All Forum Posts by: Kyle A. Isaacs

Good evening BP community -

So, I’m closing on a property with conventional lending in Georgia and another deal crossed my desk this morning.  My agent called the sellers agent and apparently there is another offer thus, I’ll need to make a decision by tomorrow morning to submit an offer.  However, my question is if I can make an offer if I would intend to utilize conventional lending again to purchase this second property?  

I have plenty of capital to place a 20% down payment.  

Another idea that I brainstormed with my agent is paying more capital in up front earnest money to convince the seller to wait until I close on the first property to begin the closing process on the second property.

Thanks for your responses in advance.

@chris b - "What do they need?" really resonated with me.  Ultimately, my analysis indicates that they're lacking equity thus, need a higher sales price.  But yes, it seems like I'll need to walk away and request that they keep me in mind.

Good evening BP community! 

I'm running into somewhat of a dilemma while making an offer on a SFH and wanted to throw it out to the community.

Essentially, my agent and I valued a property (based on comps and psft) to arrive at a particular range.  The seller has the property listed significantly higher than the assessed value thus, I submitted an offer within the range of what I think is fair and within reason of the market.  Typically, when I underbid on a property, I'll always submit a letter that explains the reason and factors why my offer is low in an attempt to not offend the selling party.  However, the seller countered with a higher (yet lower than the original listed price) offer based on the notion that they need to complete repairs to the house in order for property to pass inspection.

Therefore, I'm curious to see if anyone has experienced this situation before and/or has a professional opinion.  In my opinion, the market value is the market value and if the seller needs to make repairs to pass inspection than the seller is merely updating the house to reach market value not adding value to the house.  This is probably the exact reason that the property has been listed for >90 days.

Look forward to your feedback.

@Landon Williams - thus far, they've been fine.  To be honest the customer service and advice they gave while setting up my accounts has been top notch.  It's easy to setup automatic payments for lenders and vendors.

The one problem that I've encountered is that my accounts with USAA were setup as personal accounts and apparently you cannot openly transfer between personal accounts and business accounts.  Thus, I've needed to wire all of the funds to Chase, which incurs a fee but this obviously isn't Chase's fault.

I'm actually speaking with Chase Bank right now. They've been very helpful, as I've set my properties up under a series LLC.

@BB Liu - thanks for the intel, I'll pass them up.  Out of curiosity, who do you use now?

@BB Liu This thread seems about a year old so I'm curious to still if you still recommend Capital One Spark?  My thinking is that I'll have separate accounts for every property that my company owns, so the bank will need to have options to manage multiple accounts.

I haven't but we're currently on the lookout.  I'll let you know if we find out anything useful.

[email protected]

@David

@David Goings any chance that you can still recommend a good GC?

Thanks!

Can anyone recommend a good contractor in Columbus?  I used to be neighbors with Tim Gregory but he does more high-end projects.