All Forum Posts by: Chris Weaver

I've encountered a similar situation. My suggestion would be to maybe just pay the realtor the commission they would've taken home. They'll be happy because they got paid their full commission plus they don't have to do any work. 

What are your other options? Overpay for the property? Ignore the agent? Not do the deal? 

Seems like neither way is a win. 

The home is near the water but on dry land. I'm assuming they used piers because they were cheaper than a foundation. 

I'm quite familiar with my local market if you have any questions. I also have a team of people that I'm happy to refer if needed.

Makes me a little nervous when the market is so hot. Things are selling in a matter of days at much higher prices than just one year ago. Hopefully when things cool off a little I will have more opportunities to scoop up deals.

I'm looking at this HUD home near me but the biggest problem is that there's no foundation--just piers. As far as construction goes, I know the issues with the home but I'm more concerned about resale. Can someone get a mortgage on a home on piers? It would be a good rental if I could get it for the right price but I'm worried about resale. If it had a proper foundation, the home would have an ARV of around $150,000.

From what I understand, different lenders have different requirements for counting potential rental income. Many lenders won't even count rent for borrowers without landlording experience and if they do they will most likely want to see a signed lease. I have a lender that will appraise the property and then apply the potential income to offset the mortgage which I plan on taking advantage of.

I wouldn't buy a house for $39,000, put $29,000 into it and have it worth $70,000. You'd theoretically only make $2,000 for investing your time, the capital and risk for no return. The purchase price would have to be way less than $39,000 to make it worth my time. 

I would say if your house priced at $199,900 is near or below the median home price in your area then it's probably not worth staging. From what I've seen, usually higher end homes are the ones worth doing. As far as photos, I would definitely use a professional. I'm usually looking at around $300 for high quality, edited pictures. Most people search online and the pictures are what make an impression. 

I don't have a college degree which feels unusual for someone my age. I believe in constantly furthering my education particularly with non-fiction books. Spending huge money on a degree wasn't something I was willing to do as I have an entrepreneurial drive and felt my money could be better used elsewhere. Also, I felt as though going to college would set me up for a lifetime of hard work where as the avenue I'm pursuing will set me up for a healthy passive income at nearly half the age most people retire.

Wow looks GREAT! I'd definitely live there.