All Forum Posts by: Eric James Slater

@Minna Reid thanks for your insight. Look, whether it is approved or not, I’m not 100% sure how to confirm or deny this term. I have spoken to two separate realtors. Both say “confirmed,” it’s a short sale... One guys name and number was on the fence when we drove up to the house and the other was the realtor who responded off realator.com.

I think I may not be asking the question correctly. Assuming it is a short sale. Why is this important and is this a deal above other deals?

Saying the home is worth 280k (listing agent said this is what is currently owed on the note, effectively making it "short") and asking 244k on the MLS.

@Carolyn Morales man, I do feel like I found a gem. Been in business for myself my whole life. Recently moved to Jax. Been getting ourselves set up this whole year and so a bit tight on funds but not hard up or anything and getting better everyday. Lived abroad the past ten years. Hence the rough re-start. I’m not afraid to round up some cash, was planning on having it all set by September (when our lease is up) but would hate to pass on a one of a kind deal...

@Joseph ODonovan yes, the listing agent told me the mortgage is current. (Not sure why the bank approved the short sale). I’m reading my butt off tonight what that even means...

I’ve been looking for a deal for all of 2020. Today my wife and I drove out to a house that has river frontage and a ton of potential in Jacksonville Florida. The home was remodeled. Supposedly 70k and is ready to live in. Huge lot. Old shop that can be turned into a rental/vrbo with some work.

Ok, called two relators. The home is a short sale. She’s up to date on the mortgage but got married and wants to sell. House on market for like 300+ days. (Apparently some issues with pending offers and stock market losses, now Covid-19), blah blah.

She apparently owes 280+ she has an SBA loan on top of the traditional mortgage. Price dropped again this weekend by 5k and they now are asking 244k.

I would love to make an offer. Would love to get a 203k loan and fix up that separate building out back and add on extra square footage to the main house already under the roof (now a patio) could make master bed for example.

How do I even make an offer? Money down? I wasn’t actually wanting to buy or look for loans until September. Credit score about 640 today. Can scrape some down payment together.

Please advice:-)

@John Ball hear you man. I don’t want to create a hippy commune by accident. A bunch of entitled little punks who can’t hold a decent on to pay rent. Complain about everything and want mom, dad, and the landlord to bail them out of everything. Holding the tenant carefully is a must!!!!

@Lien Vuong again, I’m new to real estate for the most part. Sold it a bit for Remax in Nicaragua and rented dozens of spaces for brick oven bakeries in Central America. But, I’ve learned in business in general that having and holding a niche is quite audacious:-)

@Nicole Heasley of course. The location I’m speaking about is literally caked “arts district” with the hip, trendy, bars and clubs down the street. Only issue I see may be the permitting. As these spaces have never been lived in before. So it’s a complete redo. Think cool brewery. But, with bedrooms and shared spaces.

@Greg Dickerson thank you sharing. It’s an interesting question. To be bold and build unordinary habitations!

@Randall Weatherall I agree! It can be pretty Birmingham as a renter. More so knowing that it’s prohibited to modify or change your rental only to invoke a fee when moving. I’m interested in living space. Functional hip spaces that allow people to be themselves without having to purchase “their style” themselves. Does that make sense?

@Sean Bozigian looking up abbreviations and can’t find another explanation than “street parking” oh... I see, short term rental. Duh!!

Here you, and I agree. Funky little places work well with STR's. What about "shared living spaces? Almost a hostel but actually apartments. Could be cool, in an old warehouse?!?! Nicely done.