All Forum Posts by: David Martin

@Victor Nkhoma Would approach them with a solid contractor and agent combination at the least. In no way would I waive contingency for inspections. Expect that whatever you find is yours to fix, and not the sell side. Found it useful to find the REO seller agents, basically the person the bank is tapping to move the product in the market, and get your agent on their list for new stuff. Sometimes you'll get the morning email blast on new stuff a few hours before it finally gets entered on the MLS.

@Imelda Mendoza ok, if you can clarify though. You said this is an investment property, yes? This statute should only apply to the primary residence. So if it's a second home or investment property, this shouldn't even be a rule set that is in play.

@Imelda Mendoza i'm presuming they are trying to reference the 50.a.6 rules? In that specific case, you do have to wait 1 year between refinance, so if you got a cash out refi, you would have to wait for 12 months from your first payment to request another one. If you've never done a cash out refi before, I'm not sure there are any limits that I know of. I would challenge them to tell you what statute from the state or what underwriting guidelines are forcing that requirement so you can know what they are basing that on.

https://selling-guide.fanniemae.com/Selling-Guide/Origination-thru-Closing/Subpart-B5-Unique-Eligibility-Underwriting-Considerations/Chapter-B5-4-Property-Specific-Products/Section-B5-4-1-General-Reqs-of-Texas-Section-50-a-6-Loans/1736883621/B5-4-1-01-Texas-Section-50-a-6-Loans-12-19-2017.htm

 

@Bruce Lynn I'm aware of an empty lot that I believe would not be contested by the owner in a trespass-to-try situation, because it's current titled owner no longer exists, because it is an HOA that has been legally dissolved, and in theory, leaves this as an abandoned property, with either nobody having claim, or everyone in the neighborhood having a claim. My expectation is nothing will ever be done with it unless someone takes it over via adverse, or some municipality claims it in something like an eminent domain situation for a green space, etc...

@Marianne Lopez-Henthorn Based on your list, Texas might be the ticket, at least for the first stop in the U.S. I spent some time bouncing around Alberta for tar sands engineering projects, and you'll probably find most of what's on your list and similar industry (see you're in Ft. Mac) in Houston. Socially speaking, Dallas is really similar to Calgary, and Edmonton is pretty similar to Houston and San Antonio. Austin is a bit like Whyte Ave/Old Strahcona area of Edmonton and Eau Claire area of Calgary all wrapped together.

@Salvador Diaz in general, there is specialized training for Construction Management, which, in a professional sense, is the person that runs the execution of operations for the construction project. This would be the person above the General Contractor and heads of other departments for a build. This tends to be a blend of skills in contracts, negotiations, managing a GC to perform, supply chain management, etc... You won't be in a trade in this sense, but it's a great top down learn on how construction operates beyond hammers and nails.

As a pure trade skill, any sort of surfacing work, flooring, tile, drywall, paint, hanging cabinetry, etc... are all easy thing you can strike off the final bill.

@Adam Barber Also... this prior forum post has some recommendations.

https://www.biggerpockets.com/forums/30/topics/806295-recomended-mobile-home-books

@Adam Barber Same recommendation... Fedro's YouTube is quick and easy way to get the idea on how he operates.

@Reginald A. Shelby II According to the thousands of references to this search term on BP... going to say yes.

https://www.biggerpockets.com/search?utf8=%E2%9C%93&term=%22analysis+paralysis%22

@Kirk R. 110% of asking (or 10% over asking, if that's easier). Shows you're positioned to move on the deal, if their valuation is accurate, plus a little extra.