All Forum Posts by: Hoa Nguyen

Not legal advice - Full Disclaimer

Emotional support and service animals are two different things and different states have different laws regarding them. In most (if not all) cases, you cannot discriminate against a registered service animal, but an emotional support animal is in a grey area. It doesn't take much to register a pet as an emotional support animal these days. Some states value emotional support animals as necessities, while others have levels to their need, a lot of it goes alongside the person's diagnosis which you cannot ask for.

My advice would be to brush up on your state's laws regarding emotional support animals, and seek legal advice on the matter if its that big of a deal. 

Your point on using the current sellers as reference is absolutely great! Never thought of it like that!

Hey everyone, have a question regarding my current owner financing deal. I was able to secure a single-family rental from an FSBO who was willing to finance with me. Got all the title work done and had a legal mortgage note written up alongside the purchase contract. This was all last month. My question is that now that I have legal ownership via the mortgage note, how soon can I (should I) refinance? Is there a certain time I have to own the property before refinancing? The current deal is on a 5-year balloon loan, and I would love to refinance asap but wasn't sure of the possibility with the deal being so fresh.

@Marian Huish well considering I would be adding two rentals to my personal portfolio and the deal doesnt add to my marketing profile as an agent, I don't think it will really be relevant. Remember, I am the buyer in the situation.

Talked to my managing broker, and she said as long as I don't use the local realtor association forms and charge a commission, it does not have to be run through the brokerage. I do have to disclose I am licensed.

If it is up for auction through a bank your best bet would be to just participate in the auction. You don't want to cross lines in a foreclosure situation where a bank is already dealing with the previous owner. Things can get messy. 

My suggestion would be to network with the local banks and ask for any pre-foreclosure lists. Most of them will! Then you can either negotiate with the bank or the owner of the home. 

@Bruce Lynn sorry shouldve have worded differently. I am the buyer, so the brokerage will want to get a cut from my connections sale if Im not wrong

Hey everyone! Quick question to my agents and brokers out there. I am currently working out an FSBO owner financing deal with an investor friend of mine. As an agent, does my brokerage need to be involved? I've heard of brokerages wanting their cut of their agent's FSBO home purchases, and honestly think that to be ridiculous.

(By the way, if this deal goes through, my LLC would technically be purchasing the property. Not sure if that adds to anything in this scenario)

Hard Money Loans should be viewed as a last resort, but shouldn't be counted out entirely. If faced with a scenario where you have a good deal, but can only secure a hard money loan, it is better to use that option than to have no deal at all. Remember you can (and should) refinance out hard money loans as soon as you can. 

Hey everyone, curious to see what people say when it comes to refinancing an owner finance deal into a conventional loan.

1. Is it possible?

2. If so, when do you refinace?

3. Do you include the option to refince when pitching the original owner financing offer?

4. If possible, is it even wise to?