We apologize, but the forums are closed for new posts. Click Here To Join The Unemployables Facebook Group

Welcome, Guest. Please login or register.
August 18, 2022, 05:14:07 pm
Home Help Search Calendar Login Register

Welcome, Guest. Please login or register.
August 18, 2022, 05:14:07 pm
Home Help Search Calendar Login Register

Author Topic: 1 st deal could use some advice  (Read 2030 times)

Offline kmcdermott

  • Member
  • *
  • Posts: 24
1 st deal could use some advice
« on: January 21, 2006, 07:05:59 pm »
HI

I have been looking into re investing for the past year. I have bought many courses and have passed on many deals b/c of lack of experience.
I recently came across a florida condo conversion priced below market.
I found an interested buyer. They agreed to pay 20000 more than the price offered to me. They are interested in two of theses units. I have told both parties that I am an investor. What should be my next step?
Where do I go from here?
The first party was offering a 5000 incentive if you used their  prefered lender.They also offered a 3% commission fee if you are a realtor. I am not a realtor.
Do I need to get pre approval even though I will most likely be doing a double closing.
How can I use that 3% commission fee I wil not be receiving to my advantage.
Do I need to have my own title company or agent complete this?
Any advice will be greatly appreciated.

Thank you
K. Mcdermott

Offline Steph

  • Member
  • *
  • Posts: 4
Re:1 st deal could use some advice
« Reply #1 on: January 21, 2006, 07:46:17 pm »
I am new to REI...just getting started. I have a question for you. While waiting for a buyer for your investment property is it safe to assume you had to pay mortgage until investment property sold. My concern with getting started is having 2 mortgages (my residence and investment) while investment property is on the market. Is it safe to assume this would be the case? or did you get some special financing.   Thank you in advance for your help. ::)

 




SMF 2.0.15 | SMF © 2017, Simple Machines