All Forum Posts by: Becca Summers

I forgot to answer your other question both homes have mortgages one was 100% conventional back in the day. Second is 5% down conventional and spend  $25k in rehab.

@Justin Dixon the first home was a short sell back in 2008 not to bad of condition we did a yard and fence it was only two years old. We thought we were buying at the bottom of the market but our market continued to drop for two more years. Last year we refinanced it down to a 20 year and we still own it.

We actually moved out of the first home and rented it to someone else and in the meantime we rented a thousand square foot basement apartment for my inlaws.

We purchase the first home to lived there for a few years then we moved away and rented a basement apartment for 2 years so we could count the rental income from the first home.

Then we bought our second home did a live in flip or BRRRR strategy whatever you want to call it. And now because we have rental history we are able to buy the third house.

We bought our first house when we where 21.

That's how my parents bought their single-family homes. They would buy it get the cheaper interest rate by moving into it live there for a year and then move back to their other home.

My husband and I have done it for our first two properties as well the the second one we moved into because it was bank owned and we're only allowing owner occupants at first because we are willing to move we got a good deal and didn't have to fight with investors for it. We spent a year and a half renovating it and now we're moving on to our third house.

On the FSBO its depends on your neighborhood and price point. If it will be profitable. If you live in an area where neighbors buy each others houses because demand is so high then yes go for it. Hire a Realtor or real estate lawyer to help with the contract. If your neighborhood is for first time home buyers the headache from dealing with first time home buyers won't be worth the money saved.

Pricing your home will be the hardest part of going FSBO because we are a non disclosure state you can't really tell what homes were sold for around your home. And if your neighbors listed their home too high and sold for quite a bit less you can't tell because sold price is not public record.

@William Hochstedler I should clarify it would be membership as a Realtor that if turned into the board could be lost. Not so much the real estate license. It would be a very vindictive person to follow it that far. I do know when it comes to selling one we have to be very careful how it's advertise the home. That could be a whole different matter. I personally stay away from it. 

It depends, if a seller lists on the MLS and no retail buyers are offering because they are over priced then a wholesaler comes in uses his skill in negotiating to get the price down to where an investor will buy it and makes $5k for the time then yes sounds fair to me.

Now if same wholesaler ties it up with a promise to buy but then can't preform and cancels getting their EM back then yes I think it's wrong. The seller should be compensated for the time the home was tied up, just like the same wholesaler would require hard earnest money from the investor day one.

Just my thoughts.

@Chris Watkins I believe your license would be at stake for knowingly renting a home that isn't a legal duplex because as am agent you should "know better".

Utah housing which is a 100% loan program will not lend on homes with second kitchens knowing people will rent them out.

@Garrett Faucette I wish I could get my husband hooked on BP laughs at how much I talk about it. 

I've met some great people from this site on and off. I wish you the best of luck and hope our paths cross.

Has the value on your property gone up enough since you purchased it to refinance out of PMI?

Also with the new property have you accounted for vacancy and cap x in the $300 a month cash flow.