All Forum Posts by: Sean F.

Good news, the sellers called me this morning to let me know that the deal didn't go through.

I sent them my pre approval letter.

I'm not sure where to go from here. The prop is being sold FSBO and I'm not planning on using a realtor. They have a RE attorney working for them.

Should I hire a RE attorney to draw up a contract for me? I know I want the sale contingent on the appraisal.

It's great to see a few people in the same boat starting out and what directions they eventually all head.

I'm also in the process of nailing down my strategy, hoarding away cash, building credit, learning my market etc...

I like the idea of taking advantage of low owner occupied financing. I would love for my first purchase to be a multi where I could live in one of the units while I rehab. I think that would be the ideal situation for me to get started.

Thanks for the replies and pointing me in the right direction. You're absolutely right I have no problem owner occupying for a year. I think this is going to be the best way for me to get started.

Thanks for sharing those links.

Just a quick update. It looks like I got outbid by a savvy investor. I have to admit I'm a total newb at this but have learned quite a bit due to this real world experience.

Basically this lady came in with her realtor and pre approval from the bank. She offered high knowing it wouldn't appraise and she got her foot in the door with the seller. So they will end up negotiating. I should have known better but was going off of family advice to offer the lease option as I'm still saving up cash to cover closing costs etc...

So basically I learned by talking to a realtor friend that the market is extremely competitive right now due to low inventory. She said Dade County inventory is 60% less than last year. I'm competing with cash buyers, and borrowers that can go conventional. I'm at the bottom of the totem poll trying to go FHA.

This may seem elementary to most, but this was my first real world experience.

@Jeff S. I'm at 0 debt, and there is no HOA.

I checked out the open house today. The property is in definite rehab condition. The previous owner took the fridge, stove, and all light fixtures. Everything is dated, old kitchen cabinets, old bathrooms etc.

I met with the owner, he received offers up to 116k. I told him if the offers fell through to give me a call for a potention lease option deal and he was receptive. He asked me if I would purchase at 100k and pay $1,200/month during the lease period. I told him it shouldn't be a problem and left him with my information.

I'm planning on following up on Monday with a lease option contract.

Hello everyone,

I'm finally arriving at a point in my life where bad credit habits have been cleaned up and steady income and employment has been secured. I have always had an interest in Real Estate, Investing, and becoming and Entrpreneur. In my spare time I have found myself combing through the forums and hunting down deals in my local neighborhood. Feel free to check out my profile and read about how I got involved in RE.

Yesterday on my way to work I spotted a plain white open house sign that jumped right out at me. I followed it around to a familiar neighborhood where I had been eyeing a foreclosure that went for auction. Sure enough it was the same townhouse that I had been watching.

The property is a two story townhouse 2br 1.5 bath located in Hialeah, Florida on a small lake. I have an attachment to this type of property as I was raised in a similar townhouse on a beautiful lake just around the block that my parents still live in til this day.

I contacted the owners as the property is FSBO, they are a very nice retired couple that are the original owners of the property! they recently foreclosed on the borrower after he lost his job and stopped making payments after 6 steady years. I asked if he was willing to seller finance and said he didn't want to go that route again. He's asking 100k.

I will be attending the open house tomorrow, any ideas of how I should structure the deal? I would love to lease with an option.

Is anyone willing to perform a quick pencil search for me?

I'm sure i'm leaving out a lot of information, please ask if you need any specifics. This is also kind of my intro post after months of lurking around and absorbing info like a dish sponge.

Thanks for making it to the bottom of this!

@Vincent, check PM. Also sent you a colleague request.

@Keith, I'm also in South Florida educating myself and preparing for my first purchase.

There is a meeting today at the Dade County REIA. I know this is short notice. Maybe next time you can make it out for some networking.

http://dreia.org/