All Forum Posts by: Account Closed

@Scott Mac No inspection was performed.

I represent a seller who has a property under contract. Due diligence was waived, only contingency was passing a termite inspection. Inspector claims the crawl space wasn't accessible and he couldn't perform inspection, so buyer wants out. The crawl space is accessible as there is a space in the side of the house for access thar is uncovered. Even if it tight should the inspector still have cameras to inspect the crawl space. There is no proof of termites. Is buyer entitled to earnest money?

@Cassi Justiz

Wouldn't the fact that the property is under contract be considered equitable interest?

Looking at listing wholesale deals that are under contract on the MLS. Does anyone have any experience with this? I feel like I'm missing something, but not sure what it would be. If I have it under contract, what kind of listing agreement would I need?

@Collin Savunen These are the same idiots who say it's cyclical and happens about every 25 years. Its only been 10 since the last crash. So first we establish they can't do math. Second, fear sells. I in the past it was news papers, now it's 24/7 click bait. I once worked on a tree farm and my boss said something very wise. We would see the forecast calls for rain, but would keep working like it didn't matter. His words were this. "If you keep waiting on it to rain you will never get anything done". Dont over leverage yourself. Keep cash reserves. A housing crash is a great time to build a portfolio.

Its not crack. lol. I probably would. Depending on how old they were when they got it. Do they take care of their car? If their car is a mess then you better believe they will leave your rental a mess. As far as the smell,,,,,,

Maybe this is just a rant, but if you have any advice/ideas worth sharing that would be appreciated. I understand that real estate investing is a marathon and not a sprint. I don't have grand delusions about starting with nothing and retiring in 3 years because I struck some magical deal. But i would just like to be able to start this endeavor before I retire. 

My wife and I do our best to stick to Dave Ramsey's plan, but in many instances, his plan is only practical if you make 6 figures. How often have you heard someone go on Dave's shows and do their debt free scream just to hear that they paid off $75,000 in debt in 36 months making making $50,000 per year. Rarely. Not saying it doesn't happen, but its usually someone making over $120,000 per year paying of $50,000 in 16 months just by not taking 2 vacations and selling their BMW.

Our household budget has been trimmed every way possible. Our house payment is less than 15% of our gross pay(half of the recommended maximum). We don't have satellite or cable and have the cheapest phone plan on the market. We have not been on a real vacation since our honeymoon(4 years ago). We rent a room out in our house for $100 per week(and its only a 1 bathroom house). The combined total value of both of our cars is less than $8,000(not complaining, just stating that we are not extravagant).  We both work full time and take side gigs on the weekends(cleaning, parking lot attendant, moving).

We owe a few thousand on our vehicles and that isn't really the issue. It is actually quite manageable. It's the damned student loans that are killing me. Balance for my wife and I is around $75,000. But since we are on an income driven repayment plan all we are doing is pay interest. I have looked into every possible student loan forgiveness plan and I do not qualify. The only good thing about this is that I have an amazing credit score.

So does anyone have any ideas?

I rent a room out in my SFH. It is currently rented for $100 per week. How will this affect my Taxes? Will I be able to deduct a portion of my mortgage and property tax as a cost of business? What other implications will this have?

I currently own a home but would like to purchase a duplex and rent out my house. When looking at financing, would I be able to include the potential rent from my home as income? Would I need it to be rented prior to seeking financing? I am interested in using a 203k loan on my multifamily unit, but multifamily can sometimes be hard to find. I have considered building a new duplex. Is that a wise option? I live in Greenville SC. I am looking to refinance my home in coming year when I hit 20% equity.

Here are the financials.

Current home value-    $105,00

Current loan Balance-   $89,00

Current income-            $65,000

Estimated income from rented home- $12000/yr

Property I would like to buy-    $150,000 or less.

Just curious about who everyone uses as a background check service. I've tried to find one online but they all seem scammy. Do y'all charge your prospective tenants to run the check?