All Forum Posts by: Ben Francis

Low slope roof on 1,200 sf starter home in working class neighborhood.

It seems like the proper option is a TPO roof with and estimated lifespan of 20 years.

It seem that the cheaper option is to replace the exsisting MSR roll roofing with the same again which has a 8 ish year lifespan.

The price difference is $1,800.

Do buyers know or care ? New roof is a new roof either way. Or would a roll roof be a large decrease in value?

It wouldn't be the only roll roof in the neighborhood. I'm using the same contractor either way.

Thanks, amazingly enough e recording took less than 2 hours ! It all suddenly happened very fast on day 50 after the auction. I am off to the races. Thank you !

Breaking news !!! I have an emailed copy of the executed deed from the law firm, it has been uploaded for e-recording, so I guess it's not technically recorded yet. Do I have to wait for the recording or am I home and dry ? Thanks !!

Thanks for the reply, I think in my case the hold up is at the law office not the county, I think the lawyer creates the deed, once it becomes signed and notarized it goes to the county to be recorded. Either of these processes can take time.

Does the law firm have a legal time limit to complete the foreclosure process or is it essentially open ended ?

I bought and paid for a house on 12/3/19. I was told by the auctioneer that I would receive the deed inside 30 days. I go the refund for the overage I paid on the day on day 20. I have been in touch with the law firm, they said it could take up to 45 days.

I am now on day 40 and getting nervous and frustrated. I am working on the assumption that the house isn't mine until I have the deed, and if it for some reason the foreclosure can't be completed I only get the money back that paid at the auction. So I can't really get moving on this project.

Is there a maximum time it can take to get the deed ? If I don't get it after 45 days what should I do, get a lawyer on my side ? Am I right to not spend any money on rehab until I get the deed ? 

I bought my first property on the courthouse steps ( in GA ) 29 days ago. The lawyer handling the foreclosure and the deed sent me a check for the overage I paid on the auction about a week ago. According to them the just need a POA from the client to able to execute the deed. I think it's just taking a while because of the holidays. I am 100% sure the property is vacant and 99% sure all the crap in it is abandoned.

I know I should probably wait, but a part of me thinks I'm very nearly there and it's probably ok to get a dumpster and get moving.

Any thoughts ? Thanks in advance.

Sorry to barge in with a question, can the BRRR strategy be applied if the initial money comes from a HELOC on a primary residence. Do the BRR, Refi, Zero out the original HELOC and then hit it up again for the next property.

We currently live in our paid off house and like the security off a paid off house, it seems that if we do this we will always own a property outright.

I'm fortunate enough to live in a paid for personal residence( appx 200k), my wife and I are fairly risk averse and love the idea of never being homeless or facing foreclosure.

Could we, take a HELOC for enough to buy, rehab and holding costs for a rental property ( appx 150k). Get it rehabbed, stabilized and rented. For our security of having a paid off house we would want to get into a house/neighborhood that we would be ok with living in if we had to.

Then do a cash out refi on the rental having forced in equity during the rehab to pay back original HELOC.

If this venture works out could we rinse and repeat in order to acquire approx 5-6 rental units ?

Once we get to 5-6 acquired start using the cash flow to do a Dave Ramsey style debt snowball until they are all paid off, at this point life would look pretty good. I'm not interested in obtaining private jet money. 

Is this feasible or am I missing something ?

We both have good credit, no debt and a healthy enough cash position that a 10k mistep wouldn't sink us.

Many thanks