All Forum Posts by: Oscar Martins

Tell the tenant that getting a pro in her to clean out the ducts is a great idea but you are going to increase the rent to pay for the cost. Tell them you are going to be signing up for an annual maintenance program. You will see how fast the tenant will forget all about the ductwork, once you tell them there will be an increase in the rent. Sometimes we need to pushback on tenants. Good Luck.

Drive around the neighborhood. Homes with nice landscaping and homeowner’s vehicles in good condition are all pros. Steel bars on windows, cars with illegally tinted windows are cons. These are just a few examples.  

Thank you for your response. I purchased the home in cash. I have been looking for homes to flip but unfortunately haven't had much luck. Inventory is extremely low right now and the price of homes in my area are going for 30k-40k over asking price, last time I seen it like this was back in the 2000's, just before the 2008 housing collapse. 

Looking for a bit of advice. I have been living in a single-family home (my primary residence). I purchased it three years ago for 150k with the intent of flipping it but decided to make it my primary residence. I put in 50k of repairs over the last three years. The value of the home is now worth 450k - 475k.

My question is, should I sell my current home, move into a rental where my rent will be $5,000 higher per year than my current expenses, wait to see if he market drops a bit and then use the proceeds to purchase a multifamily home in 2-3 years. I also know its very difficult to time the market. Thanks in advance.

I have been purchasing houses in cash for the last fifteen years in the same town. I purchase the property, pull all permits in my name and as owner-occupied. You can't do any of the work unless you are going to reside there. Some houses I live in for one year, others three to four. When I apply for a C of O to sell the house, the inspector always asks me why am I moving. The town never specifically states how long I have to live there for. It seems like flipping is frowned upon in the town which I don't really understand while there are foreclosures falling apart and reducing the value of the next door neighbors home. I know for HUD, you must live there for twelve months. How should I go about getting this information since the town won't tell me.

Thank you for the response. How would the seller (FHA) notify me of the other new offers? Would they contact my attorney, do I need my attorney to reach out to the seller? I am not familiar with the ROFR process. Any advice will be greatly appreciated.

I submitted an offer of 155k on a FHA property two years ago. During the inspection, they found an underground oil tank with contaminated soil on the premises. The seller (FHA) agreed to remove the listing and remove the tank and any take care of the remediation. The contract was cancelled due to the removal and remediation. My earnest deposit was returned. Purchaser will be provided Right of First Refusal once remediation has been cleared.

Fast forward two years. I drove by the property and noticed that the issue has been taken care of. I contacted the listing realtor (same as two years ago) and asked him if he had any news. He stated that he was going to be listing the property again soon. I was under the impression that my offer of 155k still stood since I had ROFR. Obviously market prices have increased in the last two years. Can I hold them to our agreement of two years ago?

Awesome! Thanks guys! Im actually selling my current home, was going to flip but I moved into instead, anyway I am moving into this HUD purchase. Thanks again.

First time purchasing a Hud home. 

Just spoke to listing agent. He stated that the Hud has a list Title companies that I must use,  its mandatory. Is this true? On other Flips, my attorney uses his own Title company. Is this going to be an issue? Thanks in advance! Happy Holidays! 

Hey guys, please forgive me for asking a question that has been asked a dozen times, not sure if the rules have been updated recently. I have read Fannie Mae properties are only available for purchase to owner occupants? only to investors if they reside in the property for at least 12 months? Is this correct. My plan is to sell or rent my current primary residence and purchase the Fannie Mae property and make it my new primary residence for at least 1-2 years. Is there any Fannie Mae documentation with the information I am looking for? Thanks.