All Forum Posts by: Lamar Quinn

Hi BP,

I recently tried selling my townhome (CIC) and after pulling the disclosures I found out the 5/12 units are delinquent in paying their dues. As a result the buyers lender will not approve the loan. Apparently FMAC and FMAE won't approve if 15% or more of the homeowners are delinquent. Has anyone ever come across this? Are there any solutions? It's a small HOA composed of 3 buildings that are 4 units each. My building happens to be 100% in paying the monthly dues, anyway I can get my building out of the HOA? #brexit?

Thanks in advanced for any insights and guidance,

Lamar

Let’s make something happen! Anyone available this Saturday?

Hi Amy, I have a guy I can refer to you. Send me a message and I’ll forward you his information.

I’d love to meet up in the Burnsville/Apple Valley area. Let me know when you guys plan on getting together again.

@Steve Sapowsky half a million seems a little steep, but i was hoping to turn around and sell it for at least 350-375k. I am in the middle of closing on my primary residence, so I am going to ask the listing agent what his thoughts are. Thanks for getting back to me!

@Dave Foster being that I plan on living in the house for at least the time being, would it still be possible to the exchange down the road? Say beginning of spring?? I currently have one rental and would use the gains as down payments on at least two more units. From what I heard on one of the podcasts, you can do an exchange on multiple properties as long as the total price is more expensive than the property being sold.. I believe that's what I recall hearing... But either way, thanks for the insights gents!

The only comparable comps are the three new builds behind my lot. All three have already sold. One sold 6 months ago for 275k and the remaining two sold in the past 2 months for 299k and 303k.

Hey BP, I am in the middle of a new construction build and have a question for those who are familiar with building/selling new homes. The home is being built for me by a small builder and the price is 275k for 2800 square feet, 900 of which is below grade. A different (larger) builder has built 3 homes directly behind my lot and they have sold for 275k, 300k and 305k these houses are all identical and only have 1600 square feet and mediocre finishes. In my opinion my completed house will have much nice finishes and appliances. The question I have is, would I divide the other builders selling prices by his square footage to get a good estimate on what I could potentially sell my house for? I originally planned to live in the new construction but if I could flip it and do a tax exchange I would be intrigued. Any help would be great. Thank you, Lamar

Thanks for the referrals!

Hey BP, Can I get a recommendation on a good carpet/floor guy for the Saint Paul, Minneapolis area? Any help would be greatly appreciated. Thank you, Lamar

Charlie Fitzgerald thank you for the reply. That's what I was leaning towards.