All Forum Posts by: Matt Jones

Welcome!  I'm also a relative newbie in Mobile.  I just moved from "House Hacking" to my first true flip.  I'm rehabbing a great house in a popular part of midtown and working on getting my first rental property under contract as well!  There are definitely opportunities in this market.  Good Luck and Welcome to Mobile!

I'm having some trouble with purchasing a Fannie Mae property that was in the first look period when I made a full price cash offer offer as an owner occupant.  There were 6 days left in the first look period when I made the offer, Fannie Mae countered two days later that they would take the offer but I had to confirm that my offer was not contingent on my house selling(it wasn't) so I confirmed.  That was last Thursday at 11 a.m. and they have yet to acknowledge that I accepted their counter.  Worse, today was the first day the property was open to investors and they received 8 offers!  The broker doesn't seem to have any idea if Fannie Mae will accept my offer, make it a multiple offer situation with the investors or take the best investor option.  Has anyone dealt with a similar situation?  Is there anything I can do or any way to contact Fannie Mae directly?  What is the point of a first look period if they are holding or turning down full price cash offers?

If you haven't listened to Bigger Pockets Podcast 109 I highly recommend it!  It offered some terrific advice for how to legally set up your business.  I know the attorney guest on that podcast would be an out of state option.  I'm from Nashville but I don't have any good local recommendations as I have been out of state the last few years.  I'm considering moving back soon, what is the market like on your side of town?

The seller has verbally accepted my offer but I need some help moving forward. Where can I get a good generic purchase contract that has an inspection clause? What other considerations do I have buying a home without a realtor? This is my third time to buy a house but first without a realtor and off the MLS.

Thanks for all the great advice so far! The house is about 2400 sq ft. That $40k repair estimate doesn't assume any full system replacements but accounts for a few plumbing/electrical issues and a lot of Sheetrock, rotten wood, flooring, fixtures, ect...

I have the opportunity to buy a 3/1 in an older neighborhood that is becoming a high demand area.  The house will easily convert to a 3/2 and I don't see any structural issues.  The property meets the 70% rule as I can buy it for $90-100k, I think it needs 30k in work, so lets assume $40k, and the comps suggest that it is worth about $205k.

I'm still concerned about buying a home built in the 1940's for my first major project.  I don't have a ton of experience but I have bought and fixed up foreclosures for my last two primary residences and turned a profit on both after living in them a few years.  What pitfalls should I look for with a house this old?  As a relative novice should I stay away from a house like this until I have more experience?

Thanks Shaun, that is great info!

Thanks Jordan. After my house closes I won't have any debt. I guess what I'm asking is if rentals count against your income until you have an established rental history and if so what constitutes "established"?

I am about to sell my personal home, a foreclosure I bought two years ago, for a nice profit. I want to buy some rental properties and I would like to buy another undervalued home to live in and flip again in a few years. My question is what is the best way to get started? If I buy a rental now(there are two I like the numbers on) will it make it harder to finance my personal home? Or, if instead I buy a primary residence that takes up most of my available income will I still be able to finance a rental house in a month or two? I have good credit and 20% down on rental and primary but I'm concerned about the timing. Would it be smarter for me to buy a less expensive primary until I can show a steady income on my rentals? I was ready to jump in until I started thinking about the timing of all of this but I suppose there is always a reason to hold off on taking a risk. I'm ready to jump but I could use some advice on which way to go! Thanks!