All Forum Posts by: Brad Hammond

I tell my clients to first talk with their car insurance company.  Beyond that, find an insurance broker in your area since they can search multiple comanites.  

Hey @James Woods, that is a little bit of a pickle but should be solvable.  Here are a few solutions...

1. Yes, see if she (or anyone else) can gift you the money.  You only need it in your account till closing.  

2. Can she add you to her bank account?  

3. Have the seller pay the closing costs and increase your offer by that amount.  That way you will have that amount in cash for reserves. 

Hi @ReShauna Jackson, congrats on becoming an agent and getting a couple of transactions done!  If a property isn't selling, it needs to be cleaned up, improved, or the price needs to be reduced.  A reduced price will fix all the issues but if the seller can upgrade the property at all, that will help.  Also staging the property helps if it is not a straightforward layout.  

Hi @Zachary D., I believe all FHA required repairs need to be complete before the transaction closes. Double-check me on that though, I don't do a lot of FHA loans. As far as what your agent says, that is correct. If the appraisal comes back at the agreed price, it is too late to ask for a price reduction. Your agent is might make $30 off the price difference, but that should not influence them at all. Not trusting your agent 100% is a bit of a red flag, if you don't feel like they have your back at all times, you should find a new one. I know it is a little late for that now though.

@Jacob Blake, Foreclosures are tough.  For one, chances are the final sales price is going to get bid up quite a bit.  There are lots of people looking for BRRRRs and flips.  Also know that you need to pay cash for foreclosures so you will need to use hard money.  Just make sure you factor those costs into your budget.

Hi @Raymond Mayers, congrats on paying off your home! You have two options, you can refinance your home (get a new mortgage) or you can get a HELOC (home equity line of credit) which is like a credit card based on the equity in your home but with a much lower interest rate. it depends on how you want to structure the debt.

Hi @Anna Bee, congrats on paying off your mortgage.  You should look into purchasing it as a second home. 

Hey @Zack Phoenix, every state is going to have different rules about things but here is my inspiration of what's going on...

1. Yes, you can post a picture of the progress you are making.  You probably just need to put your brokerage logo on the photo.  You should ask that agent for more information or to clarify what they are referring to.

2. The only reason I could think of why you wouldn't be allowed to leave a thank you note is that it might be looked at as trying to poach another agent's client. That is not acceptable and is against most rules. However, that sounds like a really far stretch as by that point the seller and listing agent have a very solid relationship. I don't think there is anything wrong with it but I'm not sure how much it will help you in the long run. What is the ROI on the thank you cards?

Hey @Carlos Querido, finding a great contractor is really important in the process.  Ideally you would have one lined up before you give them a huge project like a flip.  Can you find smaller projects for them to do first?

When you are walking around with a contractor, you will want to tell them in detail what you want to be done so they can give you an accurate bid.  If you are going to have a contractor come out a do a few bids but don't commit to them doing the work, you should give them $100-$200 for their time.  

Hey @Kyler J Sloan you are mostly being paranoid.  I see where you are coming from but most of the agents out there are looking after your best interest.  They are going to recommend the best inspectors, not what is best for them. 

On the inspector side, I believe they could be liable if they don't report something that turns into a bigger issue down the road.  It behoves everyone to do the best job they can in order to get repeat business.