All Forum Posts by: Dave Smart

I am in the process of purchasing a homepath property and discovered a pretty significant leak in the oil tank today. I am positive there was not this much oil on the basement floor two weeks ago when I viewed it, and there is another 3/4s of a tank left. By the time I close I am worried I will have a serious issue on my hands. Can anyone give me any advice on how to handle this, as I have another three weeks left until closing. When notified the selling agent said he will put down some quick dry and a bucket, but I believe this needs to be monitored more closely if it is not properly fixed. 

I expect to pay for the tank replacement and clean up, but this is an urgent issue and I am wondering how to resolve it before it gets worse in the next three weeks.

Quote from @Jeremy H.:

Quote from @Nick Barlow:

@Scott Trench I agree with what @Elbert O. Said-debt levels are much higher today, and government solvency is at Risk if we sustain higher interest rates for a long term.

Not getting too political, but higher costs leads to either default, or a combination of higher taxes and rationalizing social services/entitlements, and reducing the latter is politically damaging.

In my opinion, the Fed has a ceiling on interest rates, and I think we’re getting close to it.

I also think we won’t know that exact number until we’ve passed it, which we will, and they’ll be back to QE by end of year fixing the damage from “over correcting the response to inflation”.

 What makes you think we're close to the ceiling on interest rates? Fed Funds rate is still almost the lowest it's been...ever

Our national debt is most likely by far the highest it’s ever been too. The interest we pay on that debt would be more than the national budget alone if rates keep going up, and if they went to say 20% we are essentially done as a country

As would I

Thank you everyone for the replies, it is all very helpful. Good to know, and also I didn’t even think of rain damage; hurricanes though have been on my mind. And good point Edgar, I need to be very through on my comps, especially since it’s a new area for me.

That’s great, thanks Jeff!

I am a flipper from CT moving to Fort Lauderdale in a week looking to buy property to flip. My concern is: will it be more difficult to find a buyer if the home is not built with block? Many of the distressed homes I find are wooden and have prior termite damage, which I am fine with fixing, but I am wondering if the stigma of termites affecting wooden homes will hurt the number of potential Buyers I may have. Could anyone with knowledge of the Florida market provide any insight on this? My selling point is going to be around 250k, so i will be selling mostly to first time home buyers and lower income buyers. Thank you!

Hi, I am a flipper from Connecticut that will be relocating to the Fort Lauderdale area shortly. I am in the beginning phases of market research in the area and was wondering where people are buying down here? I’m looking for cash deals on distressed single family homes or condos, and also to connect with any other investors in the area. My experience has been flipping two single family homes a year for the past five years, along with being a mason contractor. I look forward to speaking to all of you! 

Thanks @Chris Mason for the responses. My agent says it is not an fha loan. His buddy who is an appraiser thinks the appraisal was light but does not think it will make $202k (the purchase price before closing points). I am hoping to make up as much ground as I can via cash if the second appraisal comes back below agreed price.

Hi, I am just closing on my second flip, the deal was $208k with seller paying six points of the buyers closing costs. At the last minute the appraisal came back at $186k. This appraisal makes no sense to me or my agent when looking at comps and I am seeking advice on how to salvage this deal.

Steps taken so far are:

- Sent comps to the appraiser which show the home value to be between 205 to 215k but they will not change

- my agent is having his buddy who is an appraiser take a look for an informal second opinion

- if the above step comes back with a higher appraisal, request a second one

How have any of you dealt with this problem as it seems it could be quite common? Any responses are much appreciated!

Thank you Tom, I will contact her shortly.