All Forum Posts by: Matt Brown

@Tom Wagner I get the comps from active listings on Zillow and Trulia. Can't guarantee that's what it rents for, but that's what it is advertised as.

I'm down. 😊

@Geraldo Jorge Torres

There's really a large spread of homes here. Most of the multifamily will be D class, C- at best unless you get into Harker Heights, but SFRs are a good spread of classes regardless of city. What is your strategy? PM me if you want to talk details, I'm physically in the area.

@Guifre Mora

Unfortunately it is an as-is sale (estate sale). We knew condition wasn't great beforehand hence we were already planning on doing that work. Appraisal wasn't too clear on it anyways, said mildew around the tub, that's a Clorox wipe fix! (We're replacing the tub altogether though)

@Guifre Mora I've no doubt that it is accurate. However, the lender, and both the listing and buyers agents have never heard of this and really don't know what to do.

We're currently under contract to purchase a property for $65k.  We're using a conventional loan on it so we're putting down 20%.  No issues so far.

The appraisal came back at $75k with a few "lender required repairs" listed such as flooring and mold/mildew.  Both of these things we've already planned on fixing and budgeted in our rehab.

Has anyone seen lender required repairs on a conventional loan before? I've seen it on VA/FHA, but not conventional.

Our options at this point are for the seller to remedy the issues, us to remedy the issues (before we even close because we can't close until the repairs are made), or back out of the contract (we do have a clause in there that covers this). We don't want to back out as we were planning on doing the repairs anyways, but I still have a natural hesitation on completing repairs on a house I don't own because we haven't closed yet.

@Charles Pridgen

With forbearance being widely accepted, I think foreclosures will decrease. Not just that, anyone caught up in this mess will be in their houses for a few months even if they didn't get forbearance. So, it could be a while, to answer your question.

@Kevin Mahoney

Purchase + repairs < 0.7 * ARV

You do that, you should be sitting pretty good.

@Lavar Harden

I'm trying slowly but surely out here in CenTex. Going for the buy and hold route.

@Lavar Harden

Geez Lavar, you're on a roll!