All Forum Posts by: Kevin Stone

Yes I believe so, the new offer is for 35k plus repairs of about 30k that puts me at about 65k. The minimum is 50k 

I and trying to buy my first property. 2 bedroom duplex in Philadelphia. I found the listing inspected the property and made an offer. The original asking price was 25k I doubled the offer to 50k because of the condition of the property and won. Shortly after winning the offer I found squatters in the property (Fun, fun, fun) This set me back half a month consulting with I guess the asset manager, who first told me the bank would not pay cash for keys for the squatters to leave, and later finding out that they would. OK, offer is back on the table. This time I decided to make some adjustments for my troubles. I am using a FHA 203k loan and ask that the seller pays 6% sense I doubled the asking price. I was informed that because the property is owned by Fannie Mae and it is a reverse mortgage foreclosed home, they will not pay any sellers assistance and she apologized because she did not see the original 3% sellers assist I asked for on the first signed agreement.

Something just sounds fishy to me. Any help?

I have a similar situation. I offered double the asking. 25k I won the offer for 50k However. The property had squatters which set me back half a month and now the bank is refusing to pay 6% or even 3% closing because it has now been revealed that the property is a reverse mortgage foreclosure, which was not disclosed in the beginning of the transaction.  

@joseph I love that analogy. Absolutely! I will make it and I will be successful. Thanks guys for all the advice

Thanks all the advice and knowledge means the world to me.

Ok everyone I have my real estate license in PA but I'm stuck in a dead end job with no savings. MLS fees are $500 bucks that I don't have at the moment and time really isn't on my side when it comes to finding listings. What is some tips that you can give me for genorating leads and utilizing my RE license to maximize my income!? My goal is to be a REI but this beginning process is so very difficult.

Thanks Neil!

Hello everyone my name is Kevin,

I am 26 and a PA licensed salesperson. My major dilemma is capital and time. As a single father I am working full-time and trying despirately to become finacially stable. I will be getting close to 5k this year in tax returns and would like to get started with wholesaling and flipping straight away. I am familiar with wholesaling to a certain degree but find it very difficult to do so while working and caring for my son. What is some steps and a realistic goal I can shoot for in 2017. My license is not yet parked. I am considering parking my license and just doing listings while I work and hunt for deals.

All advice welcome thanks.