All Forum Posts by: David Begley

@Kenneth Bell@Scott L.

  How are the 4 iFunding State Street deals in Charlotte progressing?  The first couple of those should be near term end, shouldn't they?  Any repaid yet?

 Jim, 1st congratulations on getting to live in God's country!  I am from that area and lived in Lexington and vicinity 1/2 my life.  I'll let you take me to Keeneland the next time I'm up... 

Are the duplexes listed individually or as a package?  If individually, I would only make an offer on one and negotiate from there - with 4 involved, you'll have a better chance of 1 of them being more motivated and he/she will influence the other 3.  Psychologically, the gap between ask/offer is less than if you were making an offer for both, and they may be inclined to believe ".. if we let this one go under our bottom price, we'll make it up on the 2nd one...."  Lastly, if you have determined that $75K is your max, don't play games and offer less thinking that the counters will land at $75K or better.  It is already a low bid, so present it as your "highest and best" offer and include as large ($10K-$25K or more) an EM check deposit as you can possibly swing.  If this is a cash offer, EM of $75K would make them think twice about rejecting or countering. 

Once you're under contract with the first one, repeat the same offer on the second one.  They will have to sell it to you because you've now established the new comp for an identical duplex and asking for more will be futile.

Good luck!

@Wendell De Guzman, I receive your daily emails along with your posts and advertisements on BP.  I have emailed, texted, called, PM'ed, and am starting to saddle up my carrier pigeons.... but you never, ever respond.  What's up with that?  Are these offers legitimate?  I can't imagine not responding to business inquiries within a 24 hour period.  

@Kyle Gregg, the first thing I would do is email the new LO, the branch manager and every suit working there with an itemization of each and every misrepresentation the LO gave you and tell them "...that because of these representations, you will need at least another two weeks to close - that you really don't want to send these facts to their Regulator and consumer affairs offices, but your back is to the wall and they need to meet you 1/2 way SINCE YOU HIRED THE IDIOT YOU JUST FIRED". I would further tell them that the "meeting me 1/2 way..." includes them picking up your prepays and the rest of the expenses that will accrue during those two weeks. (BTW, they will back down even though they've probably already sold the paper and it will cost them dearly to delay closing. You just need to get your ducks in a row and play hardball.) Use those two weeks to beg, borrow or steal your 3.5% down payment and take this as a very valuable lesson - it really doesn't matter what a loan officer says or doesn't say - if you reviewed/signed the GFE and/or HUD-1 Settlement Statement clearly showing the costs and fees, you only have yourself to blame for this mess. Harsh I know, but you probably already realize that too....

As an aside, I spent an hour or so with a FHA 203 loan officer today trying to navigate the requirements for my daughter, who is interested in buying her first house and the 203 program would be ideal. I just don't know if it's worth the bureaucratic headache and paperwork required. She will have to do it without big daddy as co-signer!

Good luck!

 Dante, what the seller means is that with 25% down, they will carry a 5-year, 6% loan and YOU get to negotiate the number of years the loan will amortize, and that doesn't have to be 5 years, just because the note matures in 5 years.  

Purchase: $339,000

25% Down: $84,750

Finance: $255K

30 year amortization: $1,529/month

25 year amortization: $1,643/month

20 year amortization: $1,827/month

15 year amortization: $2,152/month

10 year amortization: $2,831/month

I would make the decision based on your anticipated appreciation on the property, cash flow at each debt service level, with the eye toward positioning yourself to refinance or sell at the end of 5 years when the Note does mature.  I would also analyze conservatively using current rents and assume 40%-50% expense/income.  

Good luck!

 Semantics, and will hinge on intent.  How can you be a Seller if you aren't the Owner?  Can you sell and market an asset you don't own without creating an agency relationship?  Good luck in trying to get a judge to differentiate between Seller and Owner in this case.  

Very nice! Thanks for sharing. 

 Please add me to your list. 

@Joshua Jarvis I too am interested!  [email protected] 

Thank you,

db

Stephanie Rodgers is awesome and I know has done several homes on Lake Lanier.  PM me for additional information if you'd like.  https://www.thumbtack.com/ga/gainesville/home-staging/home-stager