All Forum Posts by: Ronan M.

@Steve Burt  In my experience to get to the meat on the bones you need get the property under contract and hand over earnest money.  You are then a serious buyer. Many busy agents don't like or have time to be pushing paper for tire kickers. And likewise sellers don't want to be handing over personal info like taxes etc to everyone who drives by and calls the number on the sign. I cant blame either party. There are tons of RE hobbyists out there who love to analyze deals and maybe buy but one a year. Some RE agents will be more proactive than others and many will have the basic deal numbers on their marketing info. If you want to dig deeper you need to prove you have serious intent.

In my case before I ask anyone to jump through hoops I usually make an offer and provide EM. Then my purchase contract stipulates in detail what I need as part of the due diligence (usually a pretty extensive list)   Failure to deliver same and the contract is void and any EM is returned. Usually the realtor with contract in hand will then see it through and provide the info and the seller who sees his/her potential sale and his upcoming pay day are much more likely to accommodate.

Depends on your personal situation. Do you need this property to cashflow now or have you other sources in income (W2) that pays your day to day living expenses.

Go online with a mortgage calculator and if you refi back to 30yrs just look at what this is going to cost your over the life of the loan. That might make you think twice.

If you do refi and diligently use that extra cash flow to save and invest that's fine. But if you use that extra cash flow for car payments, vacations, beer and steaks I think that is a very bad move.

If you have a decent source of income now and don't need the extra cashflow you will have a free and clear asset in 11yrs and you are on the gravy train.

Much of this depends on your own personal and financial situation.

Let it go. You already gave the deposit back and if it only requires cleaning consider yourself lucky.

Plus she accommodated YOU by moving out 2 weeks early.

Move on.

@Frank Spaulding if only it was that easy. Poster mentioned noting about wanting to flip homes and mentioned she has only been studying RE for a couple of months. I don't think telling her to run out and flip a few houses would be her best course of action at this time.  

Duplex - you can lose a tenant and still have some cash coming in from the second unit.

Lose the tenant in the SFH for any length of time and you have zero coming in. Plus a 2 bed SFH might have less demand.

Also why buy a SFH at 65K and then add $8K when you say the comps are $45K ?

Welcome to BP and congrats on your first purchase. What part of the city did you buy in ?

I would like a look at what you have. I will send you a PM. Thx

Thanks @Salomon Lino I will contact you directly.

@Jerry Tuzil

Thanks for reaching out. Time frame is immediate or as soon as possible.

Hard Money is usually short term only. Not ideal for buy & hold. Payback in 9 to 12 months. So even if you get a HML you are only kicking the can down the road about a year when you have to pay it back with the points. Sleepless nights scenario.