All Forum Posts by: Edith TenBroek

I'm just dipping my toes into the idea of Morris Invest and these threads are very valuable.  My thoughts on this thread?  People who have actually HAD dealings with Morris Invest are frustrated with the level of communication, but ultimately happy with the results.  I responded to Clayton's first email asking why I was interested in learning more... I actually got a response from Clayton!  Not something I expected!

Edie

@Justin J. Thanks so much for that information!  This is exactly what I was hoping to do.  I think we will talk to a lender about renovation loans!

It's going to be a rental in an average neighborhood, so I think for now we will leave it.  Of course, I'm ahead of myself.  We have to get the offer accepted first!

We have an offer in on a 1970's raised ranch.  The interior has dark wood stain on the floors, interior doors, and all the trim.  I know the dark wood floors are popular, but should we paint the trim white or leave it as is?  The trim is in good shape.  Just needs cleaning.

I would take the payment, give the tenant a fresh start, and move on.  From the tenant's perspective, you could be their life saver, keeping them from having to pay a big backlog of rent which they probably don't have.  They may strive to be a better tenant for you, for awhile anyway. Worst case scenario, you have to evict next month, but with luck you won't.

We put an offer on a FNMA homepath home yesterday afternoon. How long does it usually take them to get back with an acceptance or counter offer? This is my first REO.

@Jaime Penix good points!  I've asked the realtor for sold comps if the house is fixed. I should have them today.  Renovated two bedroom houses in the area are going for around 70,000, so I think we are doing well if we can be all in at $40,000 on a three bed with full basement.   From my research of the foundation problem (crack and bowing along a cinder block wall), the fix will probably be wall anchors which is around $5000 in my area according to Angie's list.   I'll have the foundation inspected on our next walk through.  He'll give the actual estimate then, which will be before our offer.

Get a GOOD inspection.  If you don't know who's good, check Angie's List and get a well reviewed inspector.  Good Luck!

They may have been in negotiations with that other buyer when you got rejected.  Ah well, on to bigger and better things!

We are looking at purchasing a 1200 sq foot ranch, 3/1, basic rectangle.  It looks like it has broken radiant floor heating.  There is water damage in the basement NOT under the plumbing, so I'm guessing its the radiant heat.  Would it be most efficient to replace with forced air furnace and air conditioner?  Would there be any issues with the pipes in the floor and duct work etc?