All Forum Posts by: Robert Andrade

Welcome @Brooke Webster   I joined a couple months ago for some of the same reasons. The community here has been very helpful and the info invaluable. I'm sure you'll find joining one of the best things you could have done as you educate yourself about the investor side of things. 

Enjoy!

So new lesson learned: timelines mean nothing. We received the signed offer letter and P&S to be signed by a certain date and time but the agents are quibbling over the wording regarding the commission structure so 2 days later and still nothing is completed and ready to be signed. I assume this will all be rectified before the inspection I have scheduled and we can get back on track. We were hoping to close by the end of May... nice to have a goal anyway.

Thanks @Chris Dawson    The property is being sold by owner not bank. Your info is important though as we plan to purchase more properties in the future and foreclosures and short sales are both a possibility.

Thanks @Brian White The P&S has recently been reviewed by a RE attorney. He assures me I'm totally covered with all the contingencies I require. I guess the rush feeling is just anxiety of purchasing our first property. Seems like it took forever to find the right property and has an offer accepted and now that we have its like a truck speeding downhill with bad breaks.. **deep breath** It'll be fine.

Thanks @Peter MacKercher for your input. I believe those contingencies should be present too but I don't clearly see them. Then again I don't speak Legalese. The P&S is currently being reviewed by my RE attorney. I was just curious what the communities experience has been

If leaning to the left:

1. Place a book under your right foot

2. Lock your knees

Reverse instructions if leaning to the right!

Hey Y'all

So we have an accepted offer on our first property. It's a multi in our home town and by all accounts a pretty good deal.

As we are unfamiliar with this whole process please indulge my newbie question. Is it normal to be required to sign the P&S before we've even had the home inspection? The inspection is scheduled for this Monday, our offer was accepted yesterday, we received the P&S already today and I'm being told by my agent that this is standard and we have 48 hrs to sign and return it.

I'm feeling rushed. What if the inspection comes back that the whole house has cooties or that it's built on an old Indian burial ground or that it's haunted...? Do we still have the legal right to back out based on an unsatisfactory inspection after the P&S has already been signed??

Thoughts??

Hey Y'all

So we have an accepted offer on our first property. It's a multi in our home town and by all accounts a pretty good deal.

As we are unfamiliar with this whole process please indulge my newbie question. Is it normal to be required to sign the P&S before we've even had the home inspection? The inspection is scheduled for this Monday, our offer was accepted yesterday, we received the P&S already today and I'm being told by my agent that this is standard and we have 48 hrs to sign and return it.

I'm feeling rushed. What if the inspection comes back that the whole house has cooties or that it's built on an old Indian burial ground or that it's haunted...? Do we still have the legal right to back out based on an unsatisfactory inspection after the P&S has already been signed??

Thoughts??

Wow. Thanks Jd Martin for the words of encouragement. I hope your right about the fear being worst than the reality. In my head I know its a good buy but it's the largest purchase we've ever made. so like I said, "YIKES." 

We put an offer on a multi. We're going FHA so the first floor was big enough for the family and in pretty good shape. The second floor was divided into 2 rabbit run units that were in need of some updates if we were to receive optimum rent so we chose to offer lower than asking to compensate for the 203K loan that would be needed to fix'er up. Our offer was declined in lieu of an offer that came in just before ours. Was the offer better or was it just a matter of taking the first offer that came in?.... don't know.

So on with the search after learning a little from that process. long/short we found a second property that we liked and put an offer in - a 3 unit multi, walking distance to the beach. This home is in great shape, seems to need very little, is fully occupied and receiving really good rent from tenants that have been there 10 years in units 2 and 3. We attended the first open house and the property was filled with interested buyers. Trying, I guess, to compensate for our possible previous faux pas our offer was $2000 above asking price with a few contingencies. ( first floor had to be empty before closing (these were newer tenants anyway), we wanted verification of rent roll for the past year and obviously inspection..yadda yadda.)  Our offer has been accepted and i'm feeling a lot of emotions, most stronger than the joy I should be feeling. Is this normal on your first purchase? I can't help but wonder how much lower our offer could have been and still be accepted.

Now the property should cash flow adequately while we occupy it and very nicely after we depart for our next FHA property. Just better than $100 per door using the BP rental calculator. So I am happy but extremely nervous and afraid. I am determined not to be one of those people who let's fear stop them from ever getting started though so... here i go.

The house isn't ours yet. Next comes the P&S and getting the bank commitment.. all nerve rattling stuff. does it get better on the second one? hope so. Fingers crossed all goes well with this one. I've seen many properties go pending and then within a month, right back on the market.

What obvious mistakes did I make? Any comments from you guys and gals are very welcomed.

P.S. the first property we offered on just came active again.. **biting nails**