All Forum Posts by: Kurt Brumfield
Kurt Brumfield has started 4 posts and replied 60 times.
Post: My first deal under contract & with no money down

- Residential Real Estate Broker
- Tylertown, MS
- Posts 61
- Votes 27
@Ron Woods, @Andrew Syrios, @Christine T.
Thanks for the kind words. I am happy to say that we finally closed the deal yesterday. What seemed like a quick turn wasn't. We bought this property on Jan 5 2016 and had it under contract Jan 14 2016. Buyer's first lender (FHA loan) was declined by the appraiser because the property only sat on .56 of an acre and would not give an "as-is" value (purchase price of 65k). Then underwriters said the buyers didn't qualify for FHA because the house was being purchased as a primary residence and his employer & job was more than 160 miles away (good to know this rule). After several conversations with the lender, he told us there was nothing they could do. Oh well, time to find a buyer another lender. I sent the buyers to a lender that I know, and he offered the buyers to purchase the home conventional as a second home. New Lender so new contract for purchase on Feb 5th 2016 and he pushed the loan through that we closed yesterday. Another note the appraiser for the second lender also flagged the property contingent on environmental inspection of septic tank. However the lender's underwriting waived that clause because it was not an FHA loan and the buyers were accepting the home in as is condition once the repairs were made.
@Azia MartinHere was the terms of the sale. Offer price of 69k contingent on pest inspection, replace roof, replace bad ac unit, and repair broken window panes (BB Guns Sux), and seller concession of 4140 for closing cost. We did fix all the issue as per contract, and below is the break down of expenses.
Purchase Reo 33,500 (bank listed 35k but I knew ac unit was bad)
Roof 4,500
Ac Unit 1,975
Duct work 300 (found when replacing ac unit that rats or squirrels ate the old duct)
wood work on soffit 417.
The rest of the expenses included water, electric, insurance, and garbage that I am just going to add into the total cost of expense. Also note, we have a 75k line of credit at 5.5% that was used to fund the project, so we did have to pay one month of interest of $220.
Sale Price 69K
Concession (4.14k)
Net at closing 64.86K
Expenses (42,983.31)
Total 21,876.69
My share is half that so I took down $10,983.35. It might not seem like a lot but I feel the work that was involved or should I say the lack of work involved made this a great deal. Please let me know what you think. I looking to learn so please send me your feedback.
Post: Looking for investor friendly realtor in Ocean Springs, MS area

- Residential Real Estate Broker
- Tylertown, MS
- Posts 61
- Votes 27
No problem @Oscar BuendiaI am happy to help.
Post: Looking for investor friendly realtor in Ocean Springs, MS area

- Residential Real Estate Broker
- Tylertown, MS
- Posts 61
- Votes 27
Post: Porfolio Lenders in TN/MS area ??

- Residential Real Estate Broker
- Tylertown, MS
- Posts 61
- Votes 27
Post: Closed on my 1st Wholesale Deal!!!

- Residential Real Estate Broker
- Tylertown, MS
- Posts 61
- Votes 27
Post: Lender's Cost to Foreclose

- Residential Real Estate Broker
- Tylertown, MS
- Posts 61
- Votes 27
Post: Second Property Under Contract

- Residential Real Estate Broker
- Tylertown, MS
- Posts 61
- Votes 27
Post: Out of State FHA

- Residential Real Estate Broker
- Tylertown, MS
- Posts 61
- Votes 27
Post: Bank Owned Property, Not yet listed!

- Residential Real Estate Broker
- Tylertown, MS
- Posts 61
- Votes 27
Post: Letter to seller - Owner Financing: Please Review!

- Residential Real Estate Broker
- Tylertown, MS
- Posts 61
- Votes 27