All Forum Posts by: David Roberts

Might be both of us or just me.  Not sure at this point.  I was just wondering if I had the option to use the house, since she is on the current mortgage, but I'm on the deed with her.

I would have expected she would need to sign off, since she's on the deed.

Thank you.

My girlfriend and I bought a home together in 2010. Got a great deal.  Now we have about 100k equity in the house.  My girlfriend is on the mortgage but we are on the deed to the house together.  Iso it possible for me to be able to take out a heloc on this house? WE split all costs but I know a bank doesn't really care about that.

How what is the reason for paying cash and then refinancing money out versus just getting the 20% conventional to start? 

when working with a realtor on your team,  what are the reasonable expectations and qualities you look for?

I'm not looking to buy at 70%because I don't think the rule works around here.  Maybe on a foreclosure or something but I can't see how it would work on a purchase from another owner.  I don't know who would be willing to take an offer that is over 30%lower than asking price. 

Did that work for short sales and foreclosures? 

I'm a buy and hold guy. 

I know it.  

One thing that runs through my mind alot is "why is everyone else not buying this nice house"? There are alot of investors around here.  Why hasn't it sold? 

if I had used the 70% rule the number would have been around 52k which seems absurd,  even if just taking 70% of asking price at 56k, its absurd.  At 70k I was very comfortable,  coming in at 400+ cash flow a month.  At  75k still doing OK.  I offered 70.  I took their starting price and subtracted 10k which was what I felt my worst case startup costs including financing and finding a tenant would have cost.  Even at 80k and 900 a month rent which is a bit on the low end my cash flow would have been about 260ish if I remember right. But I guess for me to take on more risk I feel that  a flow of 350+ is where I'm minimally comfortable at.  

I looked at all previously recently bought homes in the area and none have sold for more than 76k in the last 3 years.  I don't want to be the first to overpay. 

I'll update my pic eventually lol

I recently put in an offer on a home to purchase as a rental property and I think I was too low.  I'm just wondering if someone could walk me through their thought process and considerations on how they come up with their offer on a house.

This particular house was a private owner who inherited the house.  Their mother lived there.  It was well kept.  It needed new carpet, and it had wallpaper on every wall in every room, so I was going to have that stripped and then paint all the rooms (1000 sqft slab 3 bed 1 bath home).

Otherwise, it was ready to go.  They were asking 79k.  Other comparable homes were asking 85-90k.  I offered 70k, and was thinking to come up to 75k but I didn't get a chance to offer again as another offer was submitted and accepted.  I guess I was hoping the owner (who lived out of state) would just want to unload it.

The other very comparable homes in the neighborhood are listed for 85-90k.  I used zillow to research all recent sales in the subdivision.  No homes in the past 3 years have been sold for more than 75-76k.  I don't want to be the first to pay 80k.

yea,  there's a reason everyone is scared,  lol

the income tax was sold to the American people as a "temporary tax" to help pay for the war.  Temporary... Snickers...