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All Forum Posts by: Samuel Larger

Samuel Larger has started 8 posts and replied 24 times.

Post: National Real Estate Investing Group?

Samuel LargerPosted
  • New Bremen, OH
  • Posts 24
  • Votes 2

I was scouting craigslist and this job posting came up of a company looking for apprentices. To me it sounds like a guru boot camp program but wanted to hear your opinions.

http://dayton.craigslist.org/rej/4524179150.html

http://columbus.craigslist.org/rej/4609471252.htmlhttp://dayton.craigslist.org/rej/4524179150.html

Post: Going to Court Sooner than Later

Samuel LargerPosted
  • New Bremen, OH
  • Posts 24
  • Votes 2

Thank you @Wayne Brooks !

Post: Going to Court Sooner than Later

Samuel LargerPosted
  • New Bremen, OH
  • Posts 24
  • Votes 2

I had financing approved, we were just waiting for the close date. The price reduction after the inspection never happened, I tried to negotiate but the seller kept dragging his feet and when the bank found out about the disclosure issues they dropped out. I see where its not worth moving forward.


This was my first deal, so please let me know where I made my mistake for future reference.

  1. 1) Started with verbal negotiations.
  2. 2) Arrived at an agreed price.
    3) Signed contract.
    4) Signed disclosure.
    5) Had the property inspected.

Post: Going to Court Sooner than Later

Samuel LargerPosted
  • New Bremen, OH
  • Posts 24
  • Votes 2

My agent advised me to go to the state to file a complaint and then go from there. As far as monetary loss I am out my inspection cost, time off work, and time invested into acquiring the property. I would not have went forward if he disclosed the furnace and structural issues.

Last night my agent called up saying the seller had a "change of heart" and would sell the property. At this point I just want my $750 from the inspection and would like my lost wages. I'm half tempted to ask the seller to purchase my inspection report. This way he can fix the place and list it for higher.

Post: Going to Court Sooner than Later

Samuel LargerPosted
  • New Bremen, OH
  • Posts 24
  • Votes 2

I have been in contract with my first deal (buy and hold) since 5/20/14 with a closing date by 7/12/14. The seller, who is a broker (but not the selling agency), signed the property disclosure with no issues brought forward so I signed and went forward my inspection. At this point it has still been sight unseen until I accompanied the inspector. During the inspection there was 1 of 4 furnaces red tagged by the gas company, a perfuse smell of gas in a separate crawl space, leaking roof & crawl space, termite damage, structural & foundation issues. We renegotiated for a lower price or the seller would pay the cost of inspection. Three days till close my bank cancelled the loan process, however; my agent & the seller's agent found a loan office the next day that would carry the loan but needed 20-30 days for underwriting. 

My agent contacted the seller to discuss the situation and he was both unprofessional and uncooperative. He pulled his contract from the listing agent leaving both agents and myself hanging out to dry.

The seller had to have basic knowledge of these issues. My agent suggested we file a complaint with the state. Both agents are put down as witnesses with specific points & pictures from the inspection included.

So time for the real question: If the state sides with us, is it worth going to court

Post: North Central Ohio, Just Signed Up

Samuel LargerPosted
  • New Bremen, OH
  • Posts 24
  • Votes 2

Welcome @Donald Crockett !

I definitely recommend listening to the podcasts especially if you do a decent amount of driving. Also, I would look into leveraging your current properties to add a couple more investments to your portfolio.

Enjoy the community Don!

Post: Proof of Income Please

Samuel LargerPosted
  • New Bremen, OH
  • Posts 24
  • Votes 2

Thanks @Wayne Brooks !

Should I ask the seller for "insurance" on the rent- Basically have the seller sign a document stating if the tenant is late I can collect from the seller?

Post: Proof of Income Please

Samuel LargerPosted
  • New Bremen, OH
  • Posts 24
  • Votes 2

I am performing due diligence on my first deal and find out the seller can't/won't prove the income on the property, what now? The seller won't provide bank statements or tax returns and I am unsure to whether rent was actually collected since it was an inherited property.

My offer was accepted with no earnest money so should I cancel the contract before wasting money on an inspection?

Any help or advise would be greatly appreciated, thanks!

Post: Final Offer Placed - Your Thoughts?

Samuel LargerPosted
  • New Bremen, OH
  • Posts 24
  • Votes 2

@Scott E. The reason behind the 3/1 ARM is my lack of credit score, the loan officer said I would qualify for 4.25% if I had taken student loans versus working my way through college.

Deferred maintenance is my biggest fear but the offer is contingent on satisfactory review.

@Cal C. I rough factored in vacancy, utilities, maintenance & property management into the expenses. I only have pro-forma numbers to work with until they sign the acceptance.

@Darrin Carey Gross Rent is $2200 fully rented with myself not occupying. I will be onto my next Owner/Occupant property within 9 months of this properties close hopefully.

Post: Final Offer Placed - Your Thoughts?

Samuel LargerPosted
  • New Bremen, OH
  • Posts 24
  • Votes 2

I have been in verbal offerings and submitted a final official offer and wanted your opinions. Location is Champaign County / Dayton Ohio area. It is a 4 Unit with 3 units occupied with myself to occupy the 4th.

Sale Price: $115,000

Loan: $92,000

3/1 ARM @ 3.25%

Mortgage: $400
Tax: $265
Insurance: $75
Expenses: $985

Gross Rent: $2200

Thanks for your input and advice! It is a pre 1900's home too.