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: Jerry Sather

Jerry Sather has started 3 posts and replied 13 times.

Post: New Member Introduction from Minneapolis, MN

Jerry SatherPosted
  • Financial Advisor
  • Minneapolis, MN
  • Posts 14
  • Votes 1

@David Annis Welcome. Great to see another "local", there are some great people here locally on BP. Reach out with questions and read all you can, there is a wealth of info here.


Jerry

Post: Greetings from Bloomington, Mn!

Jerry SatherPosted
  • Financial Advisor
  • Minneapolis, MN
  • Posts 14
  • Votes 1

Welcome to the neighborhood Rob!

You'll like it here.

Jerry

Post: Asbestos and boiler removal advice

Jerry SatherPosted
  • Financial Advisor
  • Minneapolis, MN
  • Posts 14
  • Votes 1

Hello all,

I am hoping someone has a referral and/or advice on getting a quote on removal of this old furnace/boiler as well as all the asbestos piping. What type of cost would you expect to put into the project for this project?

Property is in Minneaplis Minnesota.

I am also curious to hear about others experience dealing with this type of issue. I see this as a situation that has to be dealt with on a regular basis but at the same time must scare many buyers away. This should create less competition and possibly some good opportunities. Right or not?

Thanks,

Jerry

Post: Why wont my House sell! any suggestions

Jerry SatherPosted
  • Financial Advisor
  • Minneapolis, MN
  • Posts 14
  • Votes 1

Get it professionally staged. Cost is different everywhere but normally WAY lower than your first price drop. People have to connect the house and a professional "stager" will make every room feel like home and draw them in.

By the way, I am not a stager or designer. :)

Just my 2 cents.

Jerry

Post: Garage Sale Deal - What?? Please analyze....

Jerry SatherPosted
  • Financial Advisor
  • Minneapolis, MN
  • Posts 14
  • Votes 1

Ellis, I'll look closer at the current payment as well.

Aaron, now THAT is what I am looking for. I like it! Would you talk to the bank first and time out the listing or list it and contact the bank right away? That could build more days on market if they care, right?

Joe, she actually let me in the house and gave me a basic tour. Decent house, needs updates, etc...

Thanks a bunch guys, much appreciated!

Jerry

Post: Garage Sale Deal - What?? Please analyze....

Jerry SatherPosted
  • Financial Advisor
  • Minneapolis, MN
  • Posts 14
  • Votes 1

I was driving a neighborhood (after checking out a listing I was interested in) looking for homes with deferred maintenance and happened across a garage/yard sale sign. My gut told me to stop and see why they were having the sale.

My gut was right (and hungry). I struck up a conversation with the woman after I confirmed she was the owner. I hit it off with her dog, so of course I hit it off with her.

I confirmed she is in preforeclosure with a sale date about 5 weeks away. (FYI, in Minnesota there is a 6 month redemption period after the sheriff's sale) She told me the sale had been delayed in the past and she though she agreed to be out of the property within 5 weeks of the sheriff's sale.

In the end I found out that she has a huge stack of investor solicitation letters offering to buy her house but she had not interest in calling anyone or dealing with a Realtor to have it listed. She has no interest in trying to salvage her credit and just wants to stay there as long as she possibly can.

I let her know that I may be able to find an option for her to get out of her house with a small amount of cash in her pocket instead of just walking out empty handed. She thought that would be great and wants me to help her if I can.

I confimed:

She owes $205K to CitiMortgage

ARV = $170k-$180K (totally remodeled home right next door just sold for $180k)

Repairs = $25k-$30k

I need to buy it for about $100k and give her a couple grand walking money.

So how would you approach this situation?

Is there any possibility to do a "short payoff" with the bank?

She has started the modification process several times over the last 2.5yrs and apparently the bank can't get anything figured out and keeps losing track of the documents she sends in.

My problem the way I see it is time (5 weeks to sale date) and she will not list it as a short sale with a Realtor. From my understanding the banks only want to go through the full short sale process of having it MLS listed etc..

Am I missing an easy solution? I have no short sale experience, forgive me.

Jerry

Post: How should I structure my HUD bid for best chance of winning?

Jerry SatherPosted
  • Financial Advisor
  • Minneapolis, MN
  • Posts 14
  • Votes 1

Another answer from the northwoods here in Minnesota.

I am putting my lending hat on for this one.

I want to make sure you are aware that because this is a HUD Home this already has an FHA appraisal done (the listing price is most likely the appraised value) and since you are doing FHA financing there will not be another appraisal. That appraised value is the value they will use for your loan transaction so you will need to put pay the additional funds in your down payment to make up the difference between the appraisal and the purchase price.

For instance:

List price and appraisal = $114K

IF excepted offer = $118K

Max base loan amount will be 96.5% of $114K (NOT purchase price) which is = $110,010

Your minimum down payment in this scenario = $7990

Make sense?

So be careful you have the proper funds available to make it all come together. I agree to be as aggressive as you can to get the home if it is the perfect one for you. I only want to make sure you don't get caught without knowing this bit of info. I'm sure your mortgage person can fill you in on these details as well, keep them part of the conversation to make sure everything works.

Post: New(ish) Member in Minneapolis

Jerry SatherPosted
  • Financial Advisor
  • Minneapolis, MN
  • Posts 14
  • Votes 1

Welcome Ted,

It is great to see more and more local investors here. Keep your eyes out for a local meetup for local BP members sometime in the not so distant future.

Thanks for offering your expertise of the local market to the other members, the more you give the more you receive!

Take care,

Jerry

Post: New Member, small-time investor/landlord from Minneapolis, MN

Jerry SatherPosted
  • Financial Advisor
  • Minneapolis, MN
  • Posts 14
  • Votes 1

Hi Justin,

Welcome!

I am still very new to BP myself. Everyone has been very inviting and helpful, lots of great info and tools.

Look around, reach out, ask questions and build some relationships.

Take care,

Jerry

Post: New member from Rochester, Minnesota

Jerry SatherPosted
  • Financial Advisor
  • Minneapolis, MN
  • Posts 14
  • Votes 1

Welcome Timothy!

I am still new to BP as well and have found it to be full of great tools and very helpful members as well.

Good luck in your new passion and welcome back to "school" as you learn all the important details of this vast industry.

Jerry