All Forum Posts by: Corey Demuth

Check this out:

http://www.reuters.com/article/2014/10/15/us-usa-tenants-tech-idUSKCN0I415W20141015

Could be good, could be bad... I could see this type of thing being abused. RentRocket could be useful for evaluating deals though, if it turns out to be accurate.

That pretty much sums it up. What, he couldn't see how big the fridge was when he viewed the apartment? Sounds like he is either a pro tenant as the above poster just mentioned, or he is just a nutjob and he's trying to see how much of a doormat you are going to be.

If you have the right cards (credit unions are the best for this IME) you can pull a large amount off one card, then do a promotional no-fee balance transfer to the credit union card with special terms like 0% interest for 1 year or 4.99% interest for 4 years.

I have one card that I can cash advance for no fee and at the same low rate as purchases (either 8.9 or 9.9% I forget) and several others that offer me very lucrative balance transfer deals like I described above.)

In my area this is a common tactic. When we were buying our home, I remember several deals where we made offers that were about 4% off the asking price and the realtor would come back and try to tell us that they had received another offer for more than that.

I told them "then go ahead and sell to them" and that was that. Out of curiosity I looked again on the MLS months later (after we had already bought and closed on a different place) and - in literally every single case - those properties were still on the market. Right, I'm sure they had bidding wars and every single one fell through...

The wholesaler might be better at negotiating (ie maybe the wholesaler got the property for 10-20k less than what the investor would have been able to negotiate.)

Or you could just be paying a middleman fee for no actual added value. It depends on the situation.

Kyle, when was the last time the filter was changed? I was looking at a condo a while back, and during the inspection we found this same problem but it turned out the filter just needed to be changed (which wasn't cheap for the record, but better than a water line issue...)

@Remy Balogun  The hardest part for me was dealing with people not understanding what the hell I was trying to do, and thinking it was some kind of scam or rip-off. People in the northeast are very paranoid and cautious in general. YRMV.

Some wholesalers avoid this issue by not really explaining what they are doing to the property owner, and more or less allowing them to believe that the wholesaler is simply going to buy the property themself. However, when you get to the closing table and they figure out what you did, and see that nice big difference between what you paid them and what you just re-sold their property for, they may just flip the hell out.

I didn't want to be deceptive so I was up front with property owners. But I basically figured out that in order to do it successfully in my area, you would need to let them believe you are going to buy the property yourself and then deal with the fallout at closing. I didn't want to be deceptive and I didn't want to be stressed out dealing with drama at closing, so I just gave up on the whole idea of wholesaling and shifted toward other areas of REI.

In Queens, it is very common for rent asking prices to drop around September - January, due to the much higher difficulty involved in finding a tenant during this period.

I also wonder if one were to put down 20% on a FHA 203k loan, could they get out of having to pay the absurd mortgage insurance? FHA mortgage insurance is HIGH.

Thanks everyone. @Account Closed does the HomeStyle loan automatically become a full 30-year fixed loan? Is the 5.5-6% only for investors (is it a normal interest rate if it is not an investment?)