All Forum Posts by: Andrew Glenn

Sorry, updating on mobile isn't very user friendly. I wish you the best of success in your REI ventures. I think especially in the DFW market, it's worth ensuring you fully understand why a property is priced the way it is (and not just because the market supports the price). I'm not saying you shouldn't buy in DFW, not at all. I am saying it's worth getting an understanding of what's going on behind the scenes.

@Anuja Savaskar ,

We are happy with Ebby's PM divison

Under some paperwork I found a form from Wells Fargo stating that a condition of them endorsing an insurance check is that they may want to inspect the work to make sure it's complete if I meet established guidelines. Any idea what those guidelines are? LTV?

I'm going to call them, but I'm curious if anyone has had to go through this and what I should expect. Overall I understand WF is looking to cover their skin in the game. 

Thoughts and insights are much appreciated.

I'm doing some research on behalf of a family member. Here in Texas, the residential leases follow the same basic Texas Association of Realtors template and it covers about 90% of what is needed in a lease. 

I'm hoping to find that same sort of template for Michigan however I'm finding various results that go from "quickly typed" to "mostly professional". 

Michigan agents/brokers/investors: does the MiAR have a template for this? I need something to show my relative as a starting point. 

@Ashley Burnley, I know what property you're talking about. Flips are not currently our cup of tea, but I'm very interested to hear how this turns out if you purchase. 

+1. We are very interested in this.

Also, the mobile app seems to assume an empty line between paragraphs is to be ignored. Apologies for the formatting. 

Temple: House intentionally set on fire.
http://www.kwtx.com/content/news/Temple-House-intentionally-set-on-fire.html
--
Short version for those who don't want to click: A house was intentionally set on fire. It was vacant and in the middle of a remodel. It burned to the ground, so it was a total loss. 
Let's say I buy a house and I'm in the middle of a rehab and something like this happens. Let's assume I didn't burn the place, too. :). Homeowners insurance would probably cover the structure, but what about materials inside? What about when I throw a HML into it? 
I think my liability for the HML would be limited to what I had drawn up to that point, but I would love to hear perspectives.
Full disclosure: this wasn't my house nor anyone I know, and I don't currently have an active project where this is a pressing concern. I'm just curious before my first cup of coffee for the day.

Disclaimer: Take my interpretations with a grain of salt. 

Holding costs really eat away at this, especially if you think it'll stay on market for 120 days. I realize that's probably a conservative estimate, but at that point, it becomes break-even territory. 

The 45 day profit point (estimated) is just over 5,000. Based on what I have read and listened to (podcasts), I'm not sure there is enough spread in this deal to make it work. I dont know enough about the local market or rehab costs to comment on either of those figures.

Hope this helps.

-Andrew