Real Estate Investment Proposal

I need real estate/loan help(answers) on buying an investment property?

I am working with a realtor and a loan officer(which is good friend of realtor) on buying a home. Since neither me or my husband qualify to buy a house, my father-in-law is putting it under his name. He already owns a home, therefore it becomes an investment home. So we really want this house, but the loan consultant is making it very hard on us, and the realtor is confusing us. We made a proposal of $65k and the seller would help us with $4,000, we were ok with that until the loan guy says we could only get $1,300 in concessions, there are still other questions and doubts i have in what i can and cant do. If anyone can help me, PLEASE GIVE ME ADVICE. I need someone else’s opinion on what can and can’t be done on an investment property.

Ask your Realtor.

There are plenty of ways to “swing the deal.” If the seller’s willing to take $61,000 ($65,000 minus $4,000) and all you can receive in concessions is 2%, then ask the seller to drop his price to around $62,300. Then, with 2% in concessions, the seller still receives his $61,000. And you’re buying the house for less.

However, ask your Realtor for a CMA (competitive market analysis). Make sure you’re not overpaying.

I’m not sure what other questions or doubts you have. But start with your Realtor. Ask direct questions, and don’t stop asking until you get answers that you understand and make sense to you.

Also, make sure your and your husband have a clear written agreement with your father-in-law about everyone’s responsibilities now and into the future. Do you have a right to buy the property from him? What happens if you want to move? What happens if you don’t pay the mortgage (which technically will be rent, since the loan will be in his name)? There are a lot of things that should be agreed upon up front.

Hope that helps.

Brandon Schwab Investor Proposal

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