All Forum Posts by: Josh Falk

@Joseph Druther I will try to make it tonight but won't get there until after 7pm due to work

Unique situation I have several questions regarding. TIA.

My wife and I were looking for a small starter home that could also be turned into a future rental property. We are currently renting a home that would have worked perfectly for this but at the time our landlord was not sure they wanted to sell. We then started working with a real estate agent looking for homes. Our landlord has now decided they want to sell (FSBO). Since I have been looking at houses for the last several months I believe our landlords price is also well below market value. My questions:

1. The owner is selling FSBO and likely wants to cut out the realtors commission. Thus if I continue with my realtor the cost will be put on me and not the seller (We had signed a contract that we would only work with that particular realtor). Are these contracts just trying to prevent us from using other realtors? Am I still legally bound to using this realtor or can I buy FSBO on my own?

2. I haven't purchased a home FSBO before. Does someone have a checklist or steps of things I will need to do. I know there is a list of things that the realtors usually set up (attorneys, inspection, appraisal, etc.). I just don't want to miss anything.

Thank You Again,

Josh Falk

My wife and I live in the Pinehurst, NC area (about 30 min from fayetville). My wife and I are looking at buying a home to live in for 1-3 years and then turn into a rental. 

Rent in the area goes for 1400-2000+, but the cost for most of these houses are 200-300k.  This fails the 1% and 2% test on evaluating if a home could be a good investment. But with enough money down they would still cash flow positive (goal would be long term rental). 

Is it a terrible idea to get into rentals at these prices? 

Thanks in advance 

Josh