The General Business Thread

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Replies

  • 2stepz_ahead2stepz_ahead Who I am is Complex, What i am, simply put. I'm a Threat walking out the lions denPosts: 26,889 ✭✭✭✭✭
    Cinco wrote: »
    Got an offer in 1 day.
    But buyer has a govt loan and I have to have owned it for 90 days. So I gotta wait 1more week. I was too fast!
    Purchase $56k, rehab $14k, fees $5k, list price $110k. Profit $35k in 90 days

    8jsqzrxbg96y.png
    jn7ridslvpls.png
    po5r3uxm7vjj.png

    9iaqwaypyubl.jpg

    hahahahaaaaaa

    hermano

    get that money
    Cincotraestar313 wayz
  • 313 wayz313 wayz Posts: 1,834 ✭✭✭✭✭
    Cinco wrote: »
    Got an offer in 1 day.
    But buyer has a govt loan and I have to have owned it for 90 days. So I gotta wait 1more week. I was too fast!
    Purchase $56k, rehab $14k, fees $5k, list price $110k. Profit $35k in 90 days

    8jsqzrxbg96y.png
    jn7ridslvpls.png
    po5r3uxm7vjj.png

    9iaqwaypyubl.jpg

    Thats dope.....keep grinding on them flips.....just be careful if the buyer is using a VA loan because the VA sends out its own appraiser. The VA appraised value is good for 180 days, so if the appraised value is lower than your listing price, you have 4 options:
    1 - Have the buyer come up with the difference between the appraised value and the selling price
    2 - Sell it for the VA appraised value and take a loss on some of your profit
    3 - Sell it to a buyer using FHA (which has a different appraisal system)
    4 - Sell it to a cash buyer (no appraisal needed)

    That scenario happened to me a couple of years ago. I had to go with option 3. Listed the house for 129k and the buyer's VA appraisal for the property came in at 110k and the buyer was not able to put up the difference of 19k. Had to put it back on the market again and 65 days later someone put an offer in using FHA.
    2stepz_aheadCincoblakfyahking
  • 2stepz_ahead2stepz_ahead Who I am is Complex, What i am, simply put. I'm a Threat walking out the lions denPosts: 26,889 ✭✭✭✭✭
    313 wayz wrote: »
    Cinco wrote: »
    Got an offer in 1 day.
    But buyer has a govt loan and I have to have owned it for 90 days. So I gotta wait 1more week. I was too fast!
    Purchase $56k, rehab $14k, fees $5k, list price $110k. Profit $35k in 90 days

    8jsqzrxbg96y.png
    jn7ridslvpls.png
    po5r3uxm7vjj.png

    9iaqwaypyubl.jpg

    Thats dope.....keep grinding on them flips.....just be careful if the buyer is using a VA loan because the VA sends out its own appraiser. The VA appraised value is good for 180 days, so if the appraised value is lower than your listing price, you have 4 options:
    1 - Have the buyer come up with the difference between the appraised value and the selling price
    2 - Sell it for the VA appraised value and take a loss on some of your profit
    3 - Sell it to a buyer using FHA (which has a different appraisal system)
    4 - Sell it to a cash buyer (no appraisal needed)

    That scenario happened to me a couple of years ago. I had to go with option 3. Listed the house for 129k and the buyer's VA appraisal for the property came in at 110k and the buyer was not able to put up the difference of 19k. Had to put it back on the market again and 65 days later someone put an offer in using FHA.

    this the shit we need. everyone has different info....just put if out there it may help someone or someone may add on.

    an we all gain
    313 wayzCincoBeefer77
  • 313 wayz313 wayz Posts: 1,834 ✭✭✭✭✭
    313 wayz wrote: »
    Cinco wrote: »
    Got an offer in 1 day.
    But buyer has a govt loan and I have to have owned it for 90 days. So I gotta wait 1more week. I was too fast!
    Purchase $56k, rehab $14k, fees $5k, list price $110k. Profit $35k in 90 days

