All Forum Posts by: Wes Short

I think the FHA rule where you have to intend to live in the home is a pretty wide grey area and thus gives you some flexibility with making it a rental and such. I'm not sure the FHA's rules on short term rentals, it looked like a really solid answer was given above but I have heard multiple stories of people buying a single family with the "intent" to move in and then making it into a long term rental.

I think as long as the lender is getting paid they won't be to concerned but it is a grey area that you have to be careful with.

So I just went and saw a property this past weekend and was considering making an offer and then this morning it disappeared from the Zillow and I found that it had a pending offer.

It was a Section 8 house, listed for $89,000 and was bringing in rent of about $1200 with a current section 8 tenant already living there, and my numbers were showing cashflow of 200+ a month. I of course have no idea what the other offer is but what would you suggest doing? Do backup offers ever end up working and in what scenarios could my offer come to the front of the line?? Any help is appreciated!!

So I just went and saw a property this past weekend and was considering making an offer and then this morning it disappeared from the Zillow and I found that it had a pending offer. 

It was a Section 8 house, listed for $89,000 and was bringing in rent of about $1200 with a current section 8 tenant already living there, and my numbers were showing cashflow of 200+ a month. I of course have no idea what the other offer is but what would you suggest doing? Do backup offers ever end up working and in what scenarios could my offer come to the front of the line?? Any help is appreciated!!

I think there are definitely agents out there that work with investors because they understand that though there is extra work, aka more offers and more showings, the investor will most likely lead to more commissions than a regular buyer who only buys once every 5-10 years. It can be tough to find these agents but a great place to start looking is a REIA meetup. I've been to my local one only about 2 or 3 times so far but it is amazing the knowledge and impact it can have.

Hey @Fabian Martinez, there are some here on BP under the tools tab, then go to Fileplace. These can probably get you started but I am not an expert at the legal stuff so you can always have those checked by an attorney. I'm guessing though if they are put out by BP they should be solid. 

@Ned Carey Hey Ned, why do you say that it will take more time and hassle to place a section 8 tenant compared to a regular market tenant? Is it because of the extra paperwork/working with section 8 offices. I've read before that section 8 has a waitlist and a place to market directly to this list, would this speed up finding a new tenant?

@Dayne Winters I don't have a lot of experience tracking down phone numbers yet, I know skiptracing is the main method and there are a variety of sites to do that but I have not done enough research to have a great answer there. I'm sure someone in this forum does though haha!

So say you have a deal and get it under contract using an assignment contract, do you as the wholesaler have a home inspection done or is this normally done by the end buyer? Do most end buyers require a home inspection before purchase or does it depend on the end buyer? 

I would assume at some point between signing the contract and closing a home inspection is done but I couldn't find out who pays for it and when it takes place. Thanks for any tips and suggestions!

A follow up question for @Roland Paicely and @Kyle J., say you get a seller to agree to a deal, get an assignment contract agreed upon and signed by you and the seller, at that point do you take those documents to the title company? Or do you start marketing the home and find an end buyer before going to the title company? I'm guessing you only go to the title company once you have assigned the contract to the end buyer but wasn't sure.

Hey Dee, a lot of the times the owner is recorded on a county assessors site, almost all counties have their database online somewhere. Finding vacant owners is definitely trickier but skip tracing is your best bet, I'm not sure what the best site for that is though. I'm guessing Doug and Ned have some suggestions. I also know sites have been mentioned here in the forums before.