All Forum Posts by: Roman Pak

Just got my first offer accepted! Waiting for the bank to accept the final contract. The property is a nice ranch style house. 5BD, 3BA in an area that's about 20-30 minutes northwest of where I've been looking. 

I'm in pretty much the same boat @Jon Burkhart . I've decided to take care of my debt first. Not only would little to no debt be a positive when the bank is looking, it helps you save that much more every month. No matter how well you plan and calculate your expenses etc, there's always things that will be unexpected. Not having debt payments and saving a bit more would be more beneficial in my opinion.  

In our area, $1600/mo for a house with even 5% down wouldn't really go a very long way. We're talking max around $200K, maybe $205K. Unless you're willing to get into something that needs 30-40K in renovations. 

The way I look at it is that I would rather live in a rental and not have to worry about insurance, maintenance, and taxes for the time being. Once I'm at a comfortable level with my investing then I'll think about buying the place I really want, and not just a place that fits my budget today. 

Just my two cents.

Hi @Jessica Clute welcome to BP! I'm a rehabber from BG as well. Good to see you joined BP. It's a wonderful resource. Happy hunting!

Hi everyone, 

I figured I'd send an update, no luck finding a deal just yet. We've made offers on 5 more properties since my last post, no luck. The inventory in the area has pretty much dried up. I'm looking at 1 house a week if I get lucky. Plus prices rose so high that most buyers just stopped looking. For example, a house that would have listed for $180K last year, was listed a month ago at $234,500. 

Now that the school year has started, I'm seeing the prices on houses start to stagnate and maybe drop. I'll keep looking into the fall and winter months hopefully I'll be able to pick up a property or two in the next 3-6 months. 

Welcome to BP!

I would take the $50 out of the security deposit. 

Sounds like meth to me.

 I originally proposed a 50/50 partnership. She offered up 60 percent to me in exchange for doing all the work to find the deals, analyze them and carry the conventional financing on my end. If a deal goes south she may lose her original investment (10-20% down plus closing costs) but i'm still on the line with the bank for the 80-90% balance. 

Over time however, she has begun getting more and more involved with trying to find deals and analyze them based on her numbers, which as I said before, don't make a lot of sense. 

My concern is not that she wants to approve the deals, it's that with limited RE knowledge and her own agent she would do more harm than good in this partnership. She's looking at deals that I've already analyzed and offering them to me as possible deals. 

Properties that have tons of potential and the numbers make sense, she "doesn't have a good feeling" about. It just doesn't make any sense.  

@Nuhan Demirkan I'm not sure you understood how our deals are structured. We're using conventional financing to buy these properties. Her contribution is to the down payment (10-20% of purchase price), plus closing and rehab costs. I am carrying the 80-90% balance on the property.

So in your example of a $150K house, her total investment would be roughly $77K.

@Account Closed I don't have a problem with her seeing the properties. I have a problem with her questioning the quality of the investment without having any substantial basis. We agreed that I would find the deals and make the offers, she is preventing me from making offers on deals until she approves them, sees them and the numbers work for her rationale, which in my opinion is heavily biased and is borderline unrealistic.