All Forum Posts by: Ben Haab

Any update on container housing/apartments - anyone do it?

Did you have other offers?  Appraisers can take that into account.

I had an appraisal come in low on a VA loan and sale didn't go through. Relisted and did not allow buyers to use VA loan, got a 2nd buyer with a FHA loan and deal went through.

Appraisers are worse than car salesmen and politicians. They have a bad reputation for a reason...

seems like you have legal grounds to get here out - do so immediately (within housing laws of course)

Was the property previously owner occupied? Reason I ask: will taxes go up without homestead/owner occupant deduction?  Different locations do it differently, but that's how it works in my area.

Short answer: yes, that's why there is an inspection contingency.  What do sellers do: that varies greatly.  I'd say it's a large enough item that will scare the seller.

If it's a significant foundation issue might want to let someone with expertise handle it or budget to have an expert deal with it.

Disagree with the majority of the responses. Yes, I agree that a first time buyer/early investor should get inspections.

BUT, having dealt with inspectors repeatedly their expertise varies greatly and buyers put too much trust on them.  If you're an investor and have a good relationship with a general contractor why not have them perform the inspection?

2 weeks ago received an inspection on a house I'm selling stating that the garage door opener doesn't work and should be replaced or fixed.  The picture in the inspection report shows the opener wasn't plugged in.  On my first purchase (personal home) inspector went to the water heater and it wasn't lit and inspector didn't even try to light it, so he just checked the box as 'needs addressed' and moved on.

The only other time I had an inspection on a purchase: inspector noted a few missing shingles with no more comments other than missing.  Had my contractor come out after I purchased.  Within 5 minutes he said roofer used too short of nails (multiple layers of shingles) and to expect continued problems with the roof.  If a contractor can see it quickly, but inspector cannot what good is an inspector. 

Also, if you're realtor cannot pick out major concerns like an inspector can then find a different realtor.

So you trust your 'new' agent though he told you to lie to another agent so you can get out of a contract easier.  Might want to evaluate who you work with. 

Love to hear you've already talked zoning.  My interactions with zoning/inspections have been very positive here in town.

Nick, one thing to think about: will the city allow zoning for a duplex?  Warsaw is known to decline the zoning.

If you do rent it get it appraised and take out a LOC against the equity.

Remember if you turn it into a rental and hold it you eventually lose the cap gains exclusion. 

I do flips to help fund my buy & hold portfolio.  If my wife would let me move every 2 years to avoid capital gains I would....

If you want an opinion I'm local. Best of luck!

Be very skeptical; especially if you are not having a selling realtor.  (I say this since it's your first flip and assume you haven't done business without a realtor before)

Lots of people say they want things, but either can't afford it or change their minds when it comes time to pay up.

Don't customize anything to buyer unless you have substantial non-refundable deposit.

Timeline - sounds like a big remodel - timelines are hard to make work with a pre-determined buyer.

Do you want a buyer walking through your job site all the time?

Also, what if market goes up during remodel timeframe and price is already agreed to = you lose out on more money.

Could workout great or could be huge nightmare.  Just understand what areas could make it a nightmare.