All Forum Posts by: Winston Spence

@Wayne Brooks

Yes, I am aware of that. I always calculate in $1,500 for the double close which eats up some of my profit.

@Joe Gore

I have already used this method to wholesale HUDs. The profit is not the greatest but I'm not in the business of greed either. Its a quick way to build up some cash.

@J Scott

I try my best to wholesale HUDs under the current list price and take whatever profit I can minus closing. Any tips for wholesaling HUD homes?

@Mark Ferguson

The property has been on the market close to 30 days and is in very bad shape. I think the property is overvalued and its more difficult to wholesale at that price. Any suggestions?

There are some HUD homes on the market where noone is bidding because it is too expensive. Do you think calling the asset manager will lower the HUD net to at least 75%? Has anyone ever called the asset manager?

@River Smith

I am trying to get my first buy and hold on FHA financing too. What I am finding here on Biggerpockets and on the web is that if you put 10% down on the loan, once you reach 78% loan to value and have been paying your PMI for at least 60 months, then the PMI will be dropped. I still suggest you do your own research but this should give you a start.

All the best,

@Annette Hibbler

I see where your coming from but I have to disagree and heres why:

1. They are international investors and dont know whats really going on till they get there. Same as if I went to another country to invest.

2. Americans have seen the rise and fall of Detroit. Huge population decrease, crime is bad, and not to mention that jobs are all but gone. I recently heard that the city of Detroit is going after small business now and trying to shut them down because of code violation. With all these problems, why invest there? There are better markets with less risk.

@Jay Orlauski

I checked its not FHA, its fannie mae/homepath moving to 5%

http://mortgageporter.com/2013/08/fannie-mae-to-increase-minimum-down-payment-in-november.html

@Account Closed

Welcome to Biggerpockets!

Hope you find enough information to get the apartment complex your looking for.

All the best,

@Tom Goans

Honestly, you'll probably be better starting a discussion about buy vs. rent since you have alot more experience than me. I'm still trying to get my business off the ground.