All Forum Posts by: Tobey Porter

@Dan Schwartz - sorry, I wasn't looking for an opinion on the closing vs. purchase price.  I completely understand it isn't the sellers fault; however, it's not our fault either.  According to people familiar with the market, many appraisals are coming in low there due to the fact the comps can't keep up with the appreciation at this point.

My question was more that of a legal nature.  It's a matter of not being able to bring any more money to the table than we already are.  We said we would buy it for $X, but he said he would provide $X for closing.  If it's a new contract, do we still have to right to walk away and have our deposit returned?

@Russell Brazil - sorry, messages were crossed.  We're using a standard Florida "As Is" contract for the purchase in Sarasota.

My apologies, should've mentioned the house is in Sarasota.  It is a conventional 30 yr loan. 

Good morning BP community

We've run into a situation with a purchase.  The appraisal came in low.  The seller said he will come down to that appraisal price but will no longer cover his agreed upon portion of the closing costs.  As such, isn't this just a new contract that we can accept or deny?  And still get our deposit money back?  Unfortunately this is happening 3 days prior to closing but this seller has been a headache the entire deal and at this point, we want to walk away.

Thanks for your opinions.

We need some help with direction.  We are trying to determine how best to reach our retirement goals and enable ourselves to retire while we can still enjoy it.  I have a couple family members who are 60, have worked for 40 years, and are financially scared to retire(what's worse is they HATE their jobs).  We want to avoid being in such a situation.

Good morning - wondering if anyone has a recommendation for a good financial advisor in the DC to SOMD area; someone who has experience investing and working with investors.  My current advisor is very.....we'll say negative about investing in real estate.  My wife and I have goals and are looking for someone to help us plan.

We ran into this as well. So much of what you hear is put each property in an LLC. However, as you learned, you have to do commercial. I had a couple individuals tell me to close in our name, then transfer it over to the LLC. What they forgot to mention(or just didn't know) was that if you quit deed the property, you will likely default on the mortgage and owe the remaining balance.

I'm curious as well about the insurance policies as that seems to be an easier route.  Can you get those through a normal home owner's insurance company?

@John Rogers Our plan was to use the money to purchase a long term rental.  My thought was to pay cash for a property, determine an amount of interest on their loan (for example, 15% total on a $50k loan) and basically set up an amortization schedule until we have repaid the entire loan.

I just know some banks frown upon down payments being borrowed.  I also don't want to feel like we're screwing them.  Should we pay them such as a bank, with a certain amount of interest per year; or is it fair to set up something where we offer interest on the entire loan?

My wife and I have recently started our REI career. We have a couple under our belt and are looking for another. My question is about borrowing the down payment. We have tapped our resources w/out going into our emergency funds as much as we are comfortable.

My in-laws have a HELOC on their primary residence and have offered to let us use that as they have no intention of using it for anything.

Are we allowed to borrow a down payment?  And how would we structure the payments to them?  Obviously, on top of the interest they pay, we would pay them additional interest for the use of their $$.  Has anyone had experience doing this and how did they structure the deal?

Thanks!!

I'm curious about this as well.  I'm trying to convince my sister to purchase a multi-family and house hack for a few years.  She just finished her doctorate so I pretty much broke.  I'm trying to figure out a way to help her with the down payment while being on the loan.  My thought was if she is uncomfortable with dealing with another tenant/managing the property, I could take over; vice versa, if she realizes the benefits she can take over.