All Forum Posts by: Dennis Treacy

Listen to Joel, I bought one of those cannot believe it deals, a duplex for $2k. Later found some foundation issues which I fixed, then the water line from the main was bad, and the a brick wall had a bulge that had to be star bolted.

All told the repairs just to get the place where is could be rehabbed were $12k, then the rehab would have been another $20K.

In the end I chose to fix the foundation, and sell the place. The investor paid $21k through Home Vestors I collected $15k.

There was a flurry of activity at the property and now it stands boarded up.
I have no idea what they ran into, I'm just glad I sold the place.

If the place had been rehabbed it would have made a great section 8 rental, but as a flip the margin would be too close for me.

Ryan,

The words clean and immaculate, are subjective terms when they come from tenants. Tenants come in with a microscope, and leave with a white cane.

The first short sale I ever did was a cat urine house, the long term tenant had on the average 25 cats. At their peak cat hoarding phase they had 58 cats.

The mortgage on the house was $300k the lender sold the place to me for $105k. I spent $10k to clean the place, and $10k to repair the scratch damage.
Later I gave up on eliminating the smell and sold the place 6 months later for $200k to an investor. This was at the high of the insane seller market, I was very nervous the place would never sell.

My wife called the place the house of horrors, I believe the place was recently foreclosed again. The property needs a good fire to solve the smell issues.

I have several properties cats are absolutely not allowed, you will be instantly evicted for a cat. A dog is for the most part ok.

My wife loves cats, we have two, I am counting the days when they are both old enough to put to sleep.

For that price I would buy, fill the place up and collect the money. What is the worst that can happen? Just don't take the place in your personal name and everything will be good.

Another answer is to rent to slobs, I sold a cat urine drenched house to an investor.

He rented to cat lovers, they did not notice the smell.

I am just poking fun, although the cat urine story is true.

Roof sealer will come off with mineral spirits (paint thinner)

He is going to show you the secret fast track to millions in your sleep, for the low introductory price of $7000 at his free seminar.

"Leave your wallets at home!" like anyone is going to drive across town without their wallet.

Guru = information sales, and that is all.

I recently attended a DIG meeting, the guru speaker promised the easy road to millions, 7 people forked over $7k each.
The guru walked out with $49k for a one hour talk, he parted with 5 cds and a booklet about $5.

Now that is the way to riches!
I am sure he sleeps soundly at night, dreaming of P.T Barnum "There is a sucker born every minute."
No truer statement has ever been spoken.

Only install Mansfield toilets (no flapper), install solid core doors on all openings.

I just finished a copper free triplex, not a stitch of copper in the place except from the water service to the meter.

No stub outs where used, I sleeved the toilet line in pvc to make straight, and supported the pex inside the vanity cabinets with a bracket made to do so.

This property was a REO the copper thieves allowed me to buy it 30 cents on a dollar. The place had all new electric, a fire alarm, windows, and a new rubber roof all courtesy of the previous owner.

I buy pex by the thousand foot roll, very cheap this way.

Josh,

It depends on your area, attic fans must be properly sized, if more air is removed then what comes back it, the extra air will be pulled from your house.

Pulling air from your house might not be a problem unless you are cooling the house, in this case the air conditioned air pulled from the interior of the house will be replaced with outside air via infiltration.