All Forum Posts by: Elena Jobson

I realize this is less of an investing question and more of a general economic question. I also realize there is not much point in living in fear. I am just curious as to the general consensus about this book and the true potential for the American economic system to crumble. All thoughts and opinions welcome.

I would be upset with them. If they were missing information from you, they should have asked instead of making it a last minute scramble. All lenders are different, but my opinion is that 6 weeks is enough time to get done what needs to be done and push a loan through underwriting. Just as long as it was not you dragging your feet in getting them their required items, I would say you have every right to be upset.

I say ask for as much as possible, they may want to negotiate so don't ask for too little.  I am not a home repair expert, but these items could cost you tens of thousands of dollars to repair.  Not to mention, sounds like there could be some foundation issues-  I would be SUPER careful with that.  Same thing with the main water and sewer lines-  those are very costly repairs.  GET A SEWER SCOPE, paying $100 for that could save you from incurring over 10K to re-do a sewer line.  ALSO another thing to keep in mind:  this is only what the inspector can see on the surface-  when you have a ton of items like that that are visible just consider the things that he could not uncover with his inspection.  I think what we are all wanting to know is what is the market value, and how much have you budgeted for your repairs?  Are you house hacking or?...

@Joe Splitrock@Alex Franksif you use vicodin for pain but you inadvertently get addicted to it are you a "druggie" or a "patient?"

@Matthew Paulit wasn't a hose it was faulty plumbing and black mold and a whole mess.  I realize you don't think all the little things are a big deal but they all add up and they all cost me money.  Yes a house needs to me maintained, I just didn't anticipate that it would be SO much work and SO much money on a home that was literally gutted and entirely rehabbed with brand new everything. I don't think that painting over water damage and is doing what you need to do to make a profit, I think it's unethical.  If that is how you make a profit, good for you, but it's not good business.  If you were selling house and you signed a inspection objections saying you would fix something, would you fix it?  Or would you not fix it and say you did?  I am entirely at fault for closing and I get that. 

Mike F. No I bought it to live in not as an investment property. I don't see the market cooling in the next year in fact it's just getting crazier every single day as far as I can see. I was in a pinch and I had to find somewhere to live very quickly. I thought I was doing my due diligence by having it inspected etc but the guy missed stuff and there's only so much that they can see. I am less concerned with "making" money on this property and more concerned with not losing money if that makes sense. I appreciate your advice very much.

Thanks for the encouragement. Denver is hard market to buy and hold in Bc the home prices are so high, and even though the rents are high too, the margins are small. Flipping seems to be a better strategy in my market than holding. I am not sure where I go from here. Now I have a lot of money tied up in the property. It's going to work out one way another and I am not going to let this stop me from achieving my dreams.

Side note: the seller is supposedly coming over tonight as he said he would help me pay for this plumbing issue. He is supposed a "man of his word" should I ask my agent to come? I know he is going to ask me about the house and I am going to tell him everything that is wrong, just feels like it won't do much good. I feel like I got totally ripped off and screwed. It's been a month and it's already become a money pit!

My home warranty covers plumbing, electrical, swamp cooler, most appliances, it also covers faulty work and things like that. It costs me $65 every time I call someone out there so that's going to add up over time, yes. I think it was intentional to be honest, the seller was a real slime ball. I should have listened to my gut on that one. I paid a lot for this house, Despite the seller's promise that I could sell it today for 20K more than I paid for that, I highly doubt that to be true. Some people are just bad people, it is what it is. For starters, the inspector noticed a leak in the washer, I asked them to fix this in the inspection objection, they agreed. They said it was fixed but it was not. So here I am, in my "new" house with my brand new may tag washer... That doesn't work. The seller says oh it just needs a new hose.... Ok so I get the new hose, I go to install it, pull out the washer, there is VISIBLE water damage, clearly it has been painted over but you can still see it. I pull the drywall out with barely any effort because it is so damaged, it comes right out. And what do you suppose I find? You guessed it! Black mold. I had to kill the mold and redo all the plumbing to the washer, get new valves, the whole nine basically. Last night I'm talking to the neighbor, they ran the gutters off my roof straight into her yard, just this morning I am loading the dishwasher and I see there about 3 inches of