All Forum Posts by: Kyle Penland

Close like normal and have a title company receive the payments.  Sounds fishy to me.

I would just come right out with it...You meaning your realtor only acts with your authority and anything else is breaching contract...I'm not good at sugar coating it...But I say what I am trying to say directly and move on.  The bank isn't going to deal with you...You can call her broker and work with them, but in all honestly I think your realtor was trying to be helpful but just went about it the wrong way...Good luck with this!

I would check and see if you could refinance it and make it cash flow...If not I would cut ties and move on.  

One other possibility I just thought of was owner financing it to someone?

@Jerry Padilla gave me some sound advice once...Connect with him.

Use a different lender...You should be able to get away with MUCH less than 25%

I would advise you not to offer 76k...Offer something random like 76,326 or something off the wall...Everyone else is going to offer 76k and you need to beat them.  Someone will bid 76,001, and someone else will bid 76,105 if they are smart...

I would pay no attention to Zillow by the way...Get your own comps.  

Save up or take on a partner...You don't want to enter a deal strapped for cash.

Several things for me here that may help you...

I do not invest in properties with HOAs. I hate HOAs. When I bought my first townhome, I was poor, strapped for cash, this was 15 years ago...The HOA decided to paint the exteriors and tripled the HOA fees for 3 months...My HOA went from 150 a month to 450 for three months...It was almost as much as my mortgage. Left a bad taste in my mouth.

Second, I would not put 40k into any property that didn't CASH FLOW significantly.  Why invest 40k to break even?  Go put it in a bank and draw interest.  

Personally if I were in your shoes, I would walk.

Sounds to me like the loan officer and appraiser are TIGHT!  Find yourself a new loan officer and kick them both to the curb.  Recently my loan officer and I both challenged the appraiser.  Your loan officer works for you, not the other way around.