I should’ve talked to the neighbors!

[Christopher Calamari]

Investment Info:

Single-family residence buy & hold investment in Marrero.

Purchase price: $140,000

This was the first home I purchased. The day I moved in the next door neighbor stopped by to say hello and show me the cracked foundation the seller hid very well (2 inspection companies didn't catch it). Relocated to another city and kept for a rental. Home has been 100% occupied since the beginning.

What made you interested in investing in this type of deal?

Estimated mortgage was cheaper than renting.

How did you find this deal and how did you negotiate it?

MLS through a realtor

How did you finance this deal?

VA home load

How did you add value to the deal?

Seller was motivated and accepted our first offer.

What was the outcome?

The buying, inspection and closing all went well. The day after we move then the next-door neighbor stopped by to introduce themselves and pointed out the crack on the side of the house that ran from the slab to roof. The crack was very well hidden and painted over resulting in two separate inspection companies not catching it.

Lessons learned? Challenges?

I should’ve taken a few minutes knowing this house was a flip and spoken to some of the neighbors to get a feel for the house. I would’ve save myself three years of ongoing litigation to prove fraud!