All Forum Posts by: Matt Jones

Gilbert Dominguez I don't think I was clear in my original post. I don't have a mortgage from Fannie Mae or a mortgage at all. I paid cash for a homepath fnma property with the plans of moving in and then hit some financial roadblocks when I didn't sell my personal house and my flip house is taking longer than expected.

I bought a fourplex from Fannie Mae about 60 days ago as an owner occupant and I have yet to move in.  I do plan to live there but I've had two contracts fall through on my house and I have a flip that is taking longer than expected(which ofcourse I should have expected).  I need to sell something so that I can fix up my fourplex and move into a unit.  What will FNMA do if someone reports me for not moving in by the deadline?  I did, and still do, intend to move in but I've had some circumstances beyond my control prevent me from moving.  Will they really fine me $10,000 for not being able to move in on time?

Thanks for the reply's. 

Don - the prices may be in line for a custom shower enclosure they are just more than I had anticipated paying.  I'm very close to the end of this project and my budget is very tight because I just purchased a fourplex for my next deal.  Thanks for the recommendation of faucetdirect.com  I will look into it.

Bill - I really like your idea but I have space limitations that won't allow me t go longer or wider.  I turned an old laundry room into a master bath and i've already used all of the available space.

I am nearing the end of my first non live-in flip and I am trying to finish up the details without totally blowing my budget.  I could not find anyone to do a tiled shower base so I bought a pan and tiled the walls.  Only one side of the shower pan had a threshold so I built a small wall to cover one side of the pan where there would be no wall and now I need a custom shower enclosure.  I've gotten back quotes of $1540 for a framed enclosure or $2377 for a frameless but that seems ridiculously high to me.  Has anyone run into this problem before?  Had success ordering a custom enclosure online, if so from where? Or, do you have any alternative solutions that might save me some money on this item?

Don't worry, the window has been painted and shower grouted since I took the picture. 

Any help would be much appreciated!

I agree with the other posters above that the numbers on this deal just don't work. 

However, you asked if this deal was "too muddy" for your first deal. I would encourage you to look for deals that are so good it doesn't matter how "muddy" they are, those are the deals that are worth getting creative and learning how to do Sub2, hard money, private money, ect... If you look hard enough and find the right deal you can make everything else work.

I had my house on the market from June - October last year and never got an offer that I was willing to take. I took it off the market for the winter and replaced the carpet, painted the outside(it's stucco) and did a few other things before relisting it in March of this year. I've had about 25 showings but no offers. I haven't had any feedback that the price was too high but I dropped it after 45 days anyway to try and increase the activity and generate an offer. I'm motivated to sell because I am in the middle of a major flip and I closed on my first rental property yesterday(a fourplex) but I can't keep dropping the price because I used my equity to start other projects. So, needless to say, I have plenty of irons in the fire and would like to get rid of my biggest obligation and free up some cash. Is it unusual to have so many showings, with generally positive feedback, and no offers? What can I do to help my house sell? MLS # 517196

In addition to the CAP and vacancy rates we would need to know the purchase price and yearly insurance cost to help you arrive at an accurate valuation.

Until you have done a few deals and established a relationship with your contractor they will probably not want to bid or walk through houses unless you already own them or at least have them under contract. I'd recommend getting a deal under contract and then getting estimates during the inspection period.

@Jeffery Jones First, welcome to the site and to RE investing!

Second, it might be helpful if you shared something about yourself and your goals.  Even an excellent RE investor might make a bad mentor if they have different goals and motivations than you.

It sounds like you are forgetting to account for vacancies or any kind of capital expenditures.  I think your actual cash on cash return would be much lower in reality.  Check out some of the calculators and run your numbers a few times to get a more accurate picture.