All Forum Posts by: Stuart Birdsong

@Rich Cee Approximately where is this located? What would you do with the house if you couldn't purchase the surrounding land?  

@Shannon Davis Is it a publicly traded REIT? In this case it might be easier to get your money out of it to invest elsewhere. If it is not, your flexibility will depend on the PPM and or Operating agreement they require to invest in them. Not much info I realize, the short answer is it depends on the REIT.

@Scott Nolan Do you wholesale homes that are listed with Real Estate brokers? Do you think a realtor will advise the seller to accept a contract where the potential buyer is going to sell the contract for profit? 

If you are unlicensed and you wholesale this property while listed, will this be seen as acting as an agent to the transaction? These are some question you may consider before doing anything. 

@Tom Forrest In many cases, paying rent on time, monthly, and telling the owner you will sign the lease might be grounds for agreeing to the terms of the lease even though you have not signed on the dotted line. Hire an attorney if you are considering jumping ship. As of right now I would see it as you performing as if you signed the lease. As a landlord, I would hold you to the terms, and if you walked, I would consider small claims court. That's just my opinion. Unfortunately, you came to a site that is much more investor/landlord friendly than not, so the responses you hear are going to reflect the perspective your landlord will take on the matter. I highly recommend taking the advice of @Karen Margrave and stay true to your word, but you have to live with the decisions you make so...

@Blake Byrd There are no prepayment penalties, and Fannie can not enforce any additional penalties for for prepayment. The lender provides the terms of the loan and originates the loan, Fannie only buys the loan after it has been originated so long as it meets there requirements to buy. They cannot change the terms of the loan after the fact. There should be no hidden fees.

If you intend to sell it before the 90 day seasoning period required for all government backed loans, you will have to request the buyer obtain conventional financing or pay cash. I believe that you can't even accept an offer for an FHA loan before the 90 day seasoning period has expired, but you may want to double check. Just my opinion though

@Cathy Bourbois I own several rentals in Fort Collins, including student rentals, I would be happy to answer any questions you may have. Please feel free to PM at your convenience. 

@James Heinz I realize this my not answer your question for Illinois, but in Colorado Assessed Value is usually somewhere between 75-80% of Market Value. Properties are reassessed annually, and your taxes reflect the increase in values of homes. I personally would not be worried to see the disparity between Assessed value and Market value but that is because the 20% difference is the norm where I live. I hope this helps

@Reuben Mathews one thought that has been shared from lenders I work with is to put 10% down and take a second for the other 10% to stay at the 80/20 in order to avoid PMI. Just a thought.

@William Nagle Pre foreclosures in Colorado get a lot of mail, from both brokers and investors. It can also be a delicate situation as you don't know about what caused this to happen. If they want to sell the home to you, they could care less what you know about them. IMO this is more likely a deterrent than a way to stand out. If they want to sell, they are interested in how you are going to solve their Real Estate problem, and that's it. Can you pay cash? can you close? Others may have a different opinion though. Hope this helps

@Lindsay VanSomeren Welcome to BP, and Fort Collins! It's always nice to see other locals on here.