All Forum Posts by: Tom ONeil

Hey Austin,

I'm more than happy to share what I've learned in my time as an investor first and now a Realtor as well. I sent you a connection request, feel free to reach out with any questions!

Hey Austin,

I'm more than happy to share what I've learned in my time as an investor first and now a Realtor as well. I sent you a connection request, feel free to reach out with any questions!

Education while getting your finances in order, once those are buttoned up work on finding deals. Spending time to find deals now will be a waste if you find a good one but do not have the financial back up to make it happen. Its always tough looking back at those deals that "could have been" that you just weren't in a good position to pull the trigger on.

Good Luck!

I can't necessarily speak for NY, but in NC and SC survey is a buyer's responsibility and expense. It has to do with protecting the buyer in terms of title issues, title insurance in SC will not cover a new owner unless a new survey has been done in that new owner's name.

Hey all, 

Its been a while since I have been back, new year, going to try to get on here and contribute more.

I was trying to search through the forums but couldn't seem to find what I was looking for, so hopefully some here can point me in the right direction. 

I am currently looking at a lot in Charlotte which I would like do subdivide into 3 lots, but I am not sure what the process is with the city and Mecklenburg County. I do have a call in to planning to see if they can provide some insight, but I am sure someone here has done it in the past. It is zoned to allow for a higher density so I don't need to change that, I'm simply looking to divide one lot to three.

In Lancaster County, SC all you have to do is have it resurveyed and file the new plat with the county, but I am imagining Mecklenburg will not be that simple. Any advice pointing me in the right direction will be greatly appreciated!

Congrats Dave!

Let us know when the next meet up at Brass Tap is. I'd love to hear more about how your spec home building projects are going. I think when we met in January they were just getting started.

Methodology

NerdWallet analyzed one year of data from the U.S. Census Bureau's American Community Survey from 2015, the most-recent data available. To determine the homeownership premium, we used the median gross rent for all rental properties and the median homeownership cost for all states and Washington, D.C., to determine a percentage that shows the added cost, as a premium, that people pay each month to own a home.

So by taking the median value of rents and home ownership costs they are not even close to comparing similar properties. This "article" is a total pile of crap. It looks like they did about 15 minutes of research and put no actual effort into this analysis. Just goes to show, you can always manipulate the statistics to make them say what you want.

@George Temes I think you are on the right path going with cash as opposed to an FHA loan. FHA is going to come with a longer time to close and more stringent inspections and appraisals. Cash or Pre-Approved conventional would represent a stronger buyer in my eyes. Since you know all of this about the seller, I'm guessing you have spoken to the listing agent. I would ask the other agent if there is anything that would make a more attractive offer to their seller, such as a certain close date. People tend to think a quicker close is desirable but that isn't always the case. As you are saying she doesn't know where or when she is going, so perhaps allow seller to retain possession after closing until she can find something, as a leaseback.

Your idea of helping out with the move may work, but I am not sure how you would put that in writing as part of the contract. 

@MIke Scutellaro If you are planning on buying more properties in the same area, I would recommend going to a local bank or credit union. Create a relationship with one of these banks and later on when your financing might not conform to Fannie/Freddie guidelines they still may be able to provide lending products for you. 

A realtor should be able to get you in touch with someone local. 

Best of luck!

@Dustin Miller If you are an agent who is trying to wholesale properties are you really looking out for the best interest of the seller, who would normally be your client? As a realtor you are held to a higher standard when dealing with the general public. It can be viewed that you have inside knowledge of the property value that you are not sharing with the seller and you are taking advantage of this.