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All Forum Posts by: Herndon Davis

Herndon Davis has started 26 posts and replied 147 times.

Post: Am I Out of Line? Negotiating After Inspection

Herndon DavisPosted
  • Lender
  • Ft. Lauderdale, FL
  • Posts 156
  • Votes 98
Originally posted by @Anthony Gayden:

 If you actually signed a contractual agreement stating that you would buy the house As-is without any additional inspection or clauses around it then YES, you are indeed out of line.

 However it doesn't stop you from trying though. The seller may be motivated to reduce the price. Please let us know how it turns out.

Post: Is Memphis The Next Boom Town?

Herndon DavisPosted
  • Lender
  • Ft. Lauderdale, FL
  • Posts 156
  • Votes 98
Originally posted by @Michael Williams:

WOW CONGRATULATIONS!!  Please keep me posted!!

Post: Bigger Pockets approved mortgage lenders or Private lenders?

Herndon DavisPosted
  • Lender
  • Ft. Lauderdale, FL
  • Posts 156
  • Votes 98

 You actually have more options than what you've listed. But it all boils down to the deal itself.

Do you have a specific property in mind and have you used the BRRR calculator? May we see the results?

There is no immediate right or wrong black or white answer to your question without additional details about a specific deal.

Post: Is this a good deal?

Herndon DavisPosted
  • Lender
  • Ft. Lauderdale, FL
  • Posts 156
  • Votes 98

What numbers are you coming up with?

Did you use the bigger pockets BRRR calculator? If so can we see the results?

 Have you done research on the rent in the area ?

What is it about this deal that gives you pause?

Post: My Property: Seller Finance it Instead of Renting it?

Herndon DavisPosted
  • Lender
  • Ft. Lauderdale, FL
  • Posts 156
  • Votes 98

 What if your tenant that you're seller financing to decides to pay off the loan early by refinancing through another lender? It will force you to have to pre-pay your refinance as well.  

Also how are you vetting this person? Are you going to send them through traditional type of underwriting criteria because most people are doing seller financing wont beable to meet it.

Those are the only two things I could think of

Post: I won two online Baltimore Foreclosure Sale but I bid too high!

Herndon DavisPosted
  • Lender
  • Ft. Lauderdale, FL
  • Posts 156
  • Votes 98
Originally posted by @Katrina Nicole-Ivy:

Thanks! Ill try using lending tree. I think Im going to contact the auctioneers tomorrow and ask if they could excuse the 18700 property. I would even be willing to pay the 2k deposit just for wasting their time in a way. Do you think ill have a chance? 

Yes of course. They will take your deposit and you might get suspended for awhile from bidding.  But I think they would be willing to work with you to gather the funds even if it takes a few weeks to do so. Remember they want the property off their books. So they want the cash. IF you can promise them a few weeks longer you're have it they might work with you!!  Tell us how it turns out.

Post: Negotiating for Beginners - tips and secrets

Herndon DavisPosted
  • Lender
  • Ft. Lauderdale, FL
  • Posts 156
  • Votes 98

Research is KEY
Confidence is a GIVEN
I struggled with the same thing.  I'm a number cruncher and have the ability to memorize all aspects about a property.  But I wasn't as savvy talking the talk.  You know shooting the fat, BS-ing folks and thinking quickly enough on my feet.  Over time you will develop those skills as you understand the deals and not just memorize the facts and figures as I used to do.

When all else fails, take a deep breath and say "Let me think about that"

Post: Lenders & Investors Advice

Herndon DavisPosted
  • Lender
  • Ft. Lauderdale, FL
  • Posts 156
  • Votes 98
Originally posted by @Stanislass Jones:

@Herndon Davis @Herndon Davis I too am interested in what nq mortgage has to offer. Interestingly enough this is the first time I have heard of this. (Guess I’m really green). Looking to purchase first investment property in the Houston TX area. Would you mind emailing me some more info please?

Hey just PM'd you the info.  I'm also based in Houston!!

Post: Home of an estate sale undervalued?

Herndon DavisPosted
  • Lender
  • Ft. Lauderdale, FL
  • Posts 156
  • Votes 98

Well that's a different story then. The children or familt were probably estranged from owner. If the property was abandoned then you most definitely have an advantage however there are other buyers thinking the same thing just like you?

 So what's your game plan?  If I were you I would try to find out who owns the property on paper. Just in case you get into a bidding war or dealing with a greedy realtor. The nuclear option is to cut them out the deal altogether.

Post: Post inspection: still worth it?

Herndon DavisPosted
  • Lender
  • Ft. Lauderdale, FL
  • Posts 156
  • Votes 98

Why would you negotiate repairs at closing? Use the report as proof to reduce your offer even further. This is an investment property your'e talking about right?