All Forum Posts by: Sam Booth

Alternatively, you could get the appraisal done, let it get called out and then have a conversation with the bank saying that this is all that is needed and with it is a full contingency release. You will pay for the appliances and installation. The bank wants it sold one way or another. You can explain to the Realtor that if you don't do this, then it has to be a cash buyer and they will offer less. I bought a triplex where the Seller (not a foreclosure) was lazy and didn't want to put in hot water heaters even thought he got full price offers. I ended up negotiating the price down using cash and got the property literally for 50% off the list price. 

Never saw a hood requirement. For a stove that's easy, get a $100 one off Craigslist and deliver it over there. 

Sam,

You can do an investment property purchase with an escrow holdback or a renovation loan such as a homestyle loan from Fannie Mae. Those usually come with a higher rate so I would ask Guild about an escrow holdback. Feel free to PM me, this is typically something a lender can accomadate.

Although we do investor loans nationally, we only do consumer loans in FL. We've got a conventional program that will allow you to renovate the property after purchase. What State are you in?

"So David Ramsey says...."

Yeah I'm gonna stop you right there bud. 

 Get an RE attorney to help walk you through a contract and the blind spots. Pay that one time fee + any extra questions as you do it. Submit the offers yourself to the listing agent with a signature needed from the seller to sign off they read it. 

I'm with you on what you said, lots of agents on and off this board deny that accusation but it's 100% true. They don't like to play ball with folks trying to invest like this. There's a way around it though. 

 To get my 9 I probably made about 50 offers.  I would see everything in my buy box up to 200K and make offers that made sense to me.  Most of them were turned down of course but I got some properties at a steal.