All Forum Posts by: Doug W.

 David hit the nail on the head: "my wife would say...". In my area you have to market to the female buyer. So for that reason I would add a pantry.... even if it is just a set of tall cabinets that clearly are intended to be the pantry. 

I toured a foreclosure today. It has been listed on again and off again since July 2014. I think the reason why it hasn't sold is due to some serious issues with the cinder block foundation (basement walls). Two of the walls have bowed in significantly. At some point they were shored up with steel angle iron beams that were sank into the concrete floor at the bottom and tied into the floor joists at the top. There is no known engineer's report about the repairs.

The house is a 1 story rambler. There is no indication of any settling or disturbance in any of the floors, walls, windows, doors, or roof. I did not notice anything off about the main level floor joists although I did not do a thorough assessment of them. 

Another investor showed up with his agent while I was in the house and left immediately after seeing the basement walls. :) 

My question is would this scare you away as a seasoned investor? Or would you see it as an opportunity to get a house that others will more than likely shy away from? I believe that there is a price that can be applied to any house to make it a "win" for the investor and I am prepared to take this project on if the numbers look right. 

These photos do not show the detail very well. Sorry.  

Here in the Washington, DC area we have several non-profit stores that re-sell donated construction materials and finish materials. It can be hit or miss on what is available on any given day but I often see really nice tile (floor and wall) that would probably be great in small bathrooms or as a kitchen backsplash. You can also find items like vanities, cabinets, and toilets. Sometimes used (gently or heavily) and even brand new. 

The "After" looks beautiful. I love the exterior design elements and the color of the wood floors. 

I have a few questions for you @Chelsey Martin:

1) How is the water pressure at the kitchen sink?

2) In the bathroom do both the shower and the sink have low pressure? 

3) Does your shower faucet have one handle or two?

Thanks

I know this thread is old but I just found it while searching BP for some info. I am commenting on it to say thank you to @Ophelia Nicholson for her candidness with the information she shared. It is refreshing to read a story that isn't simple success story. 

The other reason that I am writing on this thread is because I am sitting here trying to determine what I can offer for a house I went in this morning. Since then I got a text from my Realtor stating that the seller really wants close to their asking price and she (Realtor) wanted to know if I thought I could rehab the house to be "livable" and low end vs. the high end that the neighborhood would easily support. The house needs close to a full gut and lots of the stuff that isn't pretty and you can't see -- electrical + plumbing + mechanicals + new (flat) roof. Reading Ophelia's notes here made me think "Have I really considered ALL the stuff that I need to include?" And it was then that I realized "ohhhhhh. There was no existing laundry in the house. I need to plan to add that." I had overlooked this when I toured the house and made notes. 

Thanks, again, Ophelia for this thread. 

@Account Closed - do you know that it was another investor who had the winning offer? 

I made an offer on a property about three weeks ago. It was in good shape structurally but needed a lot of deferred maintenance and new kitchen and bath. I went to a Tuesday daytime open house and the listing agent told me that her and her husband have done flips and continue to do them from time to time. So I was like "Great... then you know and will understand that my offer won't be for the retail price?" 

So I submitted a fair offer given comps, repairs, holding costs, and my profit margin. I found out that another investor also submitted an offer. Neither of us got the house because an owner occupant wanted it. They (a young couple) were able to pay way more than I could because they didn't need to consider, among other things, the costs to resell it in 3 - 6 months + building in a profit margin. So I don't blame the seller for not even wanting to negotiate with me or the other investor. And, technically, the buyer didn't overpay. 

I second what @Beau Ryan said. Assuming that there aren't other issues that potential buyers have seen/can see/will see then it should make them feel good knowing that the seller is taking care of the obvious issue. 

Fix it. It can't cost that much to fix but it sounds like it's already cost you a possible offer. 

Why would they expect a number over the phone? Does your letter indicate that you will make them an offer sight unseen? Do they really expect that someone would have a price to offer having never stepped foot inside of the house?

My guess about the letter that you saw is that the wholesaler is trying to get a response by putting in a price that is high enough to get a phone call from but way higher than they will end up actually offering.