All Forum Posts by: Huso Akaratovic

Greetings all, 

I am in a unique situation and I am not exactly sure how to proceed with it. Here is the story. I sold a flip house approximately a little over a month ago. The house was sold FSBO with no agent on the other side either. The home inspection passed and so did the appraisal without any issues. The buyer called me last week and was asking me where the main drain on the house is. I also wasn't aware where it was. He then proceeded to tell me that his water had clogged up throughout the house and the plumbers were on scene handling it. I felt bad for him, but there was nothing I could do to help him. While I had the house in my possession everything was checked out by my plumbers and determined to be In a good working order. I had no knowledge of any issues. On the positive note, I paid for his home warranty and advised him to use that to cover the expenses.

Today, the buyer texted me. He stated that He is having issues with the plumbing and the plumber came out for the second time. This time the plumber told him that the sewer pipe collapsed and it would cost $6200-$7800 to replace it. He stated that  he called the warranty company and they advised him that this item will not be covered on the warranty. He than stated that after having a discussion with his wife  they believe that I should be responsible for paying half of these expenses. I am not really sure what to do. I haven't responded to his message. Can I please get some input? Thank you in advance for all the responses. 

@Brandon Spurlock great job. Congratulations!!

I was browsing though the App Store for real estate games. I’ve noticed there are some out there. I was wondering if anyone is actually playing anyone of them and which one would you recommend?

I made contact with a local bank. They advised that 30 year loan would be 6-6.25% just like WF. However, he mentioned that their 15 year mortgage offers 3.8%. The difference is approximately $45 in cash flow. Is this a no brainer? Or am I missing something again? 

Also, I am kinda on a short time frame with this deal. It’s a wholesale deal and they want me to close ASAP. The banks are advising between 35-40. They said they can wait 35, but I need to make a decision no later then Friday. The banker at WF, I have an establish relationship with her and I knew she can get this with hassle free, while the new bank I have to start all over from the scratch. Thoughts? 

@Michele Wax @Jake S. @Jerry Padilla my credit is 760. I have no debt and the property is $44,000. 

Greetings folks,

I am attempting to finance a rental property. I have never taken out a loan on a rental property before, since I’ve always paid cash for it. I am trying to scale my business up and not spend all my cash on one property, but instead use 20% for down payment and finance multiple properties. My lender advised me that an interested rate with Wells Fargo is 6.25% with 30 year fixed with 20% down. Does this even sound reasonable. In my eyes, it doesn’t but again what do I know.

The numbers make sense on the property, I would be cash flowing around $500 per month, plus I also would have immediate equity. So, the numbers are not the issue, I just can’t wrap my mind on that interest. Am i focusing on the wrong things and not seeing the big picture? What other options do I have? Assistance is much appreciated.

@Mehgan Moore I have several condos and it works out for me just fine. As long as your numbers work, you're good to go. Just be mindful of the HOA's they can be sometimes a deal breaker. Good luck!!

@Joe Schultz I have used limited service broken on multiple occasions with a flat rate of $200. I also indicate in the note section that buyers agents are welcome and they will be compensated with 3%. I market my own properties and hold open houses at my leisure and it works just fine. Good luck!

@Braden Anderson street name.

@Benjamin Ervin amazing attention to detail. Keep it up! Congratulations!