All Forum Posts by: Alex Freelove

This is my first HOME purchase and I'm seeking advice. I just wasn't sure if there are certain consequenses by the IRS or certain rules by the FHA loan.

I am purchasing a house from a friend of a friend not through the MLS and with no realtors. We are in escrow now. We made the deal at $325k and the seller covers $7k in closing costs. The appraisal came back with a value of $340k. On the Appraisal Report it stated "Arms length sale; Typical CA RPA, with a purchase price of $325,000, and a contract date of 12/31/2016. There are no realtors involved and this is a non arms length sale due to being between personal friends per the seller."

Should I be concerned that this is listed as a non-arms length sale? Am I able to contest the Appraisal Report just about the "arms length status?" Will this cause me, the buyer to have to pay the IRS more? I am also using an FHA loan. What should I do in this scenario?

Well, my plan was to take full advantage of the first time home buyers program at 3.5%. I will occupy the first residence for a year then convert it to a rental. At that time, I'm going to upgrade to a new "owner-occupied" residence under the 3.5% FHA loan. As long as you are upgrading to a new home, you still get the offer of 3.5% down payment. I plan to do this once a year until I am able to accumulate 3-5 properties.

I am a first time home buyer and plan to use FHA first time home buyers loan. (Just a matter of saving up the initial down payment.) I am asking for advice on how to structure a deal with this lady I met that wants to sell her house but hasn't listed it or anything. I happened to come across a home owner who just wants out! It is For Sale by Owner. Property value is about 220k. She is selling it "as is" and needing the roof replaced and other rehab expenses. She explained she would part ways with it for 200k. 3b2b 988 sq ft. 2 car garage. Sold as is, roof needs to be replaced soon. I guess her husband is a real estate attorney. Her Son has lived there the last 8 years. He's looking for a new home. My credit score is great at 760, great income job for the last 5 years. I'm just wondering what the best option is to present a deal to the seller? Subject-to, lease option etc.

Driving for dollars and Craigslist. My first investment property will be (A live in & flip). I honestly don't have a clue on where to start as far as evaluating a property, getting a good deal, to going through the entire process. So far the podcasts are just teaching me the basics. I haven't heard of the BRRRR method. And I have not found an REI group yet. Do you think I should try to join one now? Would I have time for their meet times if I have a Mon-Fri 9-5?

I would like to invest part type and keep my full time job until I really learn what I'm doing to earn enough where I am able to quit my job. I'm not married. I have a girlfriend and we are renting at an apartment. I have just got my Mint account set up and keeping track of my financing. I mainly want to get into buy and rent. I feel I could do a good job at flipping and selling. 

I am a new member to Bigger Pockets and just started listening to the Podcasts. I just recently decided I want to start Investing in Real Estate. I am 23 years old and I currently have a well paying full-time job making 70-80k a year in appliance repair and carry an excellent credit score. My problem is the last couple years I haven't been keeping track of my spending which essentially put me into debt. The good news is, my $2000 of debt is almost paid off and getting really excited about getting into the Real Estate Market. I am learning everything I can right now through Bigger Pockets forums, Podcasts (I LOVE THE PODCASTS,) books from the bookstore. I need more advice on where to begin. Right now I'm currently renting an apartment and I know I need to get out of that situation as fast as possible. Any help would be great!