All Forum Posts by: Randall Weatherall

*Huntsville, AL Real Estate Appreciation and Housing Market Trends

What, in your opinion, are some of the best areas for investors and what are some recent deals that you think make that area shine?  I know people on here are always looking for new places to buy in!

I would start lining up another Buyer just in case, but I had this happen recently where a Buyer of mine wanted to hail mary some financing and required an appraisal.  The Seller allowed it, through some miracle, on the basis of: we are still 100% sticking to the set closing date - if financing can pull it off, great!  If not, we're still moving to close with cash.

In your case, the Buyer got caught up in the act of getting the property and through the inspections and seeing everything, likely figured out that he/she won't be able to finance it after closing and is trying not to eat it.  Plus , if it's over $1MM for a personal home, I think as an Agent, I'd be completely out-of-line if representing the Buyer to NOT have them get an appraisal.

Just be as amenable as possible and let them know that you are planning to stick to the closing date with zero delays and if they feel they can get an appraisal completed before then, go for it but if not, then it would be best to wait until after closing - I bet they'll wait.

Get them down as much as possible (try and really talk it up as an issue and get at least $10-12,500 off), take savings and offer $1,000 and a moving company to actually come in and move their stuff for them - offer one day, no more and be sure they're aware in advance so they can plan.  But, also let them know that a refusal means they'll be evicted and get nothing except a 30-day (or whatever your local laws are but in Memphis, getting tenants out is pretty straightforward and easy).

Automate a reminder on the 1st, then the 3rd, and move on - not worth caring about until the 6th anyway.  That said, if she does run really late one month, on the 15th send an FED as a swift kick.  That will help you simplify things and keep her from feeling that you're supporting her and not other way around.

When a person with experience and a person with money come together, usually the person with money leaves with an experience and the person with experience leaves with the money.  Stay away from anyone trying to guru you.

I'm holding ETH right now and have since 2017 when I bough in at a pretty low $/ETH.  It got high, sold a few off to pull back my initial invested amount and the bulk of them have just been sitting.  Hoping the banks continue to work with it and figure out the chokehold of scalability but if they do, ETH will boom overnight and everyone is happy.  The money in there now could be used for something else, but I'm fine holding it for a while to see if my gamble pays off since it's all gains at this point anyway.  BTC has little to no use on a larger scale is a bigger threat to fail once people realize that.  ETH has some big banks behind it pushing for potential use and the devs have a huge scavenger hunt going on to solve its issues that should eventually lead to higher usability one day but if not, oh well...

The general consensus here is to find out what it's actually worth as a house-hack, compare to what they're asking, dig into the potential appreciation and then send in an offer.

I would advise two or three offers: one a little lower on a loan and another with buyer-favorable terms, higher-priced seller-financing and let the seller know that you will be living in it!  That could be important to them and even if it isn't, it shouldn't hurt to say it anyway.

I can't agree enough with Mya Toohey; I'm an investor agent and only deal with investors day-in, day-out and we don't even get a chance to go into a unit until it's under contract (unless it's vacant, then I'll head over there and key in to grab some photos and insight since I used to be an inspector).

Start with the numbers, then work into the property but before any of that, hook up with an investor agent in your area and get to know where investors are buying because some agents will just put you anywhere, no matter how detrimental it will be for you - you need someone that'll say 'nah, I don't think that's where you want to be for reasons X, Y, and Z.'  You can get into these areas when you're more experienced of course, but once you understand where doesn't work well for investors, you'll feel more confident about writing without seeing it and then adjusting on the backend if needed.

Way to go!

I see a lot of complaints about lack of inventory, but Memphis hasn't been hit quite as hard from what I'm seeing (at least yet) so hopefully you can keep the train rolling!

Memphis seems to have a decent amount but some of these sellers (both off-market and MLS) are a little too pie-in-the-sky for a lot of my clients. We see a decent trickle of off-market units still and the MLS is pretty healthy overall, but many of the sellers of 90, 120, 150+ day-old listings are still holding out, rejecting reasonable offers, thinking they can get someone to pay their absurd number given to them by a residential agent that agreed to list it for 5% and overshot the value by 20%+.

Welcome to 2020