Looked at a house (short sale) in July, loved it, ended up not being able to make an offer in time for ‘best and highest.’ 6 months later, it’s still pending, can we still make an offer on it now? My FIL claims we can but I have my doubts…
Cliff notes version: I come from a non real estate background, now own 44 rentals free and clear, my accounting is a hot mess, I want to use my properties as collateral to get one big loan. Credit score 760. Please help!The original version:Hi! I have a bit of an issue, and after talking to 3 different financial “professionals” and getting 3 different answers, I figured I should throw it out here and see what the fine folks at r/RealEstate have to say!I saved up some money after college and in 2009 I purchased 2 homes outside of Chicago and successfully flipped them using cheap labor off craigslist. Bought 4 more in 2009 draining my home equity line and most of my cash, kept the worst one as a rental, flipped the other 3. Flipping business started growing, but I really hated how much I was paying in taxes and wanted to use 100% of my flipping income to purchase rentals (wife worked, we were on a complete spending freeze putting everything into the business). Eventually had 4 realtors I worked with that had some experience in flipping but they now lacked the financing since nobody was lending here. They would scout the homes, price out the rehab using my labor costs etc in exchange for the purchase and sale commission and a very small share of the profits, usually a visa or amazon gift card doubling whatever commission they made on the sale of the flip. The realtors were happy and they were hustling hard, I built up a 9 man construction crew who were all recently laid off due to the housing bust, they did pretty much everything (or knew someone that could tackle any strange issues) and all I had to farm out was electric and plumbing for when there were permits needed and I farmed out any drywall work over 50 sheets (back then I was getting them hung, sanded, primed for 13$ a sheet on the labor, miss those days). Between 2009-2016 I flipped 137 and acquired 44 rentals. Majority are single family homes.Here’s the issue!I really didn’t have the desire or time to learn the “business” side of the business, kind of just played it by ear. Some properties I bought in my name, some i bought in my wife’s name, some in both of our names, some I bought under my moms name, and i have 3 LLC’s that own 1 property each. I did this because I really didn’t know how long my streak would run. I drained my line of credit, figured if I go bust, at least my mom still had credit? I was 28 at the time, so looking back I am thinking wow I am dumb.If you were in my shoes, what would you do in regards to the ownership of the properties, so that I can use my entire portfolio as collateral, for 1 loan. I have spoken to 3 mortgage brokers, and 2 financial advisers, my lawyer, and the answers I received are all over the place!The reason I want to finance my properties is because I have an investment opportunity on a very run down apartment complex with 6 other local investors, in a decent area.Sooooo… any ideas on the most efficient and cost effective way to re-structure my business in order to obtain financing on the entire portfolio?Thanks in advance, sorry for the novel, ill add a TL;DR
I’m in the process of finding a realtor I like but I would like to check out some model homes at a tract I’m looking at. Is it problematic to go without having an agent present to establish that I’m using one? Seems silly but I could have sworn I read that somewhere. Thanks!
I have a map of slate deposits in the US, but I haven’t really been able to find information about the type of stone on the land while browsing land for sale, and I also can’t find much info on if this is considered mineral rights. How do I go about all this?
I have been looking at sheriff sales and have no clue about them and was looking for some help. Can i get a conventional mortgage on them or does it have to be a construction loan? Could I get a real estate agent to help me with them in my area (OKC)? How would i search for the property title to see what else is owed?
My friend told me they knock off $10k for every $100k. But surely, there should be a more rigorous approach when making your offer and backing it up.
My aunt is a realtor and she told me that I should look into joining a credit union because they offer better rates on loans. I plan on buying a house within the year, and will need an FHA loan. I’m not exactly sure how that would work. Would I be getting the FHA loan through the credit union? Is this how the interest rate would be lower? I’ve always imagined that mortgage lenders were a different thing than banks/credit unions. Do they work together? After watching “The Big Short” I’ve had a bad taste in my mouth about big banks, so I may switch to a credit union anyways, but if someone could explain how this works and what the benefits are it would help a lot!
So me and my bf are looking into renting a place we saw on Craigslist. The man said he’s 63 and moved to another state to help take care of his mom who has dementia. He said he has a courier arranged to send the keys. Everything sounds good but he said he wants us to pay the deposit before sending the key. He’s in a diff state so we can’t even look at it beforehand. It sounds very sketchy to me. How can I obtain proof from him that this is legit? And paperwork I should be asking for? I need help. Thanks!
Hey Reddit,I have my MO brokers and I am trying to sit for the KS brokers exam. Both the state’s commission and test center said I only need to take the KS State Law 4 hour course (plus finger prints) in order to meet the requirements. However I have been having the hardest time finding a site that offers just the State Law portion. They all are packages for the 30 hours. Does anybody have a good recommendation where I could find a good online 4 hour course for KS State Law?Thanks a bunch!
Currently own a house; purchased 2 years ago @80k. Refi’ed last year for 30k to pay off a student loan debt. House currently valued at 167,000 (as of the 2017/2018 appraisal). We still have other student loan debts, but could cover 1 month of vacancy with our current budget/cash flow.We have the option of buying the larger house across the street at 225,000 (appraised value) and are entertaining the idea of purchasing it and renting it out to cover PITI while I’m deployed. In a year or so; we’d move into that one and rent out our current, smaller house.The cash flow each month would net about $150-200 after factoring in utilities and garbage. House Is on community well and septic; structure is a 3bd 2ba manufactured home installed in 2004 on almost half an acre. Septic installed in 2001.I’ve been gong back and forth all day. It seems like a risk; but where I live is in a HUGE housing crunch so lining up renters to pay ~1,500 a month isn’t difficult. Plus; if we want to expand our family in a few years we could move in and sell our current place if needed (but would like to keep it as a rental).With the little info on here; would you consider researching this option more?