All Forum Posts by: Alex S.

I use Lima One Capital and do about 6 -8 a year with them. Ask for Matt, he runs the Atlanta office. I'm not sure if they will let me put his phone number on here.

Since starting, all my deals I have purchased with my own funds or either with a loan,never any need for creative financing. Now I have a deal that I will need to be creative on, due to how many I am doing right now. I was thinking maybe a subject to. Here is what I am looking for:

Take over existing mortgage

Have property in my name, where I pay the mortgage every month and not have to trust them to do it.  I am aware of the acceleration clause, but this rehab will only take about three weeks max and I will put on market, so hopefully it will be sold by the time the lenders want to enforce it.

I want insurance-as i am coming out of pocket about 15K for repairs, so I want that to be protected

I want it in my name, but at same time I don't know if I want it recorded, because it will be on the market in less than a month and a FHA buyer may be interested in buying and I would have to wait 3 months. Usually I say no FHA buyers in my listing... So should I have it recorded?

Also I told them I would give them an extra 3K once I sell the property.

Last how am I to write the contract? I have my regular contract that my attorney wrote, can I just change the wording to say that I am taking over the existing mortgage or should I just have my attorney to do it?

Thanks in advance for any advice

I could be wrong, but from my experience this will not work, If you are selling or renting the property. I know of a homeowner that pulled their permit as a contractor to rebuild their home, but this was for  their primary residence. They had to sign something saying  they were not going to sell within a certain time period, (I believe it was two years). It seems as if you only can be your own contractor if you are not doing it for profit. I just completed and sold a rehab on Beecher St in historic west end, I was my own contractor, but I do have license. 

Wayne, yes the area to the left, opposite end from garage is the master bedroom and bathroom, but he calls that area a finished basement. So if basements do not have to be below grade, what makes an area to be considered a basement? because maybe he is right, maybe it's a basement. 

Had an appraisal done last week and just had time to sit down and review. It came in low which cost me to bring another 12K to closing to close on funds to build. However I believe he made a huge mistake, but wanted to know for sure before I bring it to his attention tomorrow.

He appraised it as a split level with a finished basement and listed the foundation as partial basement, so of course the basement is not considered living space. The problem I have is this is clearly a slab foundation. Not one piece of this property will be below grade, one piece of level slab concrete, so how is it considered a partial basement? The property may be considered bi-level with foyer in middle between the two levels, but nothing is below grade.

I know for a fact what type of foundation it is, I've built quite a few houses, but do appraisers look at it different? Why is this considered a partial basement when clearly it is slab on grade? Even the plans have it listed as slab. Either he does not know what a slab on grade means or either I don't understand appraising, which could be the case.

Seriously I would tell them to go kick rocks. The HVAC guy is not liable, his warranty is to you , unless he provided you a written transferable warranty, he installed the system for you and not them. It passed inspection by the county, it's not like you did not pull a permit or you did illegal work. You did nothing wrong, the proper officials inspected and passed the installation...Some attorney on here said you should know better, shouldn't the city/county inspectors know better they approved it.

I had a similar situation, built a house for my friend, charged a little to nothing. He sold the house a year later, the new homeowner contacted me about a  builders warranty. I told them the warranty I provided was to the person that hired me and was none transferable. Now on my flips I always provide a warranty through 2-10 for one year.

They should be upset with their agent who did not advise them to hire a home inspection or ask for warranty. In all honesty stop stressing. I would tell them to jump off nearest bridge and not answer my phone anymore. You just sold them a flipped house, but you did obtain a permit. People always looking for someone else to blame, when they should have hired an inspector or purchased a warranty.

Jennifer, Mo and Andrew Thanks for the compliments on the rehab!

Thanks for all your input. Colleen my wife actually hates that I always leave the labels and wrapping on appliances and in this case I also left it on the fireplace. I have three showings tomorrow so I may run by and take those off, but then again I always leave the wrappings on, but my wife hates it, surprised she hasn't taken them off.

Thanks for all your thoughts. I believe I will just pay the $125 for photos. I am thinking of doing a price reduction next week and rather have the best photos online, $125 will not kill the deal. Now on second thought, I may play with the photos over the weekend and see if I can make them better.  Anyway thanks again to all for providing feedback and suggestions

What does everyone think of these photos? My agent thinks I should hire a professional to take them, but I have always taken my own pictures and never had a problem with a house sale. However she could be right, maybe the photos need to be more professional, I don't know it all and could be wrong. So I am asking others if these online photos would deter you from actually going to look at the property.  I know they are not professional quality, but would they deter you from going to take a look?

https://www.georgiamls.com/887-beecher-st-atlanta-ga-30310/8488856