WA
  • Posts 11
  • Votes 0

Hey @Jordan Matanane check out the facebook group “Tacoma FI.” They do meetups once a month.

Post: General Contractor referral

Josh PalmerPosted
  • New to Real Estate
  • Sumner, WA
  • Posts 11
  • Votes 0

@Aaron Morrow

If your referral does work down in Sumner I’d love his information for a kitchen remodel down in Sumner. 

Thanks!

Post: Help with a short sale

Josh PalmerPosted
  • New to Real Estate
  • Sumner, WA
  • Posts 11
  • Votes 0

"The listing agent was an idiot for even listing this thing." 

You can say that again!! She wasted a lot of people's time.. Oh well, at least I've learned a lot. On to the next one!

Post: Help with a short sale

Josh PalmerPosted
  • New to Real Estate
  • Sumner, WA
  • Posts 11
  • Votes 0

Thanks everybody. I see on the county's website now that they have listed another sale of trustee and they have another auction date set, so looks like they're going that route. The seller is definitely not motivated, she doesn't care what happens to the property at this point so it's probably time to walk away. Thanks for all your help!

Post: Help with a short sale

Josh PalmerPosted
  • New to Real Estate
  • Sumner, WA
  • Posts 11
  • Votes 0

Hi Bigger Pockets friends, I have a very unique situation with a property that I'm trying to buy and I need some help. It's quite a long story, but I'll try to include as many details as I can. My wife and I found a property in the neighborhood that we want to be in that has a basement apartment, perfect for a house hack. The house is being foreclosed on. Our friends used to live in the basement and we were able to get contact information from them for the seller. Turns out the owner is deceased and her daughter hired a real estate agent to try to do a short sale. They listed the property, we made an offer, and because of the relationship we had made with the seller, she accepted our offer. We signed the contract, the short sale package was submitted to the bank, and everything was looking great. This was back in February. Since then, we have had very few updates from the listing agent on the status of the short sale. We (my agent, lender, and myself) have tried to reach out to her a couple times a week to try to get updates, and no response. There are currently tenants living in the property (not paying rent) so we haven't seen the upstairs or been able to do an inspection. We found out about a month ago that the eviction process (which we were told was started months ago) has come to a halt because of a title issue. The daughter of the owner didn't want to pay legal fees to file for probate and they were hoping to be able to sign a document that will allow the descendants to sell the property without filing for probate. Apparently the judge denied that request. So essentially they can't take the tenants to eviction court because there is technically no one that owns the property right now. After finding this out, we decided to still move forward, wait for short sale approval from the bank, and then handle the eviction ourselves (possibly cash for keys). After not hearing any updates for quite awhile, I called the seller again today to see if she could give me any more information. Turns out the bank is not cooperating with her nor her agent. They won't give them any information on the short sale because she is not listed on the title. The seller has no motivation to pay for any legal fees to fix the title issue because she's getting nothing out of the deal. She essentially doesn't care anymore what happens to the house. My questions for anybody that might be able to help are these: What would you guess the bank's plan of action would be from here on out? We know that they have postponed the foreclosure auction indefinitely, but maybe they're going to schedule a new auction and go that route again? Can they do that with a title issue like this? Do I have any other options in this situation? Can I front the money for the legal fees to file for probate on the sellers' behalf in order to keep things moving? Any information you can give me would be very helpful. Thank you in advance!!

Post: How do I make my short sale offer attractive?

Josh PalmerPosted
  • New to Real Estate
  • Sumner, WA
  • Posts 11
  • Votes 0

@Minna Reid Thanks for all of your help on this, just wanted to give you an update and let you know that the seller accepted our offer and we're under contract. This is only the first of many steps, but we're excited. I'm sure I'll have more questions as we get further into the process, but just wanted to pass along my thanks. 

Post: How do I make my short sale offer attractive?

Josh PalmerPosted
  • New to Real Estate
  • Sumner, WA
  • Posts 11
  • Votes 0

@Minna Reid I have another question if you have a moment to help me out. The owner of this property is deceased and it is now in the hands of her daughter. Since it’s not in her name and won’t be negatively affecting her credit, what benefits does she gain by short selling the home? And what tax consequences does she avoid by accepting a higher price? Just trying to gain an idea of what is going to be most attractive to her as far as price and terms go.

Post: How do I make my short sale offer attractive?

Josh PalmerPosted
  • New to Real Estate
  • Sumner, WA
  • Posts 11
  • Votes 0

@Minna Reid Thank you for the reply!

Post: How do I make my short sale offer attractive?

Josh PalmerPosted
  • New to Real Estate
  • Sumner, WA
  • Posts 11
  • Votes 0

Hey guys,

First time dealing with a short sale. In fact, it’s my first time buying a home. I wanted to ask, how do I make an offer on a short sale more attractive than other offers? I’ve been in contact with the seller, (I know her through a friend that used to rent from her) and our real estate agents have been communicating. The property was just listed today and the agent says she will keep it on the market for 14 days and then review offers. I’ve read that the seller chooses the offer to submit to the lender and they accept it or deny it, but the seller shouldn’t really care how much the offer is for, right? As long as the bank accepts it, that’s all she should care about at this point? Or because she’s handed it off to a real estate agent, is she just going to take the highest offer for her commissions? Just curious if there would be any benefit to keeping in contact with the seller to try to encourage her to accept the offer of a young family that will take great care of her home, or will the highest bidder ultimately get the property in this situation?

I’d appreciate any feedback you can offer.

Thanks!

Post: New Investor from Sumner, WA

Josh PalmerPosted
  • New to Real Estate
  • Sumner, WA
  • Posts 11
  • Votes 0

Hey guys!

I was listening to a podcast the other day where Brandon said, "if you haven't posted an introduction in the forums yet, go do it now." So here I am. My name is Josh Palmer, I'm originally from West Jordan, UT. I currently live in Sumner, WA (technically Edgewood, but really close to Sumner and that's where I want to start investing). I've been here in WA almost 4 years. 

Back in June, I was looking on Audible for a new book to listen to and found Rich Dad, Poor Dad. As cliche as it may sound, this book totally changed my perspective on life. It got me thinking in a whole different way about the future. From there, I started reading all kinds of books on investing trying to find ways to make my money work for me. I initially went the stock market route, and I've enjoyed learning about that, but quickly realized that it takes a lot of money in the stock market to make a lot of money. While talking to a coworker about investing, he told me about Bigger Pockets. I signed up and immediately started listening to podcasts and reading the UBG, forums, and blogs. I've loved everything I've read/listened to thus far. 

I'm an air traffic controller which puts me in a great position to invest in real estate. It's a well paying job and I have a lot of free time on my hands. As an air traffic controller I have to retire at age 56, so I'm hoping to use REI to supplement my retirement income so I don't have to work past 56. I have a wife and two kids. Our little girl is 2 years old and our son was just born last week. I've been a little distracted with having a new baby, but I'm ready to get serious about investing.

I'm most interested in buy and hold investing. I love the house hacking idea to get started since we don't own a primary residence yet. My plan as of now is to find a small multifamily (preferably a triplex) and house hack for the first 2-3 years while we save. I would like to buy one other rental (SFH or multi) here in WA and then we will eventually move back to UT and continue investing there. I'm looking forward to getting more involved on BP and welcome any advice or words of encouragement you may have!

Thanks!