All Forum Posts by: Stevan Radojevic

Gotcha @Bill Plymouth @Tim Herman. Thank you for the clarity! I will certainly just finance as secondary to avoid any confusion. I appreciate all of your comments and concerns. 

I am about to put an offer on a duplex and I would appreciate some help from you guys. We may live in one of the units and will be applying for primary residence mortgage - what happens with our mortgage rate if after the inspection or after we close on the sale we decide we do not want to live in one of the units?

Hey BP! I am a first time investor still looking to get my first MFH & I need your professional advice!

Example is I am looking into a duplex (3/1 & 2/1) asking price $350K & total monthly rent is $2500 combined. It is in a desirable/safe area with plenty to do nearby.

What do you do in your experience when seller is asking high price compared to their current rents? The #s do not make sense at this asking price. However, when I go on rentometer, 2 BR are showing $1594. How do you go about this property in terms of offer? Do you give your offer based on current rents or potential? 

@Steve Vaughan great point! I do not want to buy without inspecting however been dealing with LA back and forth and my thought was to lowball even more since I am going in without inspection period. May you tell me more about "as is" & "DD" period please? Thank you for your reply. 

This will be my very first purchase and I am looking into a triplex. If I waive inspection period, does that also mean I waive right to "inspect" or verify financial/rent roll history? I want to be able to verify all expenses & income as well as tenant lease history. How do I ensure I may do this? How do you investors do this before/after purchasing a property?

@Jim K. Ironically enough I went to city to see permitting and they have NO collection of permitting for that house. Not sure if that matters. I mean who knows if what you are saying is true - house was built in 78', however, once my inspector goes in, will he find this stuff? Or do I have to get other certified professionals? No basement as this house is in FL. 

@Jared Althoff The original owner had the property for decades. Was in much distress because this new investing group purchased this property in Feb 2019 for $275K and listed it at $499K. I asked the LA what was done to the property since then if the inspection report is still showing a mold issue, roof is 25yo, and needs new AC unit. LA said "they fixed roof leaks, changed insulation, ductwork, ceiling damage, fixed rodent problem." 

LA did mention sellers are motivated but says there cant be an inspection since they "do not want to bother the tenants any more". However, the LA is saying that I can go in and look at it before so I mentioned to him well isnt that still bothering the tenants? And his reply is not as much as an inspection since that can be a few hours.

I just dont know!! LOL 

They offered me $425K down from $499K but no inspection contingency. Help? 

@Jim K. this is what it sounds like because the LA called me the other day after they came down on price and said it has to be without inspection contingency. I mentioned to LA that I cannot trust other inspector since he has to fiduciary responsibility to me, only to previous "buyer". The LA kept mentioning how I could call this inspector for peace of mind and was extremely pushy which I did not like. You should've seen how pushy this LA was saying things like "I advised the sellers that going that low wasn't right because he thinks property is worth more" or "you are getting a great deal and you are going to turn it down because of an inspection?" 

At this point, after hearing your response and google-ing straw buyer you have opened my mind and NO way I move FW without inspection contingency so THANK YOU. 

@Brian Ellis why would you say "They know their only target is an investor at this point."? Why do you feel that way and how does that benefit me, if at all?

@Russell Brazil very nice to meet you - that is a good strategy. So you are saying before it goes under contract if they will allow me to bring my own inspector?