All Forum Posts by: John Ewas

Thanks, I asked, they don't want too,, lol   Its a deal so I'm staying on it. The foreclosure deed just needs to be recorded.  Harmon Law group isn't doing their job, and it seems nobody in the government does any work at all.  lol  The asset manager is "trying" to get them to do it ?? trying?  If I ran that, they would be fired.

I was Highest and best offer on a Fannie Mae property. I included 20k earnest money, all contracts were accepted and signed in Sept, with Closing date scheduled for this past monday, Sept 29

My closing atty notified Fannie's attys the week before closing that they needed to complete paperwork. They never did the paperwork or filed it at the Registry of Deeds.

 Can I get any $$$ from them for their non performance and breach of contract ?  maybe $50-100 day ?  They want a 30 day extension, which I'm reluctant to do, but will do as the house will be a profitable rehab.

Any body had this happen ?

Keep your chin up, it took me 8 months to finally get a flip to close.  You can find a hard money person for the funding. They are not cheap, but are good sources of $$$ to get you started. Properties where I am are bringing all the money on Multiple bids. 

 My scenario,  pd $201k, appx 30k to rehab, hard money will cost appx 15k. House should sell for $300k.  40-50k profit ?  Not bad for a couple months work. Keep at it :)

good luck !

I finally got one to P&S, will close in 3 weeks. I have most things covered but I need to find a good/decent kitchen for it. What do you think of RTA cabinets ? Anyone use this place ? http://www.rtacabinetstore.com/   Any suggestions?  

thanks

John

I recently put in an offer on a house, 212k it was supposed to be H&B 1pm Monday. I was the highest and best. I WON !, lol, not. Chase bank refused my h&b offer and put it on Auction.com. I watched it, highest bid was 218k, w a 5% buyers premium. Chase rejected it and the listing agent called me back 2 weeks later, and offered it to me for the original 212k. I tried to grind them a little, they wouldn't hear of it, but the house had many offfers of close to 212k. I signed the P&S yesterday for 212k. Banks can be ******** to deal with. It will take 30k for rehab, and should fetch $340-345k.

   Has anyone done work on the houses BEFORE you actually close ? I told my realtor  to get to the current owners and see if they would allow me to commence work immediately for a cash contribution.  What kind of contract/ paperwork should i have them sign to protect myself if they agree ?

What I was really asking was, is there buyer remorse to electric baseboard up here or anywhere? I'd like to give the new owners something that they will love for years and make a profit :) I had multis years ago, and electric was a negative for renting. Now I just rehab and sell.

Hi, I'm near Boston Massachusetts. I just looked at a house w elec baseboard. Costs up here are high for utilities. I'm wondering if selling a rehab with elec bb poses a problem vs oil or gas. I'm thinking of putting in gas fhw if gas available, baring that, oil fhw. Am i nuts ?

go hold a florescent 48" light bulb high up vertically under the power lines :)

Hi,, I live on the South Shore, Middleboro. I'm just getting started into rehab/flips. I met a guy at a house auction today, he said he had over 600 rentals, mostly 3 fam, with some larger. He said that in RI, Providence and surrounding areas, that you can buy a 3 fam for 50-60k, and get about 1200/mo for 3 bdrm unit. He does rent mostly to section 8 as he's sure to get paid. Just passing it along.

Oh, and I'm in need of an investor or hard money to get this going after a fabulously nasty divorce, ouch.