All Forum Posts by: Phil G.

I wouldn't apply for a 203(k) loan unless I needed it due to extra paperwork and cost.  If you do have work you want to do on the property OR there is something about the property that will keep it from being given an affirmative appraisal to get the loan, you may want to consider the 203(k).  If you have a small amount of work to do, you can apply for a 203(k) streamlined loan, which limits your rehab to $35K (less in actuality due to fees).  Streamlined loans do not require the use of a 203(k) consultant. 

I do have an agent friend who was on one and so I do know that the House Hunter type shows are all fake.  The "buyers" have already purchased the home that they wind up selecting on the show.  

Despite the flipping shows being mostly fiction, it's interesting the impact they've had on real-world investing.  I wonder how many people have turned up on BP because of the shows and the show starts turned guru.

@Kevin Krysty Jr.

Yes, the process begins with a prospective borrower attending a workshop.

A number of fundrise investment options are currently closed for the rest of the year due to coming close to reaching their annual limit.

This is not accurate. Both regular FHA loans and 203(k) Loans are solely for owner-occupied 1-4 family properties.

There are some loan programs and down-payment assistance programs that might help you lower the 3.5% down.  But it sounds like your wife's income isn't qualifying you for a loan that is large enough to purchase a duplex in your area.  If you're bound by income, you're likely going to have to wait until your self-employment income can be counted.

You may want to look at the NACA purchase program. NACA is a non-profit that offers no down payment, no closing cost mortgages on 1-4 family properties and can include a rehab budget. Getting through the approval process can be a bit long and arduous, but can definitely be worth it. You start the process by attending a workshop in your area. You can check it out at naca.com.

@Amit P., @Larry Masters

Just saw your replies.  Thanks for your feedback!  

How much of a credit do they offer at closing to cover the servicing fee?

Those $55 rates were for labor day week Monday to Thursday.  Don't know Vegas well.  But with kids going back to school, etc. may not be a busy few days.

Most buyer representation agreements provide for the buyer to pay the commission.  They are generally structured that the buyer's agent is due x% for their services and if the buyer's agent can receive that from a listing agent as cooperating compensation, they will collect the offered split, and if not, the buyer pays for the agents services.  In my experience, more often than not, buyers will choose to look at other properties than pay the commission.  I've even offered to step out of the deal, without compensation, and let the buyer and seller deal with each other on their own and buyers often take a pass on that property.  

Beware of implied agency...

She likely meant she listed it with a a flat-fee MLS service. These listing agreements allow the seller to sell directly with no commission due. If a buyer agent brings her a sale, she will pay the buyer agent commission.