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All Forum Posts by: Thomas Enright

Thomas Enright has started 3 posts and replied 124 times.

Post: What's the LONGEST you've ever been under contract for???

Thomas EnrightPosted
  • Investor
  • Silver Spring, MD
  • Posts 127
  • Votes 58

@Sylvia B. So did they end up creating a new plat description based off the exclusion from the other one then? That definitely seems like a mess!

Post: Why is there so much Happy Talk???

Thomas EnrightPosted
  • Investor
  • Silver Spring, MD
  • Posts 127
  • Votes 58

@Brent Zande Yeah... that's really hard. Sorry to hear about that. In my case, my absolute rock bottom safety net is my military W-2, and in 12 years my retirement check for the rest of my life so my situation is a bit different and a little bit more stable. I also intend on sticking to buy and hold after giving flipping a go and realizing that I didn't want a second job. Please, please, please don't take this in anything other than the inquisitive nature in which I'm writing it but do you think you would have faired as poorly if you were holding a handful of cash flowing rentals? What did you learn from your experience going through that? I genuinely want to know and appreciate any reflections from that time in your life. Thank you

Post: What's the LONGEST you've ever been under contract for???

Thomas EnrightPosted
  • Investor
  • Silver Spring, MD
  • Posts 127
  • Votes 58
Originally posted by @Sylvia B.:

We do cash deals, so we normally close in 1 to 2 weeks. One deal took considerably longer due to title issues.

We bought a house at auction (not tax or foreclosure, just a regular auction) and assumed it would be smooth sailing, but no. The land was originally part of a large tract of land (the whole block) owned by a prominent family. In 1964 a portion was donated to the Methodist church, and a house was built for a parsonage. It had never changed hands since.

A few days after our purchase the lady who does our title work stopped in to see us, "There's a problem..."

The property description was wrong. Not only wrong, it made no sense. The original sellers were all deceased, so it couldn't just be corrected. A few years ago their estate sold the rest of the original tract, and the legal description for that sale reads, Beginning at the Southwest corner of [blah, blah, blah] except [parcel deeded to church].

A survey was done, and besides the completely nonsensical property description, in the original plat of that neighborhood, which was never officially changed, the city had planned a street right through the garage. So the title company requested that the city vacate their claim to that strip of land, which they were willing to do, but the man who needed to sign the papers was on vacation, so there was a delay.

Multiple corrected deeds needed to be signed, and several of the people who needed to sign were out of state - more delays. There were questions about the marital state of some of the people who needed to sign. More delays. One of the local signers has a rather mercurial temperament. First she is quite agreeable, then can't be bothered, then contacts the title agent and wants to know why it all hasn't been finished yet. It's difficult to schedule meetings with someone like that, so more delays.

After more than 3 months, it finally closed. Success.

@Sylvia B. that seems like quite the learning experience! Way to go on getting that thing closed!

Post: Why is there so much Happy Talk???

Thomas EnrightPosted
  • Investor
  • Silver Spring, MD
  • Posts 127
  • Votes 58

America is the greatest country in the world with the strongest fundamentals in place. Regardless of what we're currently going through, I refuse to believe that there will be doom and gloom.

That being said, I've got fully funded emergency funds and am weathered for any storm. 

Hope for the best, plan for the worst.

Post: Is now a good time to buy a property or should I wait ?

Thomas EnrightPosted
  • Investor
  • Silver Spring, MD
  • Posts 127
  • Votes 58

Don't wait to buy real estate. Buy real estate and wait. 

It's never going to be the perfect time to buy a property but if the numbers work and you can do it, do it. 

Post: Non-expiring pre-approval? How do you do it?

Thomas EnrightPosted
  • Investor
  • Silver Spring, MD
  • Posts 127
  • Votes 58

There's definitely a lot of mortgage brokers or lenders that will provide pre-approvals for up to 90 days which should be plenty but then it usually super simple to call and have them extend it if you get to the end of that 90 days. The probably won't do one that doesn't expire because you financial position is constantly changing but having an active pre-approval on hand usually isn't very hard.

Post: New from Sioux Falls, SD

Thomas EnrightPosted
  • Investor
  • Silver Spring, MD
  • Posts 127
  • Votes 58

@Justin Griffith Welcome to the BP family! I'm also originally a 605er but from the better side of the state lol. Dig into everything BP has and I look forward to seeing how you do!

Post: What's the LONGEST you've ever been under contract for???

Thomas EnrightPosted
  • Investor
  • Silver Spring, MD
  • Posts 127
  • Votes 58
Originally posted by @Jenni Utz:

Wow you are a trooper for sticking it out!! In real estate I have dealt with several long short sale transactions, but unfortunately not as long as 8 months. I wish you the best of luck!

Haha thanks! Yeah, I don't think I would've waited this long if it wasn't such an awesome deal. I'm not in a rush and should be able to easily add almost $100k of equity and BRRRR out of it with ease.

Post: What's the LONGEST you've ever been under contract for???

Thomas EnrightPosted
  • Investor
  • Silver Spring, MD
  • Posts 127
  • Votes 58

After 8 months and 7 days of waiting for bank approval on a short sale... I'm still waiting. COVID has CERTAINLY not helped but unfortunately, I feel like this is going to make it to the one year mark.

This got me thinking though... What's the longest that any of you have ever been under contract on a property?

LET'S HEAR THOSE SOB STORIES! (Especially if they closed successfully)

Post: I want to get into whole selling house very dedicated and driven

Thomas EnrightPosted
  • Investor
  • Silver Spring, MD
  • Posts 127
  • Votes 58

What value do you bring to someone that would mentor you?