All Forum Posts by: Austin Youmans

@Jakeb Shelton A 2 bedroom  place on average is about $1000. Obviously it depends on how nice and the location.

I am in the middle of interviewing brokerages as I just pasted the RE test.

What would you be looking for? Training? Brand recognition? Low fees? Large network?

It really depends on what is important to you.

Ask all the questions you want and I will do my best to answer them.

I am not sure about applying for the license but you could definitely take the classes online to at least be ready to apply for a license when you move. Becaue you don't apply for the licence until you pass your test and you results are good for a year.

Hey @Baxter Finch, I know we talk about this on another forum post but I still think FHA is a great option. @Adolfo Cuellar is right as FHA is harder to land a deal but you are only trying to land one deal so it still works. I made about 6 offers and actually walk away from the property I eventually got but then they lowered the price so I went back and got it.

It is just a numbers game so as long as you have patience and perseverance you can still land a deal with FHA.

I would be happy to help with any questions you have.

Portland is a super hot market right now so even flipping is hard to find deals but keep your eye on the market and get to know the area online so when you are ready to move you can hit the ground running.

@Baxter Finch

The duplex was 286k and the 13k included closing costs.

For refinancing you have to get a new appraisal and go through the underwriting process just like getting any loan. 

And you need at least 20% equity as conventional loans are usually 80% LTV.

The benefits are getting a lower interest rate, at least with the rates we have right not, and getting rid of Private Mortgage Insurance, PMI, which is about $220 a month for me. Also refinancing to conventional will allow me to use another FHA loan again as you can only have 1 FHA loan at a time.

@Baxter FinchFHA is a great option and is what I did.

Everything is really expensive right not so not the easiest time to buy but if you find a deal that works it shouldn't stop you.

That is enough of a down payment depending on how expensive the property is. I got in my duplex for $13k.

@Adam Shaddy I am in the process of refinancing my FHA loan to a conventional so I could use another FHA loan in the future. If you have enough equity you might want to do the same as rates are super low.

I would also come up with a very specific list of what you are looking for in a property so you and your agent can weed out properties without viewing them.

It really depends on the agent and what you are asking them to do.

Writing up offers is pretty quick but if you want to go look at 20 places a week and only write up offers that will get rejected in a hot market then it will get frustrating for both of you.

What is your strategy and what is going to take up the agents time?

If you are making low offers I would suggest just to do it site unseen and ask the listing agent how much work there is and make an offer subject to inspection.

It really just depends on the inspector you get and how picky they are personally.
I'm sure you did a good job though so I wouldn't worry about it.

It is true that you would need to fix any health or safety issues or VA/FHA loan wont work.

I don't think you need to run numbers until you know that the owner is interested in selling. If they are interested in selling they should be willing to share there expenses with you. Trust but verify.

But why would these owner want to sell?

Sounds like they probably already get top rates with 0 vacancy just because of the location. I think you need to find a pain point for these types of landlords like high turnover or wanting to retire.

Just call them and ask if they are too busy to handle all the work and offer your services. M

Most agents are not business minded so you will need to find the ones doing the most sales as they will need more help and most likely are business minded.

Are you wanted to do this full time or part time?