All Forum Posts by: Sandy Blanton

Tariq, congrats on the amazing feat of closing on this deal.  We had that listing for I think a couple of years.  It had a number of deals fall through due to loan rejection of the property being a 4-unit parcel where the units don't "attach" per a standard quad.  We approached at least a dozen lenders after deal 1 died and ask if they could do it.  They all rejected it and told us it would never work for a conventional loan.  

I think you mentioned here that the lender had problems finding an appraiser that would accept the order (due to difficulty).  The appraiser on the job did an amazing job at making it work.  He consulted with me a number of times for my input.  He gave me a courtesy call after submission (his submission time on the report was about some 2 am at night, so he busted his arse on it) saying he did expect underwriter rejection.  

We were all elated to get the email that the underwriter cleared the appraisal!  It's our policy to be upfront with buyers.  We told you "it couldn't be done (due to the building configurations)" after months of dead deals and consults with dozens of lenders.  This disclosure wasn't meant to discourage you, but to tell you what we honestly thought.  Buyers spend hundreds of $ up front on buying these types of parcels + we want them to know the risk.  The seller was absolutely PTSD'd with the past deals dying: it was a stressful process from the get-go.  

The upside on this parcel is huge:  values are expected to grow substantially in the area due to downtown sprawl.  The units can be fancied up and rents raised substantially.  Thanks for sticking this out and seeing it to fruition.  

I'm both a broker and investor, and like most investors, most r/e agents get on my nerves too.  We've sold/bought/leased thousands of parcels in these two counties since we started nearly 30 years ago.  IF  you find any deals you pass on, please run them by us: we buy from wholesalers often.  If you need any advice on future deals, feel free to reach out and I'll share my honest thoughts.  Congrats again + Merry Xmas!  

Excellent.  Thanks Dylan.  

Does anyone know of any sites where you can buy mortgages?  Thanks.  

This is the 3rd house this quarter the same WDO inspector has vandalized properties while inspecting.  Poking a hole in bad wood is fine, but this is is vandalism or at the very least "defacing."  Has anyone else had such an experience?  This was done to 125 year old wood in an expensive historical home.  Thanks for sharing.  

Can the owner of a house with a SHIP grant rent the unit w/o triggering the grant being called due?  Thanks for your input.  

@Matt Robinson Sorry I just saw this.  Idunno, we've used Guy Bros' for decades.  They're great.  

William. We're HUD registered and manage hundreds of rentals. Let me know if we can help. Thank you.

Justin, we've managed hundreds of rentals over the years and I'm unsure if we've  noticed any real difference in the companies.  I don't buy the warranties for my rentals.  I think the bigger question to research would be if they're prudent to buy in the first place.  

If I ever bought a warranty for any of my units, I would only do so for those with old HVAC units.  That being said, my best payoff for one of those monsters was for my primary residence I bought back in Y2K (that acronym's bringing back flashbacks...lol).  The seller provided one for me and in less than six months after closing my HVAC + gas water heater died.  I got some major new equipment for paying 2 tiny service call fees.  

Justin, we've used Guy Brothers' Roofing for decades.  Please tell them I referred you.  

Thanks @Brian Albelli . There were only 10 we could find nationwide with that color + nav + moonroof that were 2012-4 units.  We drove 500 miles to fetch it.