All Forum Posts by: Juan Alvarez

When does one sign a buyers broker agreement?. Things are not working out with my current agent so I’m thinking about moving on but I am not sure if I ever signed a buyers agreement. I have made a total of 7 offers, 1 got accepted but I backed out of the deal. I went through the copies of the of the contracts but I cannot find anything. Should I just move forward ?

Just finished listening to new BP rookie podcast and the heloc strategy caught my attention. I currently qualify for an FHA loan for around 225k. It was not mentioned to my lender that the title for my parents home is under my name, mortgage free. I didn't pay for it, just passed down to me. My family currently still lives there. It's an older home that needs renovation but it seems like a have a goldmine and I didn't even know it? Can acquiring a heloc Help me with my FHA loan or are helocs more used when flipping/ brrrr strategy?

I would like to get more information on helocs and how they work. What book/podcast do you guys recommend that gives a detailed explanation on helocs and how to use them.

Thank you all.

Any cons in asking for seller concessions?

With interest rates so low, is it also not cost effective to buy down points on the loan?

Would this limit most of my closing costs?

@Taylor L. Wow I stared with stocks and bonds at 22 and currently in the process at acquiring my first property. I’m 26.

Hello all,

I was pre approved for an FHA loan for $225k on May 6. That approval expired August 6. In the months in between I managed to save more money 4k$, pay down my car car loan and pay down my student loans. I want to ask my lender if he could provide and update pre approval with current bank statement to see if I now qualify for a larger loan. Do you guys think it can increase by just having 4k more in savings ?

I roughly owe $2700 on my car note that’s scheduled to be paid off next July (0%apr). - my monthly payment is $333. Do you all Belive that I can qualify for a larger loan if I decide to satisfy my car loan now ? I would have an extra $333 a month but I would basically use the money I saved in those 4 months to pay it off.

So if I decide to pay my car off now the lender will see that I eliminated a debt and also have an extra $333 a month but used $3k from savings to do so, or if I do not pay it off the only difference my lender will see is that I managed to save more money but my debt stayed the same.

Any advice is helpful. Thank you all.

@Ganessan P. *under

@Ganessan P. Yea name is user an LLC

@Rob Barry man as a noob this is scary. You will succeed

@Bryan Noth thanks for the response Bryan. Is this something you would ask after you have it under contract?

I’m planing on making an offer on a duplex tomorrow. I did not schedule a tour due to the fast market in the dfw- but I do plan on driving around the community to get a feel for it (potential house hack). If it were to go under contract what are some questions we should be asking the seller’s agent as we await inspection results? Anything could help further negotiations, right?

We thought about asking for:

Records on reroofs or roof repairs

Repairs done, such as a repair schedule (including but not limited to sewer, water, electrical, foundation, pest/tenting etc)

When appliances were last replaced in each unit.

Name and contact info on contractors, painters used on the property

Utilities current tenant pays (trash, gardener, sewer, etc)

Copy of current and previous leases of both units. When was rent last increased? Month to month lease? Any pets?

Tenant history. Anything we should know about current tenant. Current on rent payments? Rent payment history? Any late payments? If so when? Any complaints on or from tenant?

How is rent currently paid? Mail, cozy, Venmo?

Should this be asked before an offer is submitted?