All Forum Posts by: Suzette Murray

Countering higher can be fine; however, realize the appraisal must still come in at that higher price or the lender won't loan the extra money above the appraised value. So if you were doing that you may want to be sure the value supports it.

VA loans are a great product, enabling the borrower to come in with little to no money, so it is less likely they will be wanting to put down more money.

You certainly can put them off with a set date to give them an answer, hold another open house to see if you can attract another buyer. Realize they may continue to look at properties and find another suitable one to move forward with leaving you without a buyer. 

In this case there is no sure way to know the outcome. I've seen many deals where the seller thinks they will get a better offer than the initial one, discard it, only to find out, no other subsequent offer is better than the one they let go. If it's a hot market, you should get other offers...IF you are priced right in your market. Make sure you've done that homework, it will pay off in the end.

Best of luck you you!! 

Hi @Austin Works,

In order to know if this is a good deal...get a mortgage rate quote from your lender... know what your exact mortgage payment will be with the 20 year conventional loan. If this is an investment property the rates will be higher than a traditional owner occupied property, so 1st off know what your rate/payments will be depending on what you put down.

Secondly, figure out the taxes, insurance, maintenance costs and factor in for vacancy. Add in property management fees, unless you plan on tackling that yourself; however, would still factor it in, as you may change your mind down the road and want to have enough left after paying a PM to cash flow. Most lenders will calculate income from an investment property at 70% or 75%. If you happen to be able to rent 100% of the year, then great, but try to figure worse case scenario. It's super that this unit does not have any HOA!

Add up all these costs in order to figure if you will truly cash flow with $900.00 a month. This will also help you determine if the ROI is inline with what you desire.

Hope this helps. Good luck to you!

~Suzette

Hi @Bobby Vernazza,

As with any offer you are able to submit a counter offer to the buyer.

You can counter anything that you wish to remove or change from the current offer. Doing so, however; does make it a brand new offer and not in force until all parties come to a meeting of the minds and sign the final counter and original contract.

In this case you can counter a realistic time frame in which they must release the "subject to" clause, giving them time to get their appraisal in and or make a decision to continue with your purchase knowing their deal is pretty solid. In addition you can counter the dollar amount you are willing to give toward closing costs, as that takes away from your bottom line, making this not really a "full price" offer.

This will at least show good faith on your end. Good luck to you, I hope all works out. :)

Hi @Luke H.,

What I do for the properties I manage is let's say the tenant comes in on the 15th of June and rent is $2,000/month and security it $2,000... You take the 1 months rent and security deposit when they sign the lease. Come July 1st that month is prorated less the 15 days of June. So the tenant would pay $2000/30 days = $66.67/day * 15 days = $1,000.05, making the amount due in July $1,000. Then August 1st and on, the regular payment of $2,000 resumes.

I hope this helps.

~Suzette

Great advice @Dan Heuschele. As a property manager, I don't allow the tenant's to sub-lease the property and it is stipulated in the contract. 

If you choose to go this route, its best you ensure the landlord is aware and agreeable to sub leasing, otherwise you may be "evicted" even though this may not be your primary residence if you obtained just for using as an Airbnb; however it may show up on your credit report in the future. You may also be subject to a penalty if it is prohibited in the contract. 

Make sure it is permissible in the city you plan on doing it as well, many cities have now banned the Airbnb concept. If it is a condo, in an allowed city, the HOA can still prohibit more than 1 turn over per 30 days. So make sure to do your research, before spending any money or signing any lease contracts!

Hi @Sambit Sharma!

I know you are looking for seminars, but thought I would pass on information for this great REI Meetup group organized by Ron Herrera, also a BP member. They meet once a month on a Tuesday. The next meeting is June 20th at 6:30pm-8:30pm.

https://www.meetup.com/North-OC-REI-Network/events...

Hope to see you there.

~Suzette

Hi @Account Closed!

Ha yes, that movie series is where the idea came from, tried to incorporate my last name in a clever way.

Please do reach out to me when you get your deal, let's see what we can do together, look forward to hearing more about your venture!

~Suzette

Hi @Account Closed! 

Love newbies! Everyone needs to start somewhere, with the right deal in line and a solid plan, it's quite possible for a beginner to get funding, nothing is impossible! ;)

We are located in Southern California, Orange County. We are looking to work with local, experienced, real estate flippers and rehabbers seeking short term funding...typically 13 months or less, who are in need of private funding in the range of $100,000-$300,000.

We like to deal with investors we can meet with in person, discuss the scope of the deal, see the property, get a good feel for their work ethic, contractor/s they work with and who have the ability to provide details on previous completed jobs.

Open to being creative with either financing, joint venture, equity position, etc...

Feel free to email with any details, questions or requests.

~Suzette

[email protected]

BRE #01841704

Hi @Curtis Harvey I sent you a PM, feel free to contact me.

Hi @Scott Cunningham Thanks for your question...we are seeking experienced flipper/s needing a resource for funding or partnering on their project/s.