All Forum Posts by: Saraan A.

Not sure if you ever found your answer. This is from Fannie Mae, it says the borrower may request that 6 months payments be placed in escrow. Not sure if the lender requirement is an overlay.

 https://www.fanniemae.com/content/guide/selling/b5...

@Nicholas Aiola, thank you!

Hello @Nicholas Aiola!

First, I want to say thank you for being open to questions.

I haven't filed my taxes yet this year due to major procrastination. 

I started a sole member LLC last year and purchased my first property under the LLC. We completed the reno and placed it on the market in February of this year. I haven't sold the property yet and it is still on the market. Do I consider the property an asset or is it inventory? I do not have plans to hold on to the property and it was never intended to be a rental.

@Nicole Graves for your flips are you purchasing with cash or using a hard money lender? I contacted a local hard money lender here in Richmond and they stated that they probably won't be lending to new investors until Mid July/August.

@Corina Eufinger Thank you for your insight. These are some great points you made. I want to be sure that I am getting the best from my agent and at the same time I want to be sure I am providing them what they need to be successful. I definitely agree that communication is the key and being respectful of each others time.

Hello Everyone!

I would like to begin property rehabbing and flipping. The BP forums have been great and I love listening to the BP Podcasts. I have "met" some great people so far here on BP and I look forward to cultivating those relationships. 

I am looking for advice on what to look for in an agent. I know it is important to find someone that is able to distinguish between a buyer that is looking for their forever home and thus usually purchasing based on emotion, versus working with a buyer who is purchasing based on the numbers. 

Are there particular questions I should be asking them? What should my expectations of an agent be? And more importantly what expectations will an agent have of me? Any insight is greatly appreciated. 

@Andrew Postell thank you for the clarification on that.

@Adam M. Definitely no fun but I have worked hard to bounce back. So now I'm focusing on ways to slowly build wealth and generate additional streams of income for my family. More importantly I'm just trying to be able to spend more time with my family and eventually get out of the rat race.

@Adam M. thank you for your comments. I am very wary of using credit cards. I filed bankruptcy about 10 years ago and I hope I never have to go down that path again.

Thank you @Andrew Postell. I appreciate the input. I will continue to learn about analyzing deals.