All Forum Posts by: Timothy Leong

I agree with with this. I looked at a property in my area and did a quick walk around of it. Based on the condition i knew that a flipper most likely owned it. The seller accepted my offer and I sent out my home inspector to do the inspections and he found MULTIPLE issues with the structure and integrity of the house. I knew about the house fire but was expecting everything to be fixed but my inspector found so many improper repairs that there was no way the repairs could be permitted (and sure enough it wasnt).

It important to have a home inspector look at every house.

There isnt a legal way to. I'm sure you can inform him the benefits of doing a SS, letting him know there are some cash for keys program, some listing agents offer rebates back to the sell ect.

In Cali I didnt have to ask for one. My agent gave me verbal confirmation that it was approved SS and then a few days later I got a copy in my email.

@Account Closed I'll defiantly be buying you a nice cup of coffee at the meet up on the 20th. Currently I'm investing in Cali but barley making a profit. I'd love to learn as much from you as possible.

Ive been using chase quick pay for my friends to pay their portion of the cell phone bill. One of the options that i like is that you can set up reoccurring payments which will almost guarentee payment

Hey All,
What are your views on buying a house from a flipper that had prior fire damage? The flipper bought it from someone who took the insurance money $259k and just sold the house to the flipper. The flipper spent about $58k to fix the house. Anything that I should be worried about?
Seller didnt disclose during the negociations, I found out through my insurance broker who was runing a quote and found it in CLUE

What i did was set up a time (in my case it was during an inspection) where i talked to the tenant to see their wishes on seeing how long they wanted to be in the house and offered them a fulfill their want (a lease) No need to offer them a gift or discount I actually incresed their rent xD

It doesnt have to be steady income, the income just has to make sense to the lender. Starting out in a new industry getting paid commission is definitely going to throw a curve ball in the loan process. Most lenders wont do less than 1 year of provable commissions/bonus and a lot wont do less than 2 years or will spread your commissions/bonus over the 2 year span. Every lender is a little bit diffrent so it doesnt hurt to call around.

Very impressive. Good job on finding a lender that would work with you. When I was doing my loans they said the downpayment amount is determined based on the purchase price and not the apprised value, as long as the purchase price wasnt greater than the apprised amount.

I heard of cash call mortgage, they are more known for payday loan/unsecured loans. I know on the unsecured/payday loans the rates were crazy high but their mortgage rates are pretty low.
I just did the refi on my rental property and found a local CU that offered as competitive rates then AIM Loans/Quicken Loans.