All Forum Posts by: Juan Alvarez

Hello I have 2 questions that I need assistance with.

A duplex in the neighborhood that I grew up in was just listed for 259k. No duplexes In that’s area yet alone SFh are listed or sold at that price. Even the Zillow value is listed at 186k- 209k is this something you would make a realistic offer in (200-210k) or wait it out so the owner can come back to his senses? The numbers do not work at his asking price.

Can you get approved for a home under the FHA loan if all units are occupied? I am aware that you must live in one of the units, but can the lender still approve it under the impression that one of the current tenants will move out once their lease ends? If so do you recommend I find out before even making an offer or just wait until we get it under contract?

Thank you,

Juan A

@Jason Wray but in this case since the seller does not have an agent I am going to assume that’s bc he doesn’t want to cover any cost not even the buyers agent fees. If he refuses to negotiate, how is does buyer (me) pay my agent if the seller refuses to do so? Does it get apply to the loan or does the % owed gets added towards the money needed at close?

@Jason Wray yes i have. I’ve been on the search for about 4 months now. Asking price is 179k- down payment is 6,265- based on previous loan estimators I will day closing cost will be around 7k.

We've Been Working With A Realtor But Found A FSBO Property on mls , What Now? I'm assuming the seller went the FSBO route to avoid paying the extra fees. Let's say the agent commission fee is 3% is that 3% from the sale price? I will be using the FHA loan which requires a 3.5% down payment, so will I essentially be putting down 6.5%? Excuse my ignorance on FSBOs properties.

What are you guys opinion on SFH with a second unit in the backyard? Such a vague question, but do you guys own any if so what was the experience?

MFH market in my area is tough right now especially in my price range. Deals are getting snatched the same day lol.

Please excuse my ignorance as I am not too informed on sfh with detached units.

Found a new property that I am interested in seeing. The numbers could work but I like it enough that I hope I can negotiate a deal in my favor. I have emailed my realtor to set a date and time. My question is, do most realtors representing the buyers come prepared as well, do they do their homework on the property? Do they run similar numbers to help me guide through the process if I decide to make an offer? Also, what materials (note pad etc) do you guys take with you when viewing a home you’re interested in? Also, does attire play a role? Slacks and a button down?

Thank you,

Juan A

@Daniel Haberkost thank you for responding. yes it did meet my criteria. The numbers worked. I just didn’t like the fact that there was not a washer and dryer connection in either unit. I think fear just kicked in.

I was scheduled to go see a duplex on Saturday. I’ve been pondering about scheduling a showing bc there was no w/d connection, and no appliances. I was pondering this for 2 weeks!! And when I finally decide to schedule a showing, the duplex went under contract the night before the showing. I was starting to get excited but I know I made a rookie mistake by waiting too long, I know this is a fast market but now I feel like I missed out on a good opportunity. Did any other rookies go through this? How do you get over that hump? I feel like I was finding every excuse not to schedule a showing bc of fear. It really ruined my weekend. Can’t stop thinking about it .

Is it possible for me to ask my broker for a loan estimate letter on a property that I have scheduled a tour on even though I haven’t decided if I want to offer a bid? I just want to know what I will be working with before I see the property.

Have any of you contacted your real estate agent to conduct a comparative market analysis on local rental property stats. That can show you current available properties on the MLS have been vacant. I read that it will also show you how long properties sat before being rented, original listing prices versus rented prices, and other data points.

I am trying to figure out the vacancy rate On the property that I am interested in (MULTIFAMILY) I just don’t want to blow my agent up with emails. Thank you all.