All Forum Posts by: Eric X.

@Rich Hupper

In Illinois, the occupancy requirements goes away after 1-2 months.  If you do buy this during the occupancy period, you must have the "intent" to move there.  

There are some unethical people/agents that buy these for investments even though is it prohibited within the first however many days.  Sometimes it is other agents/buyers that report the violation and not necessarily Fannie Mae. I have seen a few people get fined over the years but not that many.  

@Jess Carr

Mike is correct.  You can go at it alone and sign a disclosure of non representation stating that the listing agent is not your agent and you are representing yourself.  There really is no downside of you getting a good buyer's agent in either case.  

Dual agency is typically looked down upon and is the largest percentage of realtor disputes/litigation for a reason. Most important thing is that you or your agent knows what goes into making an offer as well as how to negotiate a fair sales price. 

The agent would basically be a dummy in this situation.  He/she can't negotiate on your behalf or the seller's behalf.  He can't disclose any private information that would help either you or the seller.  Unless you know exactly what you are doing and you trust the agent 100%, get a buyer's agent. 

Why would you lose earnest money unless you specified it was non refundable? Usually there is a financing contingency that would allow you to get earnest money back.

@Ismael Jean The answer is always yes if price is right.  Make sure you know what needs to be done in order to get the property up to par.  I've had fire damaged homes were it was sub 10k and some that were 40k+

@Jeremiah Dexter  Have you talked to an attorney? So you "won" the auction but it did not close yet or did it close? Winning auction on these auction websites does not mean it will 100% close.  Is the quit claim deed notarized and recorded by the county?

Typically, in these cases the house would basically be in limbo until after the redemption period and then you would close with title company. 

@Bryan Johnson Congrats on the deal!

Was this home located in Chicagoland? That is a fantastic price even if the neighborhood is a little rougher.

@Blake Hansen

You are the only one that can answer that question.  Some investors are super gungho about maximizing leverage and putting down as little as possible as long as the property cash flows.  Some investors put 20 ,30, 40, or 100% down.  

How badly do you need the 5%? how does the cashflow look at each downpayment/interest rate?  Personally I don't mind putting down 25% or only cashing out 75%. 

Really no right or wrong answer. Just choose based on your own financial situation.

It depends where you are and who you get it from.  I actually don't calculate it anymore since I know my guy gets me the best price.  It varies between 1200 for a small kitchen to 1800 for a larger kitchen. This is all for rentals.  My flips have gone up to 7k for a 4000 sq feet home.

I think difference was only a few hundred and from that point on, I have just used granite.  I am mainly in B areas with a few A areas sprinkled in. I attract better tenants, charge higher rent, and it just shows much better.  Well worth the additional cost. 

Unless my eyes are deceiving me (it does happen from time to time), he has 10,000 not 100,000.  (it is 2:30AM and i stared at it for a sec too)

So best bet would just do a house hack if you can on a cheap duplex and pay 3.5% down. That should get you started.