All Forum Posts by: Brian Van Pelt

@Chad S.

yep

@Chad S.

I use DocuSigh, It's cheap, easy to use and you can upload your documents.

Speak to your lender, since they will have to re-evaluate the loan anyway and all lenders are different. It will have to be changed and resubmitted to underwriting. It's more important that you give the Seller this information and ask for an extension as soon as possible.

@Nate Castle

Your legal responsibilities are covered by your executed lease. If tenants have not provided rent and/or deposit with terms of lease prior to start of lease date, then you may not be obligated to allow them to move in.

If you allow them to move in and they cannot pay the rent then you may end up not collecting for 3 to 6 months or longer.

I would have them resubmit an application for May 1st and evaluate based on the new application.

@James Strawser

Investors , BRRRR, Buy and Hold, Sellers need to adjust expectations for a minimum of 12 to 20 percent drop in Home Sale Prices in the Coronavirus Housing Market.

I've been tracking data in the MD-DE-PA-VA-NJ MLS for the past few weeks. The trend indicates a minimum of 10 to 20 % drop in home prices as sellers reduce home prices due to lack of Buyers.

Current pipeline of properties under contract are closing with about 16% of contracts withdrawn.

Buyers are canceling contracts often leaving deposits with Sellers.

Investors should re-evaluate resale values in light of the new reality.

Any other regions showing similar declines ?

@Otto Kinn

Yes, This has been done in the past, it's call the United States Post Office :)

Seriously, this has been done by franchises such as kinkos . Look into that if your area will support such.

Towns such as you describe would benefit from a coin op laundry, perhaps combining the two.

@Tyler Uliss

With less than 2 months in on the COVID-19 market, its too soon to say there are trends. Right now like in almost every financial and business market what we are seeing in the "slamming on of brakes" There are no 'trends" at the moment other then an almost full stop and most of the closing being contracts already in the pipeline. Right not it's safe to say IF you can sell then sell. 

Most of my investor buyers have stopped buying and my Seller investors are concerned that they won't get the price they are looking for.

The MLS indicators are fewer home coming on market, Big decreases in house prices are starting to happen as well.

The huge indicator is the mortgage origination by lenders is taking a big hit.

This is all in the last 3 weeks.

@Jeff Byrne



The VA loan can be used to purchase up to a 4-unit house so long as it is owner occupied. These homes are also known as multi-family dwellings, and can be referred to as 2, 3, or 4 family houses. These homes are typically separated units with each functioning as a separate apartment.

@Stephanie M.

. Lease ends for both tenants at end of month (no prorated rent unless previously agreed to in writing, lets tenants sort out prorated rent)

. Conduct move out inspection at end of month , not damages and give repair estimate. deduct from deposit of

. Execute a new lease with remaining tenant starting at the first of the month

This is all assuming you have a lease with both tenants to start with.

@Adam Bileckyj

Yes