All Forum Posts by: Eric D.

@Marcus Auerbach, Thanks Marcus, 

If I did do a lease to own would the sale date be on the start of the lease or when finished? 

It looks like about 20k of capital gains would be due on a regular sale.

Thanks I’ll check into that. I got a quote from my agent and it wasn’t much $700 a year.

He warned me that it could be as high as $8000.00 a year eventually.

I am trying to decide if I should sell or rent out a house I remodeled in a newly re-zoned flood plain. I would rather rent it but the flood insurance goes up substantially each year from what I understand?

If I sell it I would be facing the selling costs and capital gains? (house has not been rented yet). Would it make sense to rent for a period of time to be able to 1031 to another house?

Is anyone familiar with flood insurance on rental homes?

Thanks

I would be interested in a meet up group also. I am looking for another rental to acquire as I have been playing it safe the last year.

@Mike Krysinski

I agree mostly although I'm not sure the prices have stabilized yet. Oil has bottomed out but a lot of the companies are in a holding pattern until we see 60+ oil for a period of time.

Minot has a lot besides oilfield going for it but it certainly overbuilt for the oilfield which plays a part now.

Anyone use this site?

https://spendtree.com

I came across it today and it seems pretty nice, they have a limited use free version.

No I didn't sign a contract, was just going on his verbal word... which I guess is nothing anymore. Thanks for the advice, lesson learned.

Should I call wells fargo?

Also, he's a dual agent on this which I've never done. Does he work for me or the bank?

So I've been looking for a few months, put in a few offers with a Realtor and nothing really worked. Last Friday I saw a house that fit all my criteria and called the listing Realtor up, (which is the same guy I was dealing with before)

I got off work early Friday looked at the house, and put in an offer on it at 5pm. FYI: This is a Wells Fargo foreclosure he said they were accepting owner occupied now and next Wednesday they would accept investor bids so I wanted to move quick.

Timeline of events:

Friday: 5pm put in offer at list price as owner occupied, he said I might hear something that evening.

Monday: I called him at the end of day because I had not heard anything, he said let me check the website,The bank asked for highest and best offer since there was another offer, so I raised my offer a bit.

Tuesday: He called me and said the bank had accepted my offer as the highest and best offer but the closing date had to be within 45 days, he said no big deal, you got it i'll resubmit with a new closing date(this was never discussed not sure why he put the date out so far?)

Wednesday: I called him in the morning and he said it was all done he just had to submit a non relative form, I asked him what else I needed to do he said nothing, he would forward paperwork to my bank and they would start working on it. So I called my wife and shared the good news, then I called the bank I got pre-approved thru and let them know and that my Realtor would be sending documents over.

Thursday(today) He calls me and says the bank is now looking at other offers and if I want to stay in the running I need to submit a new higher offer. I let him know how i felt about this he said well let me call Wells Fargo and see what the deal is. Calls me back and said well it was approved but a supervisor didn't approve it.

I find it very unprofessional how this played out, I'm not sure if the Realtor has an investor friend that might be kicking him back? or if the bank is just greedy for more money? Have you guys run into this?

Sorry its so long I just feel I was wronged...