All Forum Posts by: Debra Grumbach

 I have to agree with this response^^^

You could spend half your budget on kitchen and bath alone? This house needs EVERYTHING. Including inspections likely so that could slow down your process adding to your carrying costs. How long will this take to rehab and then sell? If it's a 3 month project you are looking at putting it on market to sell in December. How fast/slow is your market at that time of year? I know in the northeast market times can easily double in winter months, especially in holiday months.

hmmmm... being a good realtor for an investor would include - UNDERSTANDING WHAT THE INVESTOR IS LOOKING FOR, not being afraid to negotiate for the investor, not being afraid to write a "low ball" offer, being able to present a low ball offer as a GOOD DEAL to the seller, pointing out listings that have sat on the market for an extended period of time, finding "stinky" properties, really knowing the trends as they are starting (and knowing when they are ending/slowing down/etc), what areas are GETTING hot before the temp really goes up, expired listings (these are listings that never sold) or those that have been listed half a couple of times without selling, and bird dogging when you are doing showings to any client (what houses in the same neighborhood might have FSBO signs or show signs of distress) and simply UNDERSTANDING HOW TO ANALYZE the properties fro cash flow.

@Garrett Vita

There are no "hard and fast" rules with occupancy and FHA loans. The loans are intended for owner occupied properties. There is no minimum time requirement to stay in the property. However, FHA will not give you a second FHA loan if you have an FHA loan on a property. I have a couple links for you to read.

https://www.fha.com/fha_article?id=371
Additionally, "FHA will not insure a mortgage if it is determined that the transaction was designed to use FHA mortgage insurance as a vehicle for obtaining investment properties, even if the property to be insured will be the only one owned using FHA mortgage insurance."

Hire a tax accountant to figure your cost basis

get a new agent.

And even using a buyer's agent, they get paid through the commission paid out by the seller. Get someone working FOR you.

use the rental property analysis tool on this site. you get 5 free but go pro and run all the analyses you want

See if he can get you into the property and talk to the tenants. What do they pay? Are they planning on staying? Are there any problems? Has the current owner kept up with repair requests and general maintenance? Then contact the owner and ASK them what they are looking for in a sale. Maybe they are soured on working with a realtor after the last time. Listen. It may not be all about the money. Then try to find an offer that works for you and satisfies the seller. Give them a couple offers. Maybe a "full price" offer if they hold the mortgage. Less $ if they want out quick and clean and you need to get financing or there is delayed maintenance, etc.

Have you been to Waco? Have you looked at the properties? Do you know the rental market and have you analyzed any of the properties for rental investment? Every property has a "magic number" that makes it a good deal, but can you get it for that price?

you can try to get them into a new lease but they are under no obligation to sign a new lease until their lease is up.

Since I am not a lawyer I am going to tell you, hire a lawyer. You need to understand how trusts really work and how to make sure that you handle the trust correctly.