All Forum Posts by: Rachel Luoto

@Kenneth Mooney Thanks for the input! 

Good morning :)

I've never wholesaled but am curious if there are "dead leads" that wholesalers get... houses you send direct mail to again and again with no response, or houses you find driving for dollars where you can't find information for who to send mailers to.

Do you have this situation? Would you sell the dead leads?

My dad has been an investigator for 30+ years, looking to retire soon and I think he could provide a great service helping to find these people. Just curious if this would be a market need!

Thanks!

Hi Team,

Planning a vacation to the US Virgin Islands in May, was curious if any of you live there would might give a bit of insight on the housing market, local economy, and politics. I'm researching my future early retirement options :)

St Croix, St Thomas, St John

Thanks!

Hi @Alyssa Kruger, happy to help! I'm actually closing on a condo right now. How much capitol depends on prices in your area, but an FHA loan will be 3.5% down (and you may or may not need more for closing costs, depending on how you structure the deal. An investor-friendly agent will be able to advise and walk you through it). In my situation, that means only a couple grand.

Note that FHA loans require you to live in the property for a year. I will either flip and sell, or live in it one year with a roommate then rent it out. Also, you can be gifted the down payment from a relative.

Your first step with financing will be getting together with a mortgage broker. They will review your financial situation and tell you what you prequalify for.

Feel free to PM me if you have other questions! :)

Hi BP! Can anyone give me their two cents here?

I put an offer on an MLS property for full list price, 20% down - very straightforward. We got a verbal acceptance of the offer last night.

Today, the agent got another, higher offer and decided to take that instead.

Is it legal for him to give a verbal and renege? Or is it only binding if it's accepted in writing?

Thanks all. It was very disappointing to finally think I'm buying, then have the deal stolen from under me!

Thank you @Tyler Ansell! My boyfriend works EMS and this knowledge has came in handy - he knew the street my "deal" was on was a hangout for local prostitutes. Nope!!

Hey I've seen you at REAPS! Welcome, BP is a great resource :)

@Jacob Cast welcome to the club!

What changed that made you realize financial freedom was your goal?

Cheers!

@Trevor Ewen thanks! My market's rents are quickly climbing so I want to price at the top of the market. This exposes me to potential higher vacancy, so thinking of ways I might mitigate the risk! I have one pure Airbnb property in the area that's successful but, as you say, it is work.

@Bill Henley thanks for the input! I think the furnishing would work if you were renting out a furnished unit to begin with, or had a bunch of inventory on hand already for staging. There's no getting around the housekeeping, so options are either DIY or hire out.