All Forum Posts by: Thomas Handy

I put an offer on a Homepath 4 bedroom home on Monday for $44,000, a $1000 less than the asking price. Also I asked seller to pay $2000 in closing costs. My realtor told me other buyers also made offers about the same time I made my offer.

As for the property, it's a decent home but needs some cosmetic upgrades - paint, carpeting, touch up a few small holes in the interior, replace the screen doors, and replace the tile flooring. The home also has a stove that needs to be cleaned out. The property is 1300 sq feet. Other wise it looks like a good home but had some bad owners.

I'll keep everyone updated on how this goes.

Tom

I'm glad everyone is doing well. Some scary stuff watching it on the news.

This thread reminded me to contact my PM in Central TX about my rental.

Bob Hines I'm glad you liked the posts.

You must have missed the threads I posted for March and April. I think the April post my title probably confused a lot of people since I tried to blend it with April Fool's Day. Oh well.

http://www.biggerpockets.com/forums/311/topics/71388-its-march-2012-what-did-you-accomplish-in-the-second-month

http://www.biggerpockets.com/forums/311/topics/72356-its-april-1-and-i-won-the-mega-millions-lottery

Tom

Tod R. I just looked at another foreclosure yesterday and put in an offer. It'll mostly need some cosmetic repairs and hope to hear back soon.

I'm looking to make two deals before I move this summer and my realtor is really helpful. Sometimes it's hard to find a good real estate agent.

Thx Lynn Harrison. I can't understand what Fannie and Freddie are thinking. They're not in the real estate business and I would have thought they would have accepted the offer I made.

I guess no one liked my April fool's joke by the lack of responses. ;)

April fools.

Seriously, what did you do last month? I can't believe it's April already. Time flies.

I've been studying other ways to secure money for my real estate deals. I haven't directly asked anyone but that will be one day in the future.

I did secured a loan through Lending Club for my next deal. The terms were pretty good, better than what any bank would lend me.

Friday I took a look at a fourplex I recently wrote about. The area was ok. The cashflow was good but not the type of neighborhood I would want to live in. I was looking to place an offer but my better half told me I was crazy and reminded me about what our plan was - to buy decent homes that could use some minor cosmetic touch ups. Discouraged but I knew she was right.

Within a day I found a SFH home and plan to place an offer. Area comps are $90,000 and higher for the $45,000 I found.

Before I forget I did place an offer earlier last month that was rejected by Fannie Mae. If you ask me I think FM is getting greedy. The home was listed for $98,000 and I offered $75,000. They countered for $98,000. I told my realtor I'll pass. Now FM dropped the price to $83,000. I'll keep my eye on this one.

Not related to real estate but tomorrow I start coaching teeball for 5 and 6 year olds. I look forward to the season.

So what did yo do last month?

Tom

I'm making the leap from SFH to fourplexes. I've plan to look at a fourplex this weekend and make an offer and put down 20%. The property is listed for $109,000. Taxes are $849/yr and insurance will be $1766. The vacancy factor would be 5% and it's currently renting for $1900 a month. I'll use a property manager for 10%.

Based on my estimates the mortgage would be around $442 a month. Am I missing anything?

Tom

Try some local banks. I've been looking at Homepath homes and also dealing with the 4 home issue. A local bank will lend to you but you pay a higher rate. You just have to check out multiple banks. The big banks won't work, at least the ones I've tried.

Welcome Dennis Britto! I'm originally from Philly and was just in the area in September for my high school reunion. I drove around where I grew up at in SW Philly and couldn't believe the condition of the houses now. It looked like no one really cared how their house looked any more. If you're you're to flip I'm sure you can find some underappreciated homes.

Tom