All Forum Posts by: Neil Blalock

 Thanks, my agent and broker came together today and really provided me some guidance.

I met with all of them today. I cant live in it yet but yes the seller and builder are shady. I am completely entitled to my deposit if the contract expires but my agents broker who is also a general contractor said if we do an extension for another 30 days right before my loan is due then thats a more realistic timeline for them to get it done so I will probably do that

So today I met with my agent, the seller, and my agents broker who is also a general contractor. He said that their timeline of getting it done is not reasonable but they arent far out yet to where we should worry about trying to sue them. He recommended I do an extension on the contract up until a few days before my loan expires 

Hi I am hoping someone can help me with my current issue. I am new to real estate and so is my realtor. I have been under contract on a new construction duplex in fort myers, FL since March. The builder and seller agent said the home would be finished 8/18/23. They keep saying the property will be done in a couple weeks and have continued to push back the closing date. My closing is 10/1/2023 according to contract but they just now told us we need to sign something to extend the contract because they are still not done and my loan and rate expire 10/27/23. I have 25k locked in escrow and im sensing this to be a shady situation. They are threatening us saying they have higher offers on the property hoping I back out is my guess. Should I get a real estate lawyer involved? Should I be compensated for breach of our original contract and sign the extension? I dont know what to do.

Thanks! I forgot to mention in the post that its a conventional loan. My dad is saying I have to pay to have it refinanced and my lender is saying it just drops off with no cost. So I just want to make sure that is certain.

Hi BP community, I was hoping to get the answer here for this question. My lender has approved me for my loan and said I can do 15% down instead of 20% and the PMI will drop automatically after 78% LTV. My dad who has bought multiple properties says PMI does not drop unless you do a refi on the property after having enough equity in it. Thanks for the help.

 I agree, the only problem is I am specifically looking for a 2-4 unit which means it is really only possible in san carlos park, lehigh acres, or cape coral. Cape coral is great and rents are very strong but I am priced out of the market and I am having hard time finding anything reasonable in san carlos. This is my first property ever so I am just going to pull the trigger on anything I like and will learn along the way.

 This is super interesting, I was hoping to get $1800 a month from 1 side on a 3x2 with 2 car garage but it was built in 2003 so its about a 100k less. Thanks for posting

I just submitted an offer on a duplex in Lehigh acres and was wondering if there are other investors in here or people in who invest in the Lehigh area that I could connect with? I am currently living in fort myers and looking to invest in multifamily in lee county area.

I am ready to purchase a property but how accurate are the mortgage calculators on Zillow or Realtor.com? I am trying to align that with getting my rent numbers right which is also difficult. I will be doing a conventional loan on a 2-4 unit.