All Forum Posts by: Justice Lee

Thanks for the response. The bank contacted our agent and asked for our address because they wanted proof that we are going to use the house as a primary residence. I am hoping that means that they are considering our offer even though there may have been an investor at the same price.

Hi! I have submitted an offer to purchase a property that is owned by a bank. There are several offers on the property but I believe I may be the only one trying to make it a primary residence. Will my offer receive any special consideration because of that? It may also be worth noting that my offer was above asking but other offers may have been all cash also above asking where mine is using a conventional mortgage. Thanks everyone!

Thanks for all the replies. I considered all the replies but I don't think this deal can get done right now. The seller is not motivated enough right now for me to really do anything creative. As I don't have the money to make a deal this large work it may be in my best interest to walk before I run and just start with one property I can get a great deal on. Thank you very much for the replies though. Even though I didn't get the properties I talked to a lot of experienced people in the last few day and learned a lot.

So I guess not. There is no way I get put that much down. Also all the properties cash flow but I don't make enough to afford the payment with all the houses vacant.

Hello everyone. I am new to real estate investing and may have bitten off more than I can chew here. I called on a FSBO sign and it turns out that the owner had 9 rental properties and had recently moved to Florida. She told me she was considering liquidating the properties because her daughter did not have time to manage them for her. She told me she would provide me with all the information on the properties and if I was interested we could close with a lawer and a title company and avoid a lot of fees. All of the properties currently have tenets. Being new I think this would be biting off way more than I can chew but I wondering is there a way to finance 9 properties (all single family homes) as a package deal? She is going to email me all the information later but I don't have the capital to purchase all these properties unless I get some sort of super huge loan. Just wondering if it can be done.