All Forum Posts by: Patrick Barker

Good Idea, I will look into it, thank you.

Thank for your input!  I will be using conventional financing 

 There is a house in my neighborhood that has been sitting for a few months and I would like to make an offer on it, my RE agent says I need to get pre-approved for a conventional loan in order to make an official offer.  The problem is I don't think they will accept my offer right away but will come back to me later on if it doesn't sell at their price.  

How do I make an offer to let them know I am interested without going through the process and paying application fee's in order to get pre-approved?

Yes, The Triplex was unfinished and the bank that owns it has been renovating one unit at a time and selling them off individually.  I have a little equity in our 1 unit, we bought it for 85K (83K left on the note) and it is appraised for 110K.  Not sure if that's enough equity to aid in the acquisition of the other two.  I would try to combine all three units if I could acquire all three.

 Thank you for the advice, I am not looking for a grand solution though, just some suggestions.

  I'm new to the exciting world of real estate investing.  My wife and I purchased our first house 6 months ago, 1 unit in a triplex with the plan to move out after a year and rent it out.  The two other units are owned by a local bank, 1 is unfinished (no flooring, appliances, electrical trim, etc...) and the other unit has been finished and on the market for a couple of months.  My guess is the bank doesn't want to finish the last unit until they sell the finished one.  I would like to submit an offer that includes both units at a price that will make it a smart investment.  

  The only problem is I don't know how to submit an offer when I don't have a pre approval or poof of funds.  I don't have enough cash on hand for a large down payment, one idea is hard money or partner with a family member.  But I don't actually have the deal, and I can't possibly get the deal without funds.

  Please lend me any advice or ideas!