    8jsqzrxbg96y.png
    jn7ridslvpls.png
    po5r3uxm7vjj.png

    9iaqwaypyubl.jpg

    Thats dope.....keep grinding on them flips.....just be careful if the buyer is using a VA loan because the VA sends out its own appraiser. The VA appraised value is good for 180 days, so if the appraised value is lower than your listing price, you have 4 options:
    1 - Have the buyer come up with the difference between the appraised value and the selling price
    2 - Sell it for the VA appraised value and take a loss on some of your profit
    3 - Sell it to a buyer using FHA (which has a different appraisal system)
    4 - Sell it to a cash buyer (no appraisal needed)

    That scenario happened to me a couple of years ago. I had to go with option 3. Listed the house for 129k and the buyer's VA appraisal for the property came in at 110k and the buyer was not able to put up the difference of 19k. Had to put it back on the market again and 65 days later someone put an offer in using FHA.

    this the shit we need. everyone has different info....just put if out there it may help someone or someone may add on.

    an we all gain

    Not a problem at all.....we are all here to learn......I learned a lot from people who contributed to this thread
  • CincoCinco Real Nigga Minerals Posts: 4,708 ✭✭✭✭✭
    313 wayz wrote: »
    313 wayz wrote: »
    Cinco wrote: »
    Got an offer in 1 day.
    But buyer has a govt loan and I have to have owned it for 90 days. So I gotta wait 1more week. I was too fast!
    Purchase $56k, rehab $14k, fees $5k, list price $110k. Profit $35k in 90 days

    8jsqzrxbg96y.png
    jn7ridslvpls.png
    po5r3uxm7vjj.png

    9iaqwaypyubl.jpg

    Thats dope.....keep grinding on them flips.....just be careful if the buyer is using a VA loan because the VA sends out its own appraiser. The VA appraised value is good for 180 days, so if the appraised value is lower than your listing price, you have 4 options:
    1 - Have the buyer come up with the difference between the appraised value and the selling price
    2 - Sell it for the VA appraised value and take a loss on some of your profit
    3 - Sell it to a buyer using FHA (which has a different appraisal system)
    4 - Sell it to a cash buyer (no appraisal needed)

    That scenario happened to me a couple of years ago. I had to go with option 3. Listed the house for 129k and the buyer's VA appraisal for the property came in at 110k and the buyer was not able to put up the difference of 19k. Had to put it back on the market again and 65 days later someone put an offer in using FHA.

    this the shit we need. everyone has different info....just put if out there it may help someone or someone may add on.

    an we all gain

    Not a problem at all.....we are all here to learn......I learned a lot from people who contributed to this thread

    Good looking on the multiple options to handle it!
    I said "govt" i should have been more specific I meant FHA.
    313 wayz
  • traestartraestar Atlantic City, NJPosts: 5,983 ✭✭✭✭✭
    traestar wrote: »
    traestar wrote: »
    Hey guys,

    I know it's been a while, been alot going on on my end. I'm still working to land a new job right now and it has been difficult for me. I feel that although I have been reaching out to my network, I still can't seem to get anyone to understand where I'm coming from.

    Aside of needing help looking for an IT job, I wanted to get together a mastermind group. It's something that I cannot seem to do where I am, would be better to do amongst likeminded people.

    good and great minds are all around.we are all available

    I'll keep you guys informed on a date

    What time is normally good for you guys?
  • Young_ChitlinYoung_Chitlin YCN Chief/FCC Member/#RedVelvetSquad Member/IC Task Force General/Future Lawyer ASUville, PhoenixPosts: 21,163 ✭✭✭✭✭
    Afternoons are best for me
    traestar
  • jonojono Right fist = power, left fist = unity Posts: 28,839 ✭✭✭✭✭

    This is powerful. Sadly a message like this never reaches the people it needs to reach
    2stepz_aheadtraestar
  • SionSion Moderator, Legion of Trill, AHH Content Producer, AHH Editor Posts: 42,312 Regulator
  • traestartraestar Atlantic City, NJPosts: 5,983 ✭✭✭✭✭
    jono wrote: »

    This is powerful. Sadly a message like this never reaches the people it needs to reach

    Absolutely
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