All Forum Posts by: Ty Brady

 Exactly

 Hey Christin, it's hard to say without knowing your market, the comps, the specific property.  I go for deep discounts in properties and I'm not afraid to walk away from any deal. The last property I bought was listed for $760k. I offered $520k.  We negotiated throughout the processes and I ended up paying $562k with $15k in seller credits (So, I really only paid $547k) and I'm in a hot market.  I would stick to your numbers and if asking for $5k in seller credits makes sense than do that. If $2.5k in seller credits makes sense then do that.  In the future, I would start at a lower initial offer, so there is room for negotiations.  As far as how seller credits work, yes, that amount comes off of your closing cost.

Ty

 I agree with Patricia.  Call in favors from friends and family and try to really tighten your budget.  It's worth a shot to go to a local meetup and see if you can network with other local investors.  They may be interested in partnering or lending for some equity in the deal.  Good luck!

Hi Christin, I always think it's worth it to ask.  The fact that they didn't say no to your first offer shows that they are negotiable.  Never hurts to ask.  I've been finding a lot of sellers are open to working with buyers right now even in my market which is still pretty hot.  There are not a lot of buyers, so I believe the buyers that are in the market right now have some leverage.  I've been getting some good deals.  Hope this helps.  Good luck and feel free to follow up.

Ty

 Hi Jason, thank you so much for the insight.  We ended up getting insurance through Citizens with a 60 day window to replace the roof after closing.  It should work out, but I'd love to learn about other options for next time. I'm sure this won't be the last time we'll have to think outside the box especially with how crazy insurance is getting here in FL.

 Hi Stephen, thanks for the suggestion.  We ended up getting insurance with a signed roof replacement contract and we have 60 days to replace the roof after closing. After that, our insurance will drop significantly.  I did however call NREIG to see what they had to offer, but they said their policies are strictly for investment properties and since this will be my primary for the time being, it wasn't an option.  But, now I know for the future.  Really appreciate the heads up on that option.

 Hi John, that's what I'm learning, after 20 years most companies here in FL don't want to touch it.  It did't help that the inspector noted that there was zero years of life left on the shingles.  Now I know for next time.

 Hey Jerry, Sorry for the confusion. Yea, I guess I was just venting.  We got everything sorted.  Got insurance and we are closing tomorrow.  We're putting a 24g galvalume standing seam roof on next month.  What kind of roofing do you guys do in Texas?

Trying to close on a primary residence with a 21 year old roof . Having issues getting insurance.  My insurance agent dropped the ball and we are down to the wire without insurance.  Looks like the only option is to provide a signed contract for a new roof to be completed within 60 days of closing.  100% fine with that as we are replacing the roof anyway.  The issue is it's going to take at least 5 days for the insurance underwriters and Monday is a holiday.  We're not going to close as scheduled, which I guess isn't a huge deal.  Im just not happy that this wasn't addressed weeks ago.  I'm not sure if I'm just venting or asking for advice.  If anyone has any recommendations or insight, I'd appreciate it. Thanks, Ty