All Forum Posts by: Andrew Smith

So, the foundation company that did the repairs a couple of years ago did come out in October and I have a report saying everything was within tolerances. But apparently things have shifted fairly significantly since then and the only thing I can think of is the massive amount of rain we’ve had in such a short period of time.

Much of the soil in the DFW area wrecks havoc on foundations.

This is a slab construction, not pier and beam. There are gutters on the house and they are functioning properly.

All the rain has caused havoc with the foundation of my flip house. Two contracts have fallen through because of inspectors saying the foundation is bad. In all honesty, the foundation isn’t shot, but the rain has caused some shifting that shows up when measurements are done. I am pretty sure once everything clears up things will shift back to (relative) normal. This has killed two deals in the past week though.

The bad side is, I am bleeding right now because of holding costs. I am going to have the foundation company come out and see what can be done under warranty. If that doesn’t work, I’m out of options. Any suggestions about how to get this taken care of if the company that holds the warranty won’t do the work?

Everyone, thank y'all for your quick replies. It looks like this post actually did the work for me and it seems as though Jon S. from Longhorn Investments took the bull by the horns (see what I did there?), contacted me and got everything rolling.

Again, thank y'all.

I found a home from a wholesaler and I want to purchase it. It needs to close on the 29th, but there is the likely hood I can get an extension of a few days if absolutely necessary.

The rub is, all of the supposed HML I've talked to say its going to be difficult to close that fast. I thought closing fast was one of the main selling points for HML. If I'm going to pay the higher interest and points for a loan that will take the normal amount of time to get, what's the point? Where is the value for me?

Anyways, I'm in Dallas, Texas. Does anyone have any suggestions on who to use that can close quickly and is still reasonable? It will be a quick rehab.

Thank you!

Can you show me what comps your using?

Just e-mail me. I am interested in property.

Thanks.

Well, I've got the information I need. Or at least what the wife told me:

Total owed: $137,453.35

Reinstatement: $22,904.74

Monthly: $1461.54

The monthly rent for this house will be around (conservatively) $1295.

I'm thinking this is not really a good deal at all, if these numbers are correct. Does anyone know of a way to purchase this home and be profitable?

So, I've found a home going to foreclosure on March 7. The ARV is about $147k (verified by a realtor friend who actually lives in that neighborhood). I do not yet know all of the financial details as I am in preliminary talks. The wife on the mortgage said she thinks they owe about $140k on the mortgage, which obviously means there is no equity in the home. I'm not yet sure what reinstatement will cost or what their monthly payments are.

Here is what I do know. The two owners are married but are currently separating. The wife would love to not go into foreclosure and save her credit whereas she doesn't feel that her husband could care any less. He does not have any family in the area and has basically lost everything since he lost his job a few months back, hence the foreclosure.

So, I guess I have multiple questions.

1)What would be my next course of action?

2)How would you attempt to speak to this man and open negotations.

3)From what we know, it doesn't seem like I should really offer them any money beyond reinstatement and maybe paying closing costs. There is probably about $2000 worth of rehab, its in quite good condition, hopefully it stays that way!

4)Any other helpful hints or advice would be greatly appreciated.

I've got 28 days, so there is time to make this work.

Thanks @Guy Gimenez. On average, how much do you think this costs?

Thank you @Patti Robertson

That was my initial thought, but I wasn't quite sure.

I put a house under contract today, and I feel really good about that, but now I have the marketing issue. However, this isn't a marketing question. The county appraiser says there is 2363sqft, however I don't think it has had another survey done in, lets say, 57 years. The garage has been converted and now there is about 2700sqft of space. I should mention, I'm planning to wholesale. Comps in the area are going for about 133.33/sqft. There is also a detached 2-car garage in the back of the house.

A) Not sure how to reconcile this issue of the square footage

B) What should I tell people? Pretend I'm placing it in the market place and you were the buyer, what would you want to be told?