All Forum Posts by: Sarah Vanelli

Hey guys,

On second thought, never mind the addition for this property and my post. As a newbie, I'm going to try to stick to doing a lighter rehab only, and pass this one on to a more experienced investor in my community.

@Bryan L.

Haha, you are absolutely right, and I've listened to the choir, drank all the kool-aid at the BP party, and am in an agent licensing course. :)

I was actually just talking with my husband after I posted (maybe as you were posting lol?) about whether or not is would have been better to start searching and investing after I already have my license.

I'm looking at a home in a great neighborhood. It is 1000 sqft with 3 bed/1 bath. To really sell it quickly and easily, I think it needs to be 1300 at the very minimum, and have a master suite (so that 2nd bathroom). Also, the detached 2-car garage should be an attached garage because this is the Northeast... the garage is standing next to the house and it seems easy to put up wall or a room and connect them. I can see it in my head. But, I am new to investing, no contractor experience, and haven't bought a home yet. Aside from the addition, this is an ugly house that needs considerable work.

What kind of money, time, headache, etc goes into doing an addition? I gotta admit, I kind of fell in love with this ugly house and once it gets an addition to solve some of these problems, I think it could be a real gem that buyers fight over.

Thanks everyone! This has been very helpful. I will go with getting a Proof of Funds letter from my bank. The main issue hadn't been so much HUD seeing how much I have, but the agent seeing how much I have. The place doesn't need extensive/expensive work and he kept trying to get me to offer more.

Trying to make my first HUD offer. I'm working with the listing agent of a property and am trying to make a cash offer of 30k. The agent is asking for a bank statement to show proof of funds. I don't want the agent to see my bank statement because 1) it has my information and 2) it will show quite a bit more than 30k. I heard that if you go to your bank, they can give you a letter saying you have enough funds. Is this acceptable for HUD? And what do I ask for when I walk into the bank? Ie... "Hello, I need an official proof of 30k worth of funds for HUD" will suffice?

Because the listing agent is like as informative and charming as a brick wall, I wanted to ask you guys on here first. Thank you everyone!