All Forum Posts by: Peter Hansen

You don't need an agent to buy this house. The agent's job is to pair up buyers and sellers and you've already done that. The title company can process the legal transaction for you. The money will be saved by not using an agent.

That's the reply I like to hear. Have you done this before? Similar to what Mr. Brooks said above are there any books or reads for how to aid the title company so it isn't so painful for them?

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@Loretta Gray

Do you know anyone in VB?

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Originally posted by @Loretta Gray:

Originally posted by @Peter Hansen:

Originally posted by @Loretta Gray:

Cost varies from propertyto property, jurisdictionto jurisdiction. Find a couple title companies & use thir online calculators is my best advice.

Ms. Gray,

There's no discount when the house isn't listed and the two parties are known before the transaction?

I don't know what a pre-existing relationship between the buyer & seller would have to do with their price to do a title search.

Did you figure out how much the statutory fees/taxes are?

I have not, trying to get a new lender and RE agent.

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Originally posted by @Wayne Brooks:

A local title company can tell the “normal” closing/transfer fees that are paid by the seller and which ones are paid by the buyer.

Mr. Brooks,

Do you think that price could be reduced because myself and the other individual already organized the deal?

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Originally posted by @Loretta Gray:

Cost varies from propertyto property, jurisdictionto jurisdiction. Find a couple title companies & use thir online calculators is my best advice.

Ms. Gray,

There's no discount when the house isn't listed and the two parties are known before the transaction?

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Good afternoon everyone,
If I plan on buying a house from a friend and he want to sell a the house for 285k. What am I looking at for costs as a VA buyer in Virginia. And what is he looking at paying in closing costs? Thank you.

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Good evening,

Before I move onto another property I was looking to ask for some insight into the conventional loan life. I currently have a VA loan on my first property and would like to have more funding for my next purchase. However, I'm worried about what this will cost me in taxes, fees and other things that RE agents charge me for. The property has about 32% equity in it, please let me know if there's any other information you need to know.

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Good afternoon,
I have a home in VB that's currently rented out until July 2022. The home brings in 1630/Month and the tenant does home upgrades/maintenance at a reasonable price. I was looking at taking it out of my portfolio to free up some cash. Still need to have the house appraised after having some remodeling done but I'd like to know what you think I could get for it?

565 Old Colony Ln

Virginia Beach,VA 23456

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Originally posted by @James De Leon:

Hi @Peter Hansen,

Glad you're getting back into RE. There are a lot of variables to consider when analyzing a property. In your case, since you'll be rehabbing a bit, you would need to know the ARV and the approx. cost of the renovations. Also when you do numbers for a property, do one with you househacking and when you are fully renting it so you can see if it works both ways. Good luck and don't hesitate to reach out.

James,

That makes sense and like I said I'm a bit rusty and I appreciate the reminder. Houses are moving so quickly out here in Virginia Beach it's going to be a rush to try to get anything worth my time.

Peter

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Virginia Beach, Virginia

Originally posted by @Jaron Walling:

@Peter Hansen The demand and pricing for real estate has changed a lot in the last few years. I don't know your experience level but if you're "getting back into it" I highly encourage you to run the numbers on every property. Build a spreadsheet and factor for expenses. For investors seeking CASH-FLOW it's all that matters. This is the necessary research before making offers. You'll probably find 9/10 properties don't pencil out. The prices in 2021 simply out weigh rental income. Turn over rocks, knock on doors, send out some letters, get an agent in your corner to glance at the MLS, that's all we got at this point. Good news is you'll have better lending terms as a primary residence.

I see most value add deals turning into a flip. It's happening everyday in my market because experienced investors know $150 per month cash-flow is not worth it when you can sell and make a $15k profit.

Either find a property and let it guide your decision or stick to your strategy and find/create a deal that matches it. Cheers.

Jaron,

That's a very interesting first name. I see what you're saying, the higher prices these days have gotten a bit uncomfortable because I don't personally think that they are sustainable. But nonetheless, I'm still hunting for the next one. I think the best option is going to have to be to search for pre-foreclosures or things like that in order to get a competitive price.

Peter

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Virginia Beach, Virginia

All Forum Posts by: Peter Hansen

Peter Hansen has started 13 posts and replied 58 times.

Post: Buyer Costs/Seller Costs between friends

Post: Buyer Costs/Seller Costs between friends

Post: Buyer Costs/Seller Costs between friends

Post: Buyer Costs/Seller Costs between friends

Post: Buyer Costs/Seller Costs between friends

Post: Buyer Costs/Seller Costs between friends

Post: VA Loan into a conventional loan

Post: Thinking about selling my rental with tenant

Post: Getting back into RE

Post: Getting back into RE