All Forum Posts by: Stuart Birdsong

@Shannon Gordan Welcome to BP! Great place to hone your skills as an investor. We will look forward to having you in the Denver Area

@Leo Don I agree with both @George Hermann and @Wayne Brooks that no seller in their right mind would agree to sign a contract where they were responsible for paying for the buyers due diligence if the buyer decided to walk. Especially given how favorable state purchase agreements are to Buyers. I understand your idea that you are trying to protect yourself, but I think most, including me, will tell you, better to walk away from $500 then buy a property that can't be supported by your offer. If you are trying to prepare for the worst then only make offers that make sense in worst case scenarios.

@Corey WestermannHome Value in a Refi is dictated by Appraised Value. 

@Corey Westermann According to your refi, your LTV is 78%, that is if I understand your numbers correctly. 326k Appraised value, 255k(When refi'd) Loan amount? If that is the case I am curious as to why you are paying Mortgage insurance to begin with. If this is the case your loan probably falls under the category that @Matt Motil mentioned, which is the PMI will remain through the life of the loan. However, it never hurts to discuss with your lender.

@Ryan Igbanol I have received calls from sellers I didn't mail to either, however they were received by way of PO box and weren't the recipient name for that address. Oddly enough, I have a deal right now that came from this scenario. Cheers!

@Taylor Harrison How much are you putting down? At the current asking price are buying with any equity in the property? 

One word of advise, carefully read and understand all the terms of the seller financing. Oftentimes they are written by an attorney representing seller, and offer little in the way of protection for you the buyer. Seller financing is great, but make sure you provide yourself a viable exit strategy whereby your capital is not at risk. I have made this mistake in the past. Cheers!

Stuart

@Account Closed Funds or certified check will be made out to Closing/Title Company. Typically, if you are bringing more than 25k to closing you will have to wire funds unless otherwise agreed to by closing company. I would check your title work and this should provide the necessary info needed to fund the closing. Cheers!

@Jennifer Lathem Ask you agent what the basis is for cash only purchase? Usually Conventional loans should suffice, however, it may be seller preference. Hope it works out for you!

@Cameron Terry Check out @Michael Quarles Yellow Letters. They have done great job for me with my direct mail. 

@Andrey V. If they are negotiating with you now, I would be concerned with what they will be like once they move in. Ask an attorney, if they say you can terminate, give them their security deposit back and go find some other tenants. Just my opinion though.