All Forum Posts by: Dottie Bee
Dottie Bee has started 6 posts and replied 62 times.
Post: Full Service Listings at 3.5%!!! NEVER pay 6% AGAIN!!!
- Real Estate Agent
- Wilmington, DE
- Posts 62
- Votes 22
Shawn, what does the 3.5% look like? How much is offered to the buyer's agent?
Post: Delaware Job Growth Discussion
- Real Estate Agent
- Wilmington, DE
- Posts 62
- Votes 22
Chemours was granted $8 million in tax money to keep jobs in Delaware. Of coarse, this is small potatoes on the heels of the huge Dupont layoff the end of 2015.
Post: New member from Delaware
- Real Estate Agent
- Wilmington, DE
- Posts 62
- Votes 22
Welcome to the forums Vincent! I took a Real Estate class at Weichert. They run specials for $199 for the class and materials on the coupon sites like Amazon deals and Living Social. The law portion was certainly worth the price of admission as the instructor is himself an investor and knowledgeable legal opinion on Real Estate investing in Delaware. I must have asked 200 questions.
Post: 50k Convetional loan
- Real Estate Agent
- Wilmington, DE
- Posts 62
- Votes 22
Another way to start looking in areas is to ask someone with access to the MLS to send you a list of properties that have sold in the last 12 months within your price range. This will give you an idea if where deals can get done for that much and if so where.
Post: 50k Convetional loan
- Real Estate Agent
- Wilmington, DE
- Posts 62
- Votes 22
Quick answer, Chanel is: yes you can buy a move in home in Delaware for $50k. Like @Eric Armstrong said, rehabs are hard to finance conventional. You can reach out to home owners in areas that the market value is around that amount. There are some townhome communities scattered in New Castle County (for instance New Castle &Bear have some around route 7 & 1).
If you have someone that is wanting to sell and save listing and marketing costs, you may be able to get a deal together that way.
There are also many areas on the City of Wilmington where homes are listed <$50k pretty regularly. If you would like to get emailed properties that get listed on the MLS in your price range pm me and I can set that up for you.
Post: Delaware?
- Real Estate Agent
- Wilmington, DE
- Posts 62
- Votes 22
I'm good with either.
Post: Delaware?
- Real Estate Agent
- Wilmington, DE
- Posts 62
- Votes 22
that should say "SIXTY FIVE PERCENT of ARV minus repairs" I don't know why BP omitted the percent.
Post: Delaware?
- Real Estate Agent
- Wilmington, DE
- Posts 62
- Votes 22
@Account Closed I'm most likely using financing to purchase.
Only If you are working a deal that is a detached SFR in Middletown, priced under $150K and at <65% ARV minus repairs, I would be interested and would consider using hard money.
Post: Low cost lenders for House Flipping
- Real Estate Agent
- Wilmington, DE
- Posts 62
- Votes 22
I believe so. FHA is for owner occupant first time homebuyers. Are you working with a lender yet? I'd start with locating a local investor friendly lender who could help you and your husband look at different lending scenarios. @Jeffrey Giffin May have some recommendations.
Post: Low cost lenders for House Flipping
- Real Estate Agent
- Wilmington, DE
- Posts 62
- Votes 22
Originally posted by @Nina Haman:
Originally posted by @Dottie Bee:
Nina,
In your situation, I would fix my credit above 650, and use FHA + 203K + DHSA. Delaware has 4 different down payment programs for qualifying first time buyers that make it worthwhile to do a live in flip.
I saw a woman close on a $187K home with $1800 out of pocket using DSHA assistance and sellers assistance.
Hi Dottie, My credit was not as bad as I thought (right below 700), but I will still continue to work on it. For the FHA 203K loan, do I have to live in it or can I rent it out to someone? We own our home now and hubby and the kids won't uproot from it just yet (I need to make a believer outta him!).