All Forum Posts by: Calvin Ly

Shane. Those are kind of the same lines I was thinking when I came across this deal that was going to be my home. I had to ask myself why am I acting differently when it comes to my own home I am purchasing (as oppose to investment property)? Anyways, this particular house I am looking at has definite electrical and possible plumbling repairs that I did not account for in my initial walk-thru with my contractor. I am going to ask for credits. The worse that can happen is they say no and we move on with the deal and close at the original agreed price.

Thanks for the replies. I am on the right track then. So far on my deals I have not ask for repair credits from the seller since I am a rehabber. I can only see this happening if it was a major repair that was only identified upon a home inspection.  This question just popped up because I am looking for a house for myself to live rather than rehab and resale. 

Do you guys typically ask for credit for repairs that need to be made on a property you are trying to purchase? If yes, how bad does the particular repair need to be (in dollars)? Or do you guys use it as a tool to get the overall purchase price down.  To date I have not asked the seller to give me credits for any repairs because they know I am a investor who is going to overhaul the property anyways. Am I short changing myself by doing this? 

Is today's webinar not live? Is it prerecorded from July 3rd? Will it still have Q+A after? Can't seem to log in to chat so I can ask questions.

 I was originally looking for a duplex but they are hard to come by in New Orleans at my price point. Ideally I want a purchase price of no more that 150K per home.  I guess at this point I need to get a preapproval for a conventional mortgage. Anyone know of a decent company with great rates? 

Hi Guys and Gals. Hoping you can point me in the right direction-many questions. I am wanting to buy 2 single family homes using a conventional loan or 2. The two homes will be in different states. My plan is to hold the houses for 2-3yrs. Unsure if I will rent them out at this point. When applying for a loan can I apply as a non investment since I will be living in them as my original intend? Can I get 2 conventional loans? Here is a little financial background: 100K cash, 50K salary, 750+ credit score, current home 220K paid off, and about 35K long term debts-student loan and 5yr car note. I am not going to sell the house I currently own since my parents current live there with me. One of the houses to be purchased will be in the same city as the current home I own. Basically, I am at the beginning to set up my long term real estate buys starting with these two homes. I would like to add more as I go. Also, what conventional mortgage companies are decent? I started my application with PenFed because of great rates but after reading the reviews I got deterred. Sorry about my post being everywhere probably because it's been a long day. Hope this all makes sense. 

Thanks everyone for your input, your suggestions were very helpful. For the house I am now closing on July 18th  I am asking for more earnest money in order to extend this second time. I am just going to eat the holding cost on this deal-just going to cough this up to part of doing business and learning. On the next deals I am going to require a per diem on first extension and increase in earnest on second extension. 

Glad I found this thread but unfortunately going to miss this meeting (flying to Boston for work) I will make the August one!  

^^^I don't like your answer! lol I mean if I was a buyer it wouldn't be so bad, just waiting. But as a seller it's time and $$$$.$$! From what I was told its stuck in underwriting and the appraisal both times are ordered after the dang closing date! Anyone else experiencing this recently? Or is it just my luck to get hit twice, twice!