All Forum Posts by: Chris Purcell

Help

I'm in a situation. A house I was interested in as a rental was pending then back on market then pending just as quick. Now it back on market.

However I'm in a short sale deal right now. My wife and I have a cash offer on this short sale that was accepted. Short sale was a divorce etc

Husband signed bit ex wife still hasn't. We signed and have earnest deposit of 5k. As we wait this other home is back on for 189k. I know area very well and have two other sfr

Updated and rented out for past 5 years at 2000 and 2100 per month.

My goal is five homes in this area

I need to jump on this,house is ready to rent very minor items to take care of.

Problem I'm refinancing my primary for better

Rate and currently we are in a variable rate we need to get out of. So our cash is Tide up so to speak. At same time as refinancing I'm putting a heloc in place of 130. Which should close within week or two at most. Didn't want to cash out on primary as we eventually want to pay off. We have 106 left on primary and it was appraised at 300k just 2 weeks ago hence heloc

My credit is very good hovers at 800. But the inquiries are high at 5.

So does anyone know which way to go to snag this home that's back on market quick?

I'm thinking hard money temporarily but can't use any cash to put down at this time. Should I apply just to get an approval letter to place offer and start process by the time things come to cash i can use cash from short sale deal temporarily then put cash back when my heloc is in place.

I need a better place to fund this besides bank

Any suggestions. Has anyone been in this situation and used some funding institution that worked. Help. I will be calling some places like patch of land or Lima one etc to see if these people really can understand investors

Better than a bank.

Thanks in advance for any advice.

Oh so I should be all in for about 50k

After all expenses I should cash flow about 400 a month. So about a 9% cap

Gil.

seems suspicious.   earlier today I got a FAUX e mail from A FAUX closing attorney wanting me to wire in multi thousands for a closing that was a fake.  I mean someone must be falling for this stuff

Hi Jay,

Im Fresh out of college and I m currently looking for a breakthrough into the real estate world I am interning at Eastern Union Funding Do you have any deals in your pipline which require a million dollar **** or more Please let me know so I can get a crack at it

thanks

Whether you own 1 or 100 investment properties I'd love to get your answer.

Thank you kindly, Suly

@Caleb Heimsoth I did not ask, I just went for it.

They said I could always refi, except I've got such a great rate (3.625%) that I would prefer not too.

Man, you need to get a vision board setup next to your desk. You and your clients are going to leave sooo many opportunities on the table with this righteousness attitude.

To all of these claims about how the other party is wrong, fraudulent, unethical, etc etc - who the hell cares? Your goal should be to get your client the property at a price acceptable to them, even if that means slogging through the muck and mud of the real estate world. The utopia you want where everyone is honest and ethical doesn't exist, and won't, no matter how hard you fight. Spend your time working within the system vs. trying to fight it.

Now, if you want to file a complaint after the transaction closes, go right ahead, that might be the right thing to do. But again, the goal here should be to make the sale for your client, not prove how right you are and how wrong the other party is. I've reported plenty of wholesalers to the state board and plenty of non-compliant folks to the MLS, but never before my client has a chance to close on a deal.

You aren't going to get the contract between 2 other parties cancelled by being a tattle-tale and assuming whats going on isn't acceptable to both of the contract's parties. Maybe the bank doesn't care how the deal gets assigned as long as it gets closed. Even if their contract states otherwise, that's between them, and is none of your business. And even if you do get it cancelled, who's to say another party won't come in offer more and still beat you out? Will you still say "no fair!" and find a way to derail that person's deal?

 And when one of the parties is completely lying, and making misrepresentations?  

 LOL.  Too long didnt read?  

I'm on BP to communicate with other like minded individuals. Truth is I spent a ton of time on here pleading my case, giving my opinions, and laying out the facts, and debating right and wrong. My time spent on BP is not ROI positive, I understand that. I also understand this problem wont be solved on BP either. But I would appreciate it if you at least take a minute or two and read some of the thread before putting in your 2 cents. I'm pretty sure I made it clear in OP that the seller is a bank. I appreciate your input nonetheless, no matter how invaluable it is to the discussion.

I am self-managing my single-family home rental in Fresno, CA. My current tenant just notified me that they would like to move out by the end of next month. However, their 1-year lease is effective for 6 more months after their desired move-out date. They have been fantastic tenants so far. They are set up on automatic rent payments, and they have never been late. They send maintenance requests as needed, etc. 

My lease allows me to have them pay any costs associated with their breach of lease, which includes the rent they would have paid if they stayed the whole term.

How have you all handled situations like this? Any piece of advice helps.