All Forum Posts by: Aidan Mulligan

I had someone claim I wasn’t the home owner and that I was out scamming people so I went through the effort to send him a Public town copy of the transfer deed cause I was afraid if he reported my listing it would slow down my listing process. He claimed “a realtor told me you aren’t the actual owner and that I should report you.” He got pretty aggressive with it before I sent him the deed. He apologized quickly after and asked if I would still rent to him.... uh no

@Llewelyn A. that makes more sense. I’m from NC so I didn’t look too deep into this but I’m glad to know it isn’t a blanket regulation.

@Ignacio Rosenberg

I would contact your mortgage company and discuss this with them. A lot of mortgages have a due on sale clause. Basically what this says is that whenever the deed changes hands, the bank can order the payment in full of your mortgage. Even though it's going from you to you (in company form) they might still call the clause.

If you call them up and explain what you're trying to do they may even give you some good resources on how to do it quickly and cheap.

@Brandon Ribeiro With a house hack like you mentioned you would be eligible for the 3.5% through an FHA which requires the home to be your primary residence for a year. You can ask for seller assistance in closing costs but in a competitive market it might make your offer less desirable. It really all depends on your market and how much risk you want to take on.

It's frustrating but don't take no as an answer. There's a way, if it means saving a few more months, or looking at a cheaper property.

You said it needs 12k worth of work. What I would do is take the value of the house after you repair it, multiply that by .7 then subtract the 12k. This will give you what you should offer. Then you can take that to the seller and say, look this is what I can offer and here's why. I need to put 12k into it in order to make it market condition. If the seller understands why you're offering where you are, they might be a little more susceptible to a lower offer.

Offer = (ARV * 0.7) - (Repairs)

This is crazy. If I read those sections right a tenant can miss payment, wait 14 days, pay the day before court, withhold the late fees, and not get evicted for not paying the late fees. Then the next month when they're probably late again don't pay, get evicted, then petition to stay for a year.

Why would anyone ever be a landlord in New York.

@Brandon Ribeiro Keep in mind the closing costs. If you have 12k saved for a house purchase you need to factor in about 5% of the house price as the closing costs. 

Your home for example, a 160k house will have around 8k in closing costs on top of your downpayment. I'm not sure what your savings look like but banks will also be looking for 3-6 months worth of reserves for tax, insurance, and mortgage. Say insurance is $800 annually, taxes are $600 annually and the mortgage is $400, you're looking at reserves of $3,100.

That's $3,100(Reserves)+$8,000(Closing Costs)+$5,600(3.5% Downpayment) = $16,700 needed to close.

If this won't be a primary home then it gets harder because banks won't lend on less than 20%, you might able to find someone who would do 15%.

That's $3,100(Reserves)+$8,000(Closing Costs)+$32,000(20% Downpayment) = $43,100 needed to close

It gets expensive quick.

Oh and another one from the same open house

Her: Yeah I just really need a place because I'm staying with my grandma now and she's wants me out. She an alcoholic and tried to shoot me the other day then called DSS on us.

Me: *blank stare* (Thinking to myself) If this girl lives here her grandma is going to find her and shoot up my house.

After open house

Her: I like the place and I'd like to move in

Me: Okay well I'll need an application which requires a $40 background and credit check

Her: Oh I can't afford the background and credit check right now

Me: Okay thanks for coming.

@Michael Clay Thank you. The inspector said it wasn't major but to not let it go untreated. I had the owner agree to take care of it before the property was turned over to me.

@Jeff Bridges  I actually do cover those questions. She admitted to the mold when she was asked about moving time. In fact I don't even talk to people unless they submit a short application. When they IM me I simply copy and paste my generic "Here is the link response" and after/if they fill it out then I decide whether or not I want to talk to them. She passed that check which is why I continued talking to her. I would say that moldy furniture is a quite important factor.

Thank you for the advice and link. I'll give it a read.