All Forum Posts by: Kathy Mckee

Hi Matt,

Welcome to BP! I’ve been investing for a few years and have been very fortunate to get great advice and learn from others here on BP! I have used the same tactics for finding deals that you mentioned. I’ve also called or emailed for rent ads on craigslist. I’m upfront with a short message that I’m looking to buy if they’re interested in selling and have started working with a few investors looking to start selling. I’ve also gotten lists from the assessor here in Appleton and have done mailings that way as well.

I hope Rich Dad Poor Dad is on your reading list as well! Good luck to you and feel free to reach out if I can help in any way! I currently own 8 duplexes, would like to get to 12 but if it wasn’t for all the great help and advice from BiggerPockets members, I’d still be at only 1 duplex!

Take care,

Kathy

Hi Tom,

Welcome to Bigger Pockets!  I'm in Appleton and have a few duplexes. I'd be happy to talk with you and your wife about anything that I know! 

Kathy

Thanks Oren.  That's actually a good point!  I was thinking about the owner's time only but quite honestly this would save me time and money in closing costs,

I have bought 3 duplexes over the past few years and think I have a decent understanding of how to value a fair purchase price.  I am looking to purchase a few more over the next few years and I have found someone who is selling three duplexes at once.  

Does anyone have advice on how a deal like this could be discounted for me, if I purchased all three from this owner at one time?  I would think that since it's less work for this owner perhaps I could negotiate a better price.

May i jump in this and ask about getting a real estate license in WI? I called the Realtors Assoc. and they explained the class & test but said I needed a broker to sponsor me. Any suggestions in WI how to get that from a broker if I'm not planning on actually selling & just doing my own deals? Not sure how I could make it worth a broker's time??

I am most definitely looking for a new team! I am not saying that I had no responsibility but I feel like I was misled by my lender and realtor who are the “professionals” and should have more experience than me! 

I did tell my realtor one week before the closing date that I thought I’d need a few more days to close. I know he talked to the seller’s realtor but nothing was filled out formally requesting an extension. 

I’m assuming the seller gave me the EM back because he got another better offer so didn’t want to give me anymore time to close.

I did just get a call from my realtor and the seller is releasing my EM.  I'm guessing he knows another better offer is coming his way.  As Chris S. said...I learned a lot on this deal and won't make the same mistakes next time!

I know my agent talked with the seller's agent but did not file anything as this went over the 4th of July holiday.  Just as we were going to ask for a letter from a tenant stating that he was vacating apartment to show my lender that I am going to reside there as an owner occupied we received this notice from the seller's agent.

We did have a financing clause in the contract but then switched to a VA loan so not sure how that will play out. The seller did sign document saying he will accept a VA loan so not sure if that will work to get my EM back.

I have an accepted offer on a 4-plex apartment and unfortunately my realtor said to put the closing date 39 days out from acceptance since that would be the 1st of the month and it would be easier to prorate everything. Unfortunately, I went to do a VA loan and a VA loan, along with most other loans, seem to be closing in 50 days with the new TRID laws. My loan was not ready to close on the first of the month so the first business day after the missed closing date; the seller went running into his agent and filled out a notice relating to this offer saying that he is pulling the property off the market due to the missed closing date. When I questioned my agent as to what this meant, he said that the seller talked to his accountant and realized that he was $6000 short on the deal and will now not be selling his property until next year.

I’m not sure if the seller really wants out or if he thinks he can back me into a corner as I need a place to live (this was going to be owner occupied) but I’d rather lose money than basically get blackmailed. His previous offer fell through due to the buyer not having “seasoned” money and the seller’s agent told me, when I brought in the earnest money, that offer was “coming back”. Now I think the seller is just out there waiting for other offers and/or the first offer to come back and he’s keeping my earnest money.

Can I get my earnest money back?  I think this is unethical as most honest sellers would give a buyer a little extra time to finish the lending deal.  I’m already out the inspection and possibly the appraisal costs! 

Sad but I feel taken advantage of by my realtor (since being a professional he should have known better than to write an offer up to close in 39 days), the seller and this lender (who kept using bait and switch as they for the past month kept saying they need this document, then several days later now they need this document, instead of requesting everything at once). They basically kept dragging out and I kept telling the lender that I had a feeling that if we miss the closing date, that the seller would rescind the offer.

Being a new "investor" I would appreciate any advice.  Thank you in advance!

I was thinking the same thing for the washer/dryer.  I don't think that having one per 4 units is adequate so I'm guessing after a few times of going to do laundry and they're full most people just go to the laundromat.  

Also, I was thinking the same thing for the down payment.  I'm not see as much financial advantage to putting the down payment so it would be less risk and more advantage to keep it...perhaps even pay off sooner but keeping it for now I think is the best bet!

Thank you all for your input and advice...much appreciated!