All Forum Posts by: Bill Schrimpf

Hi Matthew - Welcome to BP!  I'm not a moderator but it looks like your using BP for exactly what it's designed for, meeting people and learning!

Keep listening to the podcasts, I prefer the older ones myself.  

I try to stay on top of local economic news and trends, do you have a specific quesion?

It's smart to start where your comfortable.  One positive to what you describe is your initial loan can be very favorable, requiring very little money down for your first purchase, if you live in it.  Most (not all) investment financing requires 25-30% down or equity.  

Hi Matthew - Welcome to BP.  There is tons of great info here.  I hope you find your millions!

Greetings Ashley, Welcome to BP from "over the hill" in Reno NV.  Lots of great info here on BP.  My aunt works in the ICU but ususally calles it the "coo-coo U"...

Best of luck!

Hi Robert - It takes time, lots of it. The fast or easy way to make $ in real estate is to sell stuff to realtors...

Good advice above on sitting open houses and networking.

FSBO's work if you can approach in person. Phone calls are a waste of time with them. Do some research on objection handling before reaching out. Your going to need it.

I've received a few good leads from BP. The leads came because I post helpful information for my area. People who invest in Reno see that I'm active and knowledgeable, and sometimes reach out when they want a local agent.

Hi Scott - I am a Realtor in Reno and depending on what your looking for, might be able to help.  Can you please start by explaining what your investemnt goals are and what what looks good to you about the Reno area?  Do you have any other RE investments?

If your not working with a pro you should be.  This stuff is covered in most standard purchase agreements.  Ask for sellers concession, see what they say but be careful about bailing on the deal.  Depending on how the contract reads, the seller might be able to claim injury due to loss of rental income, nevermind your deposit.

Hey there BP - Need some guidance on Rent with Option to Purchase.  The renter (soon to be homeowner) is getting shafted becasue of Fannie Mae guidelines, from what I can tell.  Does anyone know of updated guidelines or a different way to structure the deal?

Renter has been paying $1100/mo (rent) +$350/mo (credit toward purchse) totaling $1450/mo for 4 years.  This is spelled out in the lease/rental agreement.  This leads the purchaser/renter to believe he has $16,800 that can be used for down payment.

Lender says they can only consider 12 of the 48 months per Fannie Mae B3-4.3-12 can be considered.  Too bad about those other 36 months.  Is it really true that for the purposes of Fannie, they can only consider 12 months?  This looks to me like the lender is looking in the wrong place or misinterperting the regulation...

Here is the link to the Bummer Regulation

Thanks in advance!

Good Morning Fe.  The short answer is "it depends".  Many factors effect cash flow such as the property condition, your down payment, other financing details, needed repairs etc...  One thing that is generally true right now is that vacancy rate are 2-4 percent, if your managing the property well. 

bbb

Hi Richard - I'm a Realtor in the Reno area and have my own investments. Are you thinking of a SFR or a condo? Condo's are much less expensive but most have HOA dues $250 and up. SFR deals do pop up from time to time too, depending on what your looking for. Since your a Realtor im sure you know, good deals move fast, condo or SFR. Please IM or send and e-mail if your would like to get in touch.