All Forum Posts by: Dave Myers

Hi all - I'm in an area with HOA and one of the residents wants to amend the HOA documents to limit the number of homes which can be rented out. He indicated that the number of rentals in an area can make the area "high risk" to lenders. One possible exit strategy I had when buying my home was the possibility of renting it out in the future rather than selling it outright. With that in mind, does anyone know if there rental homes impacts a lender's loaning decisions and to what degree? Clearly the lender factors in credit score and that carries a lot of weight in the decision. Along with employment history, etc. Does the number of rentals impact their decision and to what degree?

Thanks!

Dave

Thanks all for the comments and feedback.  This is a such a great site :)

I reviewed my contract again and there's another section which describes, among other things, that the contract is active on the "date it is delivered to the offerer".   So, although there is a signed date, the contract starts when it's actually delivered (via snail mail, fax, email, or hand delivered) to the offerer.

Thanks again all for the great input.

-Dave

Hi fellow BPers!

I have an interesting question about Purchase/Sale agreement dates.

I have my home for sale and the buyer (electronically) signed the agreement on April 15th and then sent it to me.  I ALSO signed it on April 15th.   They signed it first on the 15th and then I signed it -- same day.  My agent sent the buyers agent a copy on the 16th (following day).

In the meantime, a previous party has expressed interest in the property and upped their offer enough to get my attention.

Here's where it gets interesting.  According to my contract, "Buyer shall have 10 calendar days after the date of acceptance of the contract by both parties to have inspections, environmental inspections, and/or tests completed."

The buyer has scheduled to have the inspection on April 26th.

I told my agent that I thought that the buyer is missing the inspection date by one day.  She tells me that because she didn't get the agreement back over to the buyer until the following day, that they would have until April 26th.  Since both myself and the buyer had signed it on the 15th, it didn't seem to matter as to when she delivered it to them.    On the other hand, if she took 7 days to notify/deliver it to the buyer, it would not have been fair to them to only have 3 days to have the inspection.  Possibly it's a matter of both parties KNOWING that the agreement has been signed?

Interested in anyone that might have experience with this.

Thanks,

Dave

@Steve Vaughan - That's a great suggestion.  By providing more time to accept the offer, I won't lock out other offers at the start of the selling process - if a solid offer comes along in the meantime, I'll be able to take advantage of it and it motives the other side to move quickly.  Thanks again.

@Sonya Stovall - I'll check with my agent to see if that's something that she's used in the past.  I have to admit that I'm a bit disappointed that it wasn't something that she mentioned to me when she gave me the offer.  Awesome.

-Dave

Hi BPer's!

I had my personal residence on the market for a day and have been presented with a full price offer.   Unfortunately, the offer is contingent upon the sale of the buyers home.   My question is whether or not it makes sense to accept the offer?  If I did, what should be connected to the acceptance?

Here's what I know:

- Buyer to supply lender pre-approval letter w/in 24 hours after offer acceptance.

- Buyer has 30 day contingency clause for getting loan and they want to keep the $500 earnest money if they don't get the loan

- Buyer want 12 days to have inspections completed

I don't know the condition of the buyers' house or their asking price, etc.  If they're not realistic in terms of their pricing, etc, they could be sitting on their home for a while. Since they have a home sale contingency in play I'm not certain what is considered "typical". Any advice is greatly appreciated.

Dave

Congrats on getting in there.  The final product looks great!   How long was it on the market following your upgrades?  Also, if you sold through an agent, do you think getting your RE license would be something worthwhile?  Just curious.

@Russ Scheider - it really sounds like things are tight there for now and I imagine that many of the deals to be had now have very thin margins overall.  Thanks for the post.

Dave

Sorry I didn't include more detail in my original post. I'm considering the Charleston, SC area overall and was looking for strategies that flippers use for evaluating a geography. (Maybe I should have asked if Charleston, SC is a good area for flipping SFH to new owners?)

I'm also picking up @J Scott's book and expect that will be helpful in my efforts.

@Rodney Marcantel - which software do you use for researching areas / growth etc?  I can see where having an agent lined up would certainly help, but I'd also be interested in any tools that I could use that could make searching more accessible.

Thanks all!

-Dave

Hi All,

I'm looking to flip SFH's and wondering how I can determine which cities would be a good starting place. Can you look at selling trends or demographics, etc to determine if a city would be a good opportunity? What would you generally look for in a market to determine if it would work?

Thanks in advance.

Dave

I second @Gabe Gordon on this one.

Dave