All Forum Posts by: C. Gorm

I don't know if these have been mistakes as much as just items to note that I have run across with properties I've bought and sold:

If selling or renting at any point is part of your goal with the hopes of appreciation, not taking a loss, or covering your mortgage, know the market you are buying in and the potential future buyer/renter availability. Living in the country is nice, but when you think about selling or renting, who (if any) are the buyers/renters in that area? (personal experience)

Make sure you participate in the inspection process if you can. Ask a lot of questions!

Plan ahead, take your time, and don't rush due to FOMO.

When you find a rate from a lender that you are satisfied with, lock it in immediately. Yeah, you may feel like you could have gotten a better deal if rates dropped, but you will feel worse if you didn't lock the rate and they raise rapidly between contract and closing. 

My residential construction experience is minimal, however, I have served in the capacity of owner, owner rep., and GC on some respectable size commercial build projects. For these projects, I have always incorporated the appropriate AIA document (A-Series) and required the contractor(s) or GC to use them. My first project as GC required these, and I found them very detailed and helpful for my projects when I was on the owner or owner-rep. side of the construction.

Might be overkill for a small rehab project, but if you are doing enough, look into purchasing these, and I think you will find them helpful.

Eileen, I ran away from the deal.
After thinking about it, I'm not desperate to buy and didn't want the headache or complication of taking on this risk at this point. Especially with the current political environment looming and uncertainty regarding the eviction process.

@Brianne Leichliter, I appreciate your input. The property is located in Florida. I have been told by the seller that the eviction is only in process. I'm very cautious with this situation, and wouldn't want to inherit the issues of an eviction until it the process is fully closed. I feel that there is value in the property, and would fit into a rental scenario, a rehab scenario, or even possibly a demo and new build scenario, but I won't want to put my finances or liabilities at risk just for a deal. 

Thank again!

Chad 

I am considering a duplex purchase and just found out that there is a current eviction in process.
Looking for insight on what considerations, you as a buyer may have made on a property with an existing eviction in process by the seller. Any contingencies made with the offer? Just trying to get some ideas on if I want to proceed, what things I should take into consideration. 

Thanks!

Chad