All Forum Posts by: Danielle Prendergast

Hi Bp,

I offered 100 dollars over asking price on a Homepath/fannie mae property with 5000 in earnest money and a 45 day financing contigency. Thought the offer was strong being as though the home has been listed for 20 days. Fannie mae didnt think so, they countered me saying they want to cut my financing contigency by 16 days. However, i needed that contigency bc I am currently out of state and obtaining new employment in the state which the fannie mae property is. I still need to get my 30 days worth of stubs and leave time for underwriting.

I countered them back today changing my offer to an investor offer bc its the only way i could accept their new contigency and move my loan along faster. but, i also threw in for them to pay 3% in closing costs since im now having to bid as investor.

Im having regrets about asking them for those closings costs. Thinking they may reject the contract all together. What do you think are my chances of them accepting to pay closing or at least countering back once more? Did i blow it?

My agent said there is one other offer on the property. Property has been listed for at least 20 days now.

Also in the event i manage to get under contract, how much will i have to put down in downpayments?my Broker previously told me 20% for investment properties but ive recently read that homepath allows investors to put down less?

How hard will it be for me to switch this property to my primary residence, refinance to get the primary interest rate and pull my cash back out?

Thanks!

Wayne Brooks Mark Ferguson ok thanks for your help.

Mark Ferguson can I buy a 2nd home using a conventional loan?

Hi BP,
Quick question.

I have a hud property under contract which I intend to pay cash for as an owner occupant.

My intention was to live in the property but I've got my eyes on another property that I'd like to buy as my primary home instead using a conventional loan.

Can I do a quickclaim deed on the hud property and buy another home as my primary home using a conventional loan?

Looking for some ideas..

My goal is to retire within 10 years with 50k yearly income/cashflow.

What is possible and what is not?

Thanks!

Brandon Turner and Michael Sherwood any advice on where to find these 4plexes and MFHs?

Also another option Is to refinance to get 75% of the cash out and still cashflow 200+...

Let me know..

Ok so I'm guessing its best to save the hassle and pay more for the SFH. However, I am under contract for a top floor 1300sqft 2004 3bed/2 bath condo in a area id rate 6/10. not so bad that i wouldnt live there. im paying 20k cash to own it outright. It sold for 88 originally. No rental cap and rents anywhere from 7-850/ month. HOA fees r outrageous at 150/month. even with this..Cashflow 300+

Take it or leave it and put down on a home? I figure i cant go wrong since its so cheap and i own it. Exit strategy is hold for 1-2 years and flip it as i imagine it to go up in value as others are selling in the 30s.

What are your suggestions?

Hi BP,

I know for the most part that buying SFH and mutli family homes are better for long term investing strategies due to the appreciation and HOA/rental factors. However, granted you find a property with decent cash flow, very low HOA, and no current rental caps, would you take the plunge? Basically is it a rule of thumb to just steer away altogether from these and put the money towards SFH or should each property be examined on a case by case basis.

Let me know your thoughts.

Thanks!

FYI, I recently had 3 different lenders run my credit within 2weeks of each other and did notice a drop in my score of about 3-6 points. If the buyer's credit is on the borderline it isnt advised. I would find out everything I can based on my criteria and all general guidelines first before pulling anything that way you know it isnt a waste of time. For example i had one lender pull my credit and then deny me bc i hadn't worked my current job for 6 months yet; something they could have told me before running the check!