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All Forum Posts by: Karla Relova

Karla Relova has started 1 posts and replied 5 times.

Post: Owner occupying my first Duplex in Las Vegas with a FHA loan

Karla RelovaPosted
  • New to Real Estate
  • Las Vegas, NV
  • Posts 5
  • Votes 1
Quote from @Michael Robbins:

@Karla Relova put in an offer where your numbers make sense and then see where it goes.  Ask your real estate agent to be aggressive in requiring a written response from the seller side. A seller is going to do what is their best interest as well so in my opinion there is no trying to convince the other side why this is the only offer that makes sense.  It is better to find out what motivates the seller besides the price.  Maybe timeframe is important, maybe the seller wants to lease back the property for some time, maybe the seller is worried that if they accept your offer that they will get hit with a long list of repairs during the inspection period... 

hi michael, that makes sense. I did just that and we were not able to come to an agreement but the experience of going back and forth with my needs (as the buyer) with the needs of the seller have been a learning experience. I agree that the agent is the negotiator and should be aggressive and creative at the time of structuring the offer. The more information we have about the seller the more we can leverage their needs. I appreciate your response.

Post: Owner occupying my first Duplex in Las Vegas with a FHA loan

Karla RelovaPosted
  • New to Real Estate
  • Las Vegas, NV
  • Posts 5
  • Votes 1

Thank you to all who replied and shared your advice. At this moment I believe being patient and saving more money is the best route to take. I do not want to take a desperate decision and not have the deal work out. More money will help with purchase power and hopefully interest rates go down by then!

Post: Preparing for my house hack (questions)

Karla RelovaPosted
  • New to Real Estate
  • Las Vegas, NV
  • Posts 5
  • Votes 1

hi, i'm in the same boat as you. I would definitely recommend getting a pre-approval for a loan first. FHA is the way to go in our case. Unfortunately I don't qualify for what I was looking for originally so that forced me to adjust my search. I think house hacking is definitely the best way to get started in real estate so first step is to see how much you qualify for and search based upon the result. Good luck.

Post: Owner occupying my first Duplex in Las Vegas with a FHA loan

Karla RelovaPosted
  • New to Real Estate
  • Las Vegas, NV
  • Posts 5
  • Votes 1

At first, I wanted to buy a fourplex to live in 1 unit and rent out the rest. With hopes that my tenants would pay my mortgage while I lived for free. Then, do the same year after year until I have a couple of properties under my belt and start to invest in other types of real estate. Fourplexes in Vegas are going for around 500-700k depending on the condition and area. I took the step to apply for a loan to learn that I only qualify for 380k. This forced me to reset my search from a fourplex to a duplex. I'm working with a realtor and he found a property for 375k. The problem is that with todays interest rates even if I rented out both units I wouldn't be able to cash flow at that purchase price. I would need to convince the seller to lower the purchase price to around 330k to be able to cashflow. Any thoughts or recommendations on what to do in this situation? How can I convince the seller to lower the price 45k? There aren't any offers on that property yet. Thank you in advance for any advise.