All Forum Posts by: John Truong

@Denise Mayo-Walley

I too think the price is right. To get closer to $600, you will need to raise your deductible, maybe to 2%. My insurance would give me another $200 claim history discount. Also the age of the house matters -- $600 for 1970 house, but $760 for 1980 house. I don't know why it cost more to cover newer homes.

Yes please, post his name. If the forum rules disallow it, please PM it to me. Thank you!

If you have facebook, try to join these groups "Houston Real Estate Investers" and "Houston wholesaling Houses". You can find the wholesalers there.

I see them in Houston now. They just listed 3 rentals in an area I am watching, and their prices are $200 to $300 higher than normal.

@Albert BuiThank you! I need to talk to more banks then. I talked to several banks and one Fed credit union. None of them will use my rental income in determining my DTI until my rental experience is documented on 2 tax returns. So with 3 mortgages and my W2, my DTI is 45%.

Albert,

I only have 1 year experience in RE investing, so the banks I contacted won't use the income from my 2 rentals. So here is my current DTI situation:

(Mortg_residence + mortg_rental1 + mortg_retal2) / Income_from_job_only = 45%

So you are saying Fannie Mae will allow me to do this? I have positive cashflow on both rentals.

mortg_residence / (income_from_job + rental1_gross x .75 + rental2_gross x .75) = better_DTI

Thank you for helping.

@Ann WatkinsDid you buy that property sigh-unseen, or did you see it first then waited for the price to drop? Thank you.

Originally posted by @Eliza Blue:
I know at 2:00am in the morning if a new property which meets my specific criteria, has hit the MLS, has a price reduction or a change in status. The last property I bought was in just this fashion. A property I had seen and really wanted posted at dramatic price reduction at 2:15am (I happened to be up...as I usually am) I prepared a full price offer, copy of earnest money check, letter of approval) and emailed my package to the seller's agent.

The seller accepted my offer by 9:00am that morning...most folks were just waking up. I on the other hand was patiently waiting for my banker to respond to his email...which he had been sent already. By noon, documents were signed and back in my hand. Done!

@Sandra Holt Thank you for your help. I will use your strategy for my next purchase.

Congrats @Sandra Holt and thank you very much for sharing.

Since there was no buyer agent involved, how did you view the property? Also did you complete the offer paperwork yourself and submit it to the selling agent? Was it a cash offer or did you finance it? Thank you.

Wow! Congratulations.

What is your negotiation technic? Cash + quick closing?