All Forum Posts by: Kyle Brown

bump

I have completed my inspection and im about to finish negotiations to purchase my first home. It will be residential and I will probably rent it out in the next few years.

We are at the point of requesting repairs before I finish purchasing and these are my request:

replace sliding door

add gutters to front garage and along rear patio

repair/replace fascia where missing or damaged

have licensed hvac service and clean system

replace with proper material the corrugated drain pipes under the sink

repair/replace windows where seals have failed

replace missing bolt in electrical panel

have license plumber correctly install p trap in laundry room

correct outlets with reversed polarity

remove hot tub

AND this is what they offered:

$3.4k towards a contractor of my choice. I shall furnish the estimate/invoice which shall be paid at closing.

They will remove the hot tub

NOW, is this a fair deal? I feel as if I will have to bring out more cash to complete the list. On top of they are paying 1.5% closing cost

Thank you for reading

I believe your situation may be subjective on where you are at, Marcus, and who you are selling to. Id guess maybe some of those offers are smart investors who would be buying right now or very soon. 

If average people don't have jobs like many do now there is no way they would think about applying for a mortgage or searching for properties when they are worried about how they will pay their rent the next month. Im not saying a dip is here or now quit yet, but it is again inevitable. Just like any market there will be a dip at some point and right now is the closest we have seen to it. 

Its not like this virus is slowing down drastically either and i believe that is what will decide our wallets fate. Some countries are just beginning to get their first cases and only 3 states so far have opened up covid affected stores. In my non medical personal opinion, we will see rises of cases in those states as well. Georgia is already showing since re opening their cases have increased multiple days straight.

I think developers aren't developing because they would make more money by holding. Doesn't make sense to build when housing prices are slowing down and middle class people are not buying new homes for themselves. 

My family owns a 7 figure revenue restaurant and we were worried we would not be able to afford our monthly payments. How would our 15 employees, which makes up average people in the US, be able to afford to think about a house right now?

Awesome profile by the way man. Im really eager to get a deal going right now.

The inevitable one. Q2 National home price index growth was the slowest since 2012.  New listings are decreasing 30%. De-listings are increasing as well. People wont be able to afford homes anymore if they don't have jobs like they do now. That means people can't sell homes to those who can not afford them. They'll be forced to reduce price or simply not sell. Although prices of homes are still high doesn't mean sale volume is and if people are going to be kept out work longer the housing market will feel it. 

James, thanks for the good wishes and kind words man. Yeah, you're right I just noticed that as well. I will be re posting but tips that apply nationally would be appreciated here anyways all you Houston players! 

Thanks

Hello I am a Virginia native on the very east side of VA. I have had the time to save up some funds and now I am seeking to buy my first property soon. Whether it be a flip or a rental I am currently in the market.

I am here to just be able to ask questions and talk out a possible deal that I may have.

Id be interested in meeting up or chatting with some of y'all and see how you're doing it. What kind of deals you got going on and how I should advance on my first move.

Hope to hear from some of you guys and converse through our ideas!

Hello I am a Virginia native on the very east side of VA. I have had the time to save up some funds and now I am seeking to buy my first property soon. Whether it be a flip or a rental I am currently in the market.

I am here to just be able to ask questions and talk out a possible deal that I may have. 

Id be interested in meeting up or chatting with some of y'all and see how you're doing it. What kind of deals you got going on and how I should advance on my first move. 

Hope to hear from some of you guys and converse through our ideas!