All Forum Posts by: Jason Ligon

I didn't think about the whole royalty free thing. That makes much sense though. You mean Josh and Brandon didn't get into the studio together to produce that hot track?!

I was just watching an episode of Flipping Vegas with my wife and laughing about the fake husband/wife drama and artificial renovation scenarios and numbers when I swore I heard the BiggerPockets podcast intro song during one of the scenes.

Has anyone else heard this?

I would like to begin my investment career soon. All the podcasts I've listened to from seasoned investors suggest getting your real estate license. It's a running theme through most the casts. Compiled with my previous bad experiences with realtors, I'd like to have control over my own destiny and get my license.

I am thinking about beginning out by wholesaling to build up some cash reserves. Then go into purchasing and holding small mutli-family units. Then either continuing to purchase small multi-families or selling those to purchases larger "commercial" units more than 4 units.

During my initial time wholesaling, I figure I could/should work on obtaining my license. Does any have any recommended methods on obtaining your real estate license? Are there any good programs in or near the Cincinnati area? Are there any online programs for this (if not, why not)? What's the typical cost for a program?

Thanks all for the excellent information!

Turns out that the seller purchases foreclosed properties from US Bank in bulk. This house was apart of the bulk purchase. The title company didn't have some of the important details in the title commitment. I guess because all the details got lost in the mass sell.

I was able to pass along the details I found on the County Auditor site to my mortgage broker. He was able to use this information to keep the loan moving forward. Thank godness!

anybody?

After months and months of looking, putting in offers and things not working out for various reasons, my wife and I have finally made it to the end stages of buying a home. Definitely a marathon and not a sprint as we would have liked. We've got a home inspection done this week and I've sent the inspection contingencies back to my Realtor.

However, I literally just got an email from my mortgage broker stating that "I had an opportunity to speak with a representative of the parent company that manages Goshen REO [seller] and he told me they purchase US Bank foreclosures in bulk on a regular basis. Thus, there is no way for us to document what the previous sale price was. The fact that this company works for profit and made no major renovations to the property doesn’t help. I’ve forward this information on the investor u/w and awaiting a reply but this sure looks like a flip and would thus be ineligible for FHA financing until on or after Feb 3rd, 2014."

I thought FHA enacted a waiver in 2010 that got renewed in 2012 and extended through 2014 that waives the 90 flipping contingency for all situations except when the sales price is 20% or more of the sellers cost to purchase the property. Even if the new sales price is 20% or more doesn't mean the deal is non-financiable. The seller just has to show proof in the form of receipts for why they are asking 20% or more of what the house was purchased for.

How is there no way to document what the previous sale price was? It appears to me the house was occupied originally by individuals who took out a mortgage with US Bank and they were foreclosed on. Then Goshen REO purchased the foreclosure in a bulk purchase with other properties. Doesn't the county auditor have records of all home sales?! This is a snippet of what I found on the auditor site for the house.

Who is off base here him or I?Does this not mean that US Bank sold the property to Goshen for $116,250?

Thanks @Jon Holdman

You are exactly right. We are first time home buyers and I'll admit we have definitely made the mistake several times of putting too much emotional stake in a house just like your Ghostbuster. Great clip! It has burnt us several times and caused a few arguments in our relationship.

Thanks for all the responses. I'm not sure if they helped or confused me more because everyone had varying opinions. LOL. We really want the house so I guess at this point I really need to dig into the numbers to find out how much we can really afford to come out of pocket keeping in mind how much the house is really worth. This is not for investment and will be our primary residence. I need to figure out exactly what costs are not rolled into the loan with FHA. I heard something about 1.75% PIM being out of pocket as well. Is that the case for 203(b) loan as well?

This is a pretty hot area. Yesterday we viewed a house in the same area that had just come on the market the previous day. We I pulled up to the house there were people swarming like bees. My realtor said there had already been 25 showings earlier that day and 7 bids put on the property. This one wasn't a HUD but it was a comparable house in the same area with nearly the same asking price.

Hopefully people's negative perceptions of HUD will keep most folks from bidding on this. I think a lot of people think of HUD homes as "those $1 houses for poor people". Thank goodness for ignorance!

My wife and I are about to put a bid in on a HUD home. This will be a bid during the initial owner occupant 10 day period. We love the home and it's in a great area. HUD's as-is and list price is $114K for the property which is way less than the house is actually worth. It's insured with $2000 in repair escrow. Just needs a few minor repairs. The basement will need some form of waterproofing (which they didn't catch on the FHA inspection). **This would be an out of pocket expense after closing if we won the bid. We're approved for $120K FHA 203(b) loan. We've got about $7K-8K cash available to apply toward this purchase. How should we structure our bid to put us in the best position to win??? Our mortgage guy suggested we bid $100 over the list price and ask for 3% in seller concessions. We would then have around 4% total into the transaction but we would be getting a home with a lot of equity in it.

My wife and I are about to put a bid in on a HUD home. This will be a bid during the initial owner occupant 10 day period. We love the home and it's in a great area. HUD's as-is and list price is $114K for the property which is way less than the house is actually worth. It's insured with $2000 in repair escrow. Just needs a few minor repairs. The basement will need some form of waterproofing (which they didn't catch on the FHA inspection). **This would be an out of pocket expense after closing if we won the bid. We're approved for $120K FHA 203(b) loan. We've got about $7K-8K cash available to apply toward this purchase. How should we structure our bid to put us in the best position to win??? Our mortgage guy suggested we bid $100 over the list price and ask for 3% in seller concessions. We would then have around 4% total into the transaction but we would be getting a home with a lot of equity in it.