All Forum Posts by: Tammy Braz

Great story. Talk about being creative!

I will try to make this meeting. Does anyone know of a good carpenter in the New Haven area.  I put an offer in on a SF in Hamden and I plan to rent it out (I actually have a renter) and it needs some minor work.  It's a short sale.  I'm looking to invest in more properties, maybe condos.  Any advice ?

Thanks Jorge, I think the real estate agent wants to be able to close the deal as soon as possible after we hear from the bank.  So I went along with the inspection but now I'm having cold feet, again.  Inspection wasn't bad but there are a few things that worry me. Purchase price is $89,000, 3 bedrooms, SF.  I have a renter who will be paying $1,200 a month.  Could probably get more but I'm giving the renter a discount.

Thanks, Wayne.  I guess that's why my agent asked me how much of an additional downpayment I was willing to put down.  But I thought she meant after the bank had approved the short sale.  I agreed to an additional $20,000.  I am getting the inspection (another $400) done on Wednesday.  I told my agent that I wanted to get the inspection report before I sent in the additional down payment and she said that I couldn't do that.  But it makes more sense, to me, to wait. If the appraiser finds something major, I may not want to go thru with the deal. 

I just put an offer on a short sale property.  I put down a $1,000 deposit and offered the asking price (The SF home had gone down several times and there were multiple offers).  The seller accepted my offer. And now the bank has to approve.  My agent wants me to get an appraisal and put down a larger deposit before the bank approves the short sale.  Is this the normal procedure for a short sale? I don't want my deposit tied up, if the bank isn't going to approve the deal.  Please advise.

This happens to me all the time and I wonder if someone's pulling my chain.  Unfortunately, I don't think there's any way to verify, at least in CT.   I guess you have to trust the process.  I usually have a price that I'm not going over and if I don't get it, Oh well.  I've lost a few deals, unfortunately. 

So, it's been about a year since I decided to start investing in rental properties. What a roller coaster.  I've gone from MF to SF to vacation rentals and back.  I put offers in on several houses but I was never the high bidder or the most attractive offer. My latest property, a SF, I went in at asking after it was reduced several times and my agent said that there were multiple offers (Don't really know if that was the case but what are you going to do?) 

It's a short sale and the seller has approved it but the bank still has to approve the sale.  My agent stated that I should send in my large deposit and have an inspection even though the bank hasn't approved the sale. Does this sound weird?  I feel like I should wait until the offer has been accepted by the bank before the inspection and large deposit? I told her this but she said that the bank would know that I was serious if I put down the $20,000 deposit and the inspection would let me know if I needed to negotiate any repairs.  I already left a $1,000 deposit.

Jesse T  - In my desired area - Yes, it doesn't cash flow.

The house that I'm considering now is a two family and the third floor is being used by the 2nd floor tenant.  If she moved, the third floor could be a separate apt.  It has a bath, two bedrooms and an area where a kitchen could be put in.  Permits would have to be obtained but I'm not thinking about doing that any time soon.  

So I found a property, not in my original target area because it's too expensive, the numbers don't work and it has high taxes.  I found a 2 family house that I like and it actually has the potential to be a 3 family with very little work.  It appears to be well maintained (we will see after the inspection) and the tenants seem happy there and want to stay.  The schools are decent, the neighborhood looks safe, updated electrical and heating, new roof/windows and the tenants pay their own utilities.  I ran the property calc on bigger pockets and my purchase cap rate is about 10%.  So I submitted an offer that they countered and I felt relieved but I countered back and they countered. Now the ball is back in my hands and I may be getting cold feet.   

Thanks John, I'm a newbie but I've been thinking about investing in rental property for a long time.  I also turned down a couple of deals because of location.  If this deal doesn't work out, I have a few more on the back burner.  I'm not going to rush into anything...