All Forum Posts by: Yadira Gutierrez

Hello BP Community!

Clarification - The main purpose of this posting was to try to find out if the house was priced right in the first place. I did talk to the agent, he did explain to me to reasoning behind that price. However, when I started looking at some other properties in the area I started to wonder if he priced the house right. The fact that he is inexperienced made me wonder that maybe he was not doing the Comps right. This is his first listing, I also wondered if  he is pushing me to a quick sale.  

Since I cannot make that analysis by myself that's when the BP community comes to the rescue.

As of today, all  written offers expired. He has been verbally negotiating and counter-offering. 

The 215k is out of the scene. It was a loan with very little down payment, and the lady had the nerves to knock on my door (not in the friendliest mood) to question me about her offer. 

The 227k offered to go even higher to 233K in order to give me the 227k and still not use money their for closing costs. This is a family with only one person working. It seems that their financial person told  them that they could not go that high. So they came back with a verbal offer of 227K and the 1.5 sellers contribution. Too many flags, I think we are in a limbo with them.

The 222k conventional offered 225K but wanted a response last night. I verbally agreed to that offer late last night. I haven't heard from my agent yet.

If anybody still want to play comps and tell me your thoughts not based on the offers I have had but on the market, that would be great. Lets pretend I am bringing my house to you for the first time...at this point I am curious,  and even more important I need to know how to do it in the future so I don't get insecure again since I am planning to keep investing and selling. 

I will keep you posted as I go.

I will share the experience about dealing with rookie family member once the transaction is completed.

Looking forward to hear from you...

Yadira

You guys are awesome! I thank you lots!

House was listed for 222K. This is my primary residence. 

First offer was for 215K; however, the listing price offer 222K showed up and I rejected the 215K offer.

Second offer 222K was on the table, since they accepted the listing price right away it got me thinking that maybe the listing price was not right. This is a conventional loan.

Third offer was for 227K but they wanted me to pay 3% closing costs. After my "sellers contribution" I was getting less money than the listing price offer. This is FHA.

My agent is working very hard but he cannot buy experience, so I have been very careful because I want to help him but definitely not at the cost of a bad transaction. 

I am not going to get an appraisal I just need a little bit a reassurance that I am not making a bad deal cause the house is under priced and I did not ask the right questions or did not do my due diligence.

The scenarios right now are:

1. 227K with 1.5% sellers contribution. FHA loan.

2. 225K no sellers contribution. Conventional  loan. 

3. New prospect coming tomorrow to see the property.

So if anybody can do some quick comps and provide some input it would be great...

Thanks!

Yadira

Hello BP Community,

I gave my house listing to a relative that is a rookie.  Long story. No, cant get rid of him. He is under an experienced broker though. And I must say I have been very detailed so far; however, I am still having doubts about the whole transaction.

House was placed on the market 2 weeks ago and I have 3 offers so far. One way low (that I rejected and the lady showed up at the house to question me why I did not counter-offer, priceless!), one at listing price and one above listing price. 

However, I see other properties going higher in my  neighborhood but he wont agree to up the price of my house cause those do NOT compare or because the appraisal wont be good. He is rushing me to make a decision about an offer that I am not completely sure I understand or that I am doing it right.

I do not know if that I am getting those "good" offers because the house is priced under market value or, if I am just having luck and should jump on it right away.

I have questioned him and of course I get the script from his broker.

At this point I need a third party for guidance. No other agents would get involved at this point so I am (once again) asking for BP masters for help.

Would an experienced agent help me with some basic advice of things I should make sure he does and things I should not do?

THANKS!

Yadira

Hello BP Community!

I am finally ready to start buying properties to rehab/flip...

I am looking for a General Contractor that could provide me with an estimate of costs.

I would appreciate any recommendations.

I am looking for reasonable and reliable GC to work with long term.

Thanks!

Yadira

Hello BP Community!

