All Forum Posts by: John Woodrich

If your only goal is to have it for the purpose of the transactions mentioned it is easier and possibly cheaper if you do a flat fee listing through Home Avenue and find a realtor who offers realtor rebates.  

I don't know how familiar you are but signing on with the MLS, paying MAR fees, etc is higher as a limited broker but it would likely be under $2k to get the license, pay for a year of dues, registration, etc. There is some time involved also in waiting for the background check and it is largely a process you have to weed through on your own as there isn't much written on it.

I would recommend talking to someone like @Daniel Anshus to see if you can work some sort of deal for handling both transactions.  Maybe said agreement would have you pay the cost of a showing agent to open doors for you vs Dan wasting his time if you take a while to find something.  Only reason I am offering this is because you said you had a license and you may be looking for someone who may take more of a facilitator fee, not necessarily guide you through the whole process.  I don't know if Dan would be open to it but it may be worth a discussion.

I have a limited broker's license.

I would first figure out what "cheap" is and whether it is worth your time unless you want to simply help her out.    The program is a sh!tshow.  I know people who have had applications in since the program opened that haven't been paid out.  My wife applied for one of our tenants, application started Aug 20th and we received a check which included future rent last weekend.  Think it is a matter of staying on top of things, responding and getting documents in as fast as possible so they stay on your case. 

Owner will be reluctant to offer seller financing when they are already in contract with you for a purchase....

Applaud your willingness to try and take down this unicorn financing but you mentioned on one of your many other posts related to financing for this property that DSCR is .88 and I can't see a lender willing to touch this even with 25% down.... Some HML will do bridge loans but overall the numbers don't seem to make sense.

I don't know the deal and suspect you are trying some Airbnb or resort operation but if you look at what actual resorts sell for and how much more value you get in buying a resort, you will see why this sounds like a stretch paying full retail for 4 different condo units.  

Most foreclosure auctions are "won" by the bank who holds the loan.  They show up and place a bid for their loan amount as they need to protect their asset and it may be a sh!thole but they don't know that.  They aren't going to let their money fly easy.

As mentioned, if you "win" then there is a redemption period - in MN it is typically 6 months.  I have had people win at auction, pay, and have their funds tied up for 6 months and not get the property.  

Auctions can work well but the foreclosure auctions have these issues and are why most of us don't waste our time.

I also recommend @Tim Swierczek

So you are saying that if he has a $300k property, that the new driveway will increase the value to $315k-$330k?  I am not buying it.  IMO from a value standpoint it is hard to get back 100% of a driveway investment when you sell.

From a rental standpoint - sure it will add some value - tenants would much rather like parking on a driveway than dirt.  But are they willing to pay more for your house with 1 of 2 driveways paved?  Maybe but not likely much.

This will depend on your area, overall quality of your house, etc. If you are in a nice area it could be reducing your tenant base/rent but if you are C/D it is unlikely that the tenants will be willing to pay much.

I don't know what it looks like but unless it is very bad or you think that your quality of tenants is being affected I would hold off until you sell.  Will save some heartache from when the 1982 ford causes oil stains all over.

I don't think this is possible under a conventional loan.  Your post seems a bit confusing as to whether this is a 4 unit building you are purchasing or if you are purchasing one condo unit in a 4 unit condo building....

If there is a way @Tim Swierczek will figure it out for you. He works with a lot of RE investors and can figure out a solution.

@Tim Swierczek is correct, you have to live in it as your primary residence for 2 years then you can qualify for the 121 gain exclusion.  I also agree that I wouldn't hold on to a property that doesn't work well as a rental as it may slow you down.  You can make condos work but if you didn't buy with that intention it may not be a good overall investment.

Prices are high, finding a good cashflowing duplex won't be easy.  I would connect with a seasoned investor like Tim who can walk you through strategy as an investor while considering your optimal financing strategy.

You don't waive them per se - the seller either gives you a seller's disclosure form disclosing many things about the house or they give you a "Seller's Disclosure Alternative" form and waive disclosing information.  I suspect you received and signed a waiver during your purchase of the property.  Here is some online information about it: http://www.stevenhong.com/home-buyers/sellers-disclosure-alternative-and-why-a-seller-would-use-one/#:~:text=The%20Seller%27s%20Disclosure%20Alternative%20is%20a%20way%20for,of%20information%20in%20order%20to%20purchase%20the%20home.

@Tim Swierczek can help you with this.  You may find that an appraiser has issues pulling comps which could be a good problem on the buy side, may be tough on the sell side.  Like @Bruce Runn's example you could create some nice equity if you could split them into 2 parcels but if you are planning on walking in highly leveraged you may have to wait to save the cash to make it happen.