All Forum Posts by: Wes Peters

Hey Bigger Pockets peeps! I live in Birmingham, AL and I have been analyzing deals for the past 6 months and Im now ready to take the first step and get pre approval for a loan.  I was trying to avoid big chain banks. I wanted to go with a smaller mom and pop bank that could afford to be a little more flexible if needed. Can anyone suggest bank or loan office for me to check out in Birmingham, Al? Thanks! 

I just finished speaking with a loan officer in Birmingham, AL for a pre approval letter and was told they no longer offered FHA 203k loans. I approached a larger branch bank chain, would i have better luck at a small credit union or a mom and pop bank? Or are these type of loans a thing of the past?

Thanks for your response @Troy Fisher. Im glad to hear that some investors will consider doing a verbal report for a lessor charge. I apologize for the lack of details in my post. I am searching for properties around 100k-120k that need work, in areas where comparable properties are selling for 160k-180k in good shape. Im hoping to obtain a FHA 203k loan and living in this property for a short time with the hope to rinse and repeat the process if all goes well. You are correct, I'm not prepared to buy something just yet. I only make around 35k a year and currently only have about 5k saved up. I figured that was not enough and I'm just trying to come up with a reasonable figure i can aim for that would make a purchase like this less risky.

Thanks!

@Bill Gulley Very good response!   So as long as i have a justifiable reason for offering less than the asking price i should be ok. I now have an answer for my girlfriend when she says "just call them and offer them 50% less" :) Thanks again! 

Thanks @Travis Beehler I really appreciate your response, sorry I'm just not seeing this ! 

So i'm a first time buyer looking to find a place that needs some basic TLC and could be flipped. I found a SFH deal that is listed for 115k that is in an area where surrounding homes have recently been sold for 160k-180k, I would be looking for FHA financing or possibly 203K financing. My thought process was this, I could offer 100k and borrow another 30k or 40k for repairs that could be rolled into the loan, after repairs i would be looking at 20k - 30k in profit. Obviously, this is an overly simplified plan, but am i looking at this the right way? how much money should i have in the bank, assuming i have 3.5% ( $4,375) to put down on such a loan?

Thanks @Michael Henry and @Jerry W. I appreciate both of your responses. I'll check out the book by J. Scott! 

Im 35 years old, I'm interested in purchasing a fixer upper SFH for my first property and I'm clueless about repair cost. The property I'm currently looking into is listed for 115K. The listing agent has put this in the description. (Needs some renovations but is priced accordingly). I'm assuming the agent put that in the listing so that people would no low ball him. Anyways, The surrounding homes are in the 160-170k range. I can't tell if the house needs 20k, 30k or 90k worth of repairs.

I understand having a home inspection is a must when putting in an offer, but home inspections are expensive and I'm working with a tight budget. I could stand losing that money once or twice, but what happens if i look at 5 or 6 properties and now I'm down 3k just in home inspections?  Are you folks hiring a home inspector on every possible deal you see? 

Im a newbie. I just finished reading Brandon Turners, 7 years to 7 Figure wealth and i was left wondering, Will realtors take me serious if all my offers are 20% lower than the asking price? Is low balling a common practice amongst investors? Is there a point at which such a low offer is considered insulting?  Any info is appreciated !  

Thanks for your response Peter I really appreciate it!  I  I was wondering about the properties that were under contract. There have been a couple properties i was interested in that were under contact , but when i drive past the properties,  the for sale signs are still in the yard and nothing is happening at the property. Are there certain tell tale signs i can look for that contracts are falling through?