I am finally ready to start buying properties to rehab/flip...

I am looking for a General Contractor that could provide me with an estimate of costs.

I would appreciate any recommendations. 

I am looking for reasonable and reliable GC to work with long term.

Thanks!

Yadira

Hello BP Community!

I will be making offers/bids for HUD and Fannie Mae homes soon. I would like some guidance in terms of how to approach applying for the loan.

I currently have 2 credit cards and 1 personal loan for a total of approximately 6k. I do not have any other debts.

I am selling my house so I expect to have enough money for the down payment and all other fees. However, I currently have some money saved and I do not know what should be my strategy.

Should I pay off the debts now and use the money from the selling to buy the new one?

Should I keep the money and use it to put a contract on the new home? And then pay off the debts?

I do not know if paying the debts is the right thing to do before applying for the new loan considering that I am trying to do both pretty much at the same time.  Would those debts interfere with the approval? Or, is it so little money that paying them up-front would not really affect the qualification too much? 

Looking forward to hear from the masters!

Yadira

@Michael Lee

No experience? With that background? You are a thousand years ahead of me!

I will take you on your offer for assistance. I thank you for that.

In the meantime, could you clarify/explain these points a little more?

Diversity and population growth are important. 

How  do I make this analysis. Where do I find this data?

Get a HELOC as a last resort to use. 

Why?

Regards,

Yadira

@David Dey 

First, second, the last one, who cares? LOL

I like your story. Not a glamorous one but the ones that I like because I've had my share of tough times as well and I understand what it means to start all over again from nothing.

Thank you for your input. I will definitely take you on your offer as a sounding board. I need many of those "boards" ;)

I am having trouble finding a deal though. Everybody is selling at market value, even wholesalers. How can I find out who's who (wholesalers) in my area? I went to a REIA event and one lady had 2 properties only (the ones she is not fixing-flipping) and another guy showed me a flyer with a property at market value. He said he had 7 properties but it seemed to me that he did not have good deals. When I told him about those prices, he smiled a little bit ashamed and mumbled something like yeah, yeah, pretty much everything now is at market value. Am I wasting my time looking for wholesalers?

Actually I saw a property at HUD Home Store that was in Redfin for 10k less! Lost on this one.

Talk soon.

Regards,

Yadira

@Douglass Benson

Hello there!

I agree with you. And I am fully aware that if done correctly this is not an easy money enterprise. I have been wanting to get in a business for almost all my life. I decided to do RE because I truly believe that I will enjoy the journey as much as the end results. 

After reading about mentors, I think I will try to find a partner that will hopefully become a mentor. It seems to me that trying to get a mentor without giving anything in return other than time and motivation would be very difficult. 

Thank you for your reply. Truly appreciated.

Regards,

Yadira

@Bill Gulley

Well said. Truly appreciated. 

Just want to clarify that I am willing to work hard on obtaining "the basics of real estate and business that develops entrepreneurial skills". I am not here for the easy money, I know this a very serious industry and doing the "dancing" as you said, would be nothing but disrespectful to the professionals in the field. I am not considering leaving my job in the near future.  I am fully aware of the risks and I am willing to take "calculated risks" like in any other business. 

But back to the main point - my  lack of knowledge and entrepreneurial skills. If I am not ready to invest, what would be your recommendation to start building that knowledge? It might be obvious to you but for somebody like me not necessarily. There are many options out there; yes, from all kinds of programs, and gurus, and REIAs, and scammers. I am interested in what would you recommend.

Also, could you please give  some examples of the strategies or business models you are referring to on the following statement? I just need some examples to do some research, get educated, and learn the skills needed.

"Invest your time, minimum capital, and knowledge to capitalize on opportunities that you find. There are safe ways of obtaining control of properties or interests in title with no or very little money, but to do them correctly requires greater skills and education."

Again, thank you for taking the time to respond and I am looking forward to hear from you.

Regards,

Yadira