All Forum Posts by: Wes Peters

We'll thats simple and makes sense haha. Thanks for the response Jason .

So my Girlfriend and i have been pre approved for a loan  we have been trying to find a house for a couple of months , made some offers and still have not purchased one. Our 90 days of Pre approval are just about up.  Should we seek for another pre approval once our 90 days are up so we can keep looking? . I hate to keep having our credit dinged every time we have to do this. The market is tough right now for buyers and we just need more time to find something. 

So, I'm looking into buying my first home and building up 20% equity asap to eliminate the PMI. My question ....say i buy a house for 100k i have put down %3.5 and owe 96,500. My monthly payments are $700. How long would it take to get 20% Equity in the home while only making the MInimum $700 payment? Would only part of the payment go towards the equity of the house? or Would all 700 go towards the 20% Equity?

Congrats on the Flips! and glad you were able to sell that center point house. That area has always made me hesitate. 

Thanks for your response @Christopher Phillips. How could i go about finding out who owns the property if they have already been kicked out?  

So, the title really says it all. Am i wasting my time looking at foreclosure properties? I get that some properties can sell for much less, but just for the sake of this discussion,  I'm referring to foreclosures that are 100k+. I was driving around a neighborhood yesterday that i have been keeping my eye on, and finally i stumbled across a house that was in the process of being foreclosed on.  The average home price in the neighborhood is around 120k. I got all excited and contacted a Foreclosure attorney only to find out that payment must be made in full within 24 hours. 

So as someone who does not have access to 100k+, do i have options here? Perhaps I'm in the wrong circle of friends , but i do not know anyone who has access to that kind of money and would be able to purchase a house outright.  I work two jobs and make 60k a year and even if i made 100k a year its still hard to believe i could save up 100k + in cash. The only suggestion i have heard is using a hard money lender and since i was hoping to live in the property for a while, i was assuming that that type of higher interest loan would not make sense.  Is it possible to use a hard money lender to get the property initially and then somehow transfer to a more long term sustainable loan?  Or should i just forget about foreclosures all together and go find a property that will allow regular financing?

I appreciate everyones responses! I am going to walk through the house with a General Contractor today, I'm unsure if he has any experience with foundation work, but i will be sure to find out. I  will also check with the seller to see if they have any type of documentation on the work in the basement. I'm hoping after today ill have a rough idea of just how much $$$$/work is involved in this property. I'll update this post after my meeting with guy today , maybe he will have more information on the basement issue than the real estate agent! 

Hey folks, i went and checked out my first potential deal today and wanted to see what folks on Bigger Pockets had to say about an issue that made me a bit uneasy. The basement has some concrete that has bowed in a bit and has been reinforced with a few steel i beams. I was wondering if this is something that will cause trouble down the road? Or effect resale value?  Are the beams a permanent fix or just temporary? Any info would be appreciated! 

 Im not sure what the problem is? Your policy seemed to work on the first tenant, why is it a problem with the second tenant? Just because its a Pit bull you think the dog will eat children and destroy tile?  Pit bulls are not inherently more destructive or aggressive than any other breed of dog, they have a really bad wrap thanks to Television. I understand many ignorant people obtain these dogs and condition them to fight because of there natural strength, but those that have been conditioned for that purpose and the people who get them for that purpose are very easy to screen. I have a 90lb pit mix who has never so much as scratched my rental house or been aggressive towards neighbors.  I believe people should be focusing more towards the behavior of the dog and its owner,  than the breed of the dog. And please please!!do not require a dog to be  on a chain! Thats just cruel!