All Forum Posts by: Scott R.

Looks real good, my question though, didnt seem to take too long, but how hard was it to actually do?! most companies claims you just lay it down and screw it on, what was your take?
-Scott

Steve-
I'm not positive how bankers would look at the property, but believe that the down payment would be from the purchase price, nomatter if thats 500 or 515. Dont believe they see it as only 500k since the seller paid 15k in closing cost.
But as I said too the seller would actually net 1000 less due to agent fees if a realtor was involved, that's probablly your biggest negative in this example.
Realtors get paid of actually SOLD price, so the prop sold for 515 with 3% closing cost, the realtor would get comission off the 515k not 500k, although only $1000, why pay 1000 more then you need to.
-Scott

LMAO to Tom's lego men..
-Scott

$150k doesnt fall under my catagorie as inexpensive. Especailly in a market that hasnt been doing very good recently. Dont get me wrong theres tons of $150k condos in that area, esp if on the beach or something like that. As you mention the HOA could be killer some HOA's are $100 month some are $1000. 6 month rentals would work but you'd probablly have a smaller pool of people looking to rent it as its not just a 6 month lease, where as most people could stay longer after the lease is up, your case its a 6 months then move. Then you repair, paint, carpet clean or replace every 2 months
4 times a year isnt that often,. Prob pay more in HOA and taxed on the property in a year then you would in a hotel those 4 times a year.
-Scott

So crazy how 100k for a lot in rental area is cheap, plus you still had the demo! and thats was the best part of the deal!
-Scott

Depends on the property I guess, location and such, possibly apprasial. Offer 1a would allow the bank to view the property $15k cheaper, comps should be easier, depends if this property is close to FMV or not. Although setting price at 515k would help increase the per sq ft of the property and in the future sellers would have a higher comp to compare with. I'd say the 515 would look better to the seller, even though the net would be the same, with the little realtor experience I have I'd rather show my clients(sellers) a 515k offer.
Seller also pays realtor comission based on sales price, that would be almost another $1,000 paid out for the higher price, so seller would probablly net less money, but I'd say give most sellers the average they'd take the higher price. Guess it could also effect like private mortgage insurance, might cause some buyers might now need it because of that $15k.
-Scott
ps- I think you ment to put the 515k offer seller pays 3%. According to your post I'd take deal 1a cheaper price and seller pays some closing cost!

Although Rich's influence number based on number of post would be double Will's as Rich has just half as many post as Will.
-Scott

Doesnt look like the best of deals, if you financed at roughtly 10% it'd be luckly to cover payment, no where near 50% or 2% rules. On the other hand thats just based off the rental, if its FMV is $200,000 then it doesnt really mater whats its rented for, it'd be a good purchase. Although I'm guessing its not worth $200,000 and doesnt seem like a deal worth persuing.
-Scott

11PM Maryland Time!?
-Scott

Also what city and state are you located in!?