All Forum Posts by: Christine Stefchak

@Minna Reid

Looking at a 50k purchase price with 15k (our rough estimate after walkthrough without contractor) in work to sell for 100k.

@Minna Reid I have a contractor on call for tomorrow. Her wording to me was " invoice ". It would be a cash deal so no lender involved on my side.

I have the opportunity to put an offer in on a short sale property.  The listing agent told me to include an invoice form of repairs with my offer under asking.  Would anyone be willing to share an example of this with me?  How detailed should the invoice be?  What is lender looking to see exactly? I want to offer 77% of asking price so there is quite a bit of deficit to make up.  

Would I include things like cost of carpets and kitchen cabinets? Or just "repairs" like new deck needed because wood on old one has rotten/cracked.  

@Huy Dinh are you working with an agent? They should be able to review the sellers property disclosure for some more clues. I'm a local agent ...feel free to connect with me and I could look into it for you on the MLS if you need help:)

@Jason Leavitt I'm still paying PMI.

Based on comps I'm pulling the house could sell today for 110-120 range. We bought for 86k (lenders estimate currently predicts resale of 95k but their numbers are totally wrong about my local market)

@Jacob Sampson yes .... I'm just trying to find the happy place between telling myself it's not time yet and finally taking my first step. I don't want to always be waiting for the perfect time. I had all my credit paid off in September and dog needed a major surgery 😔. It's always something. Now that I have it transfered to 0%apr for a year I'm less concerened about paying it off first.

Allentown , PA

I currently own a home with about $25,000 in equity. The home will rent for $1,400-$1,500 a month and my mortgage/taxes are $800 a month.

I want to buy a multi unit - keep current home - live in one unit and rent out the other(s) so I can take advantage of FHA financing (my current home is conventional )

Would it even be worth looking into cash out or line of credit against my current home with how much equity I have ? I have a family member willing to invest in me but I’m not sure I want to involve someone else’s money/business in my first investment deal.

Also, I recently did a balance transfer from my high interest credit card to a credit card I already had opened with a zero balance (they offered me 0%balance transfer ) my credit went from 784-700 because of this!!! I’m so pissed. Do you think it will recover quickly? I’m wondering if it’s a glitch and it looks like I doubled my debt when in reality I just transferred it. It was a LOW amount of money moved too ($5k)

Thanks for reading and for any creative advice you may have. I can’t wait to close my first investment deal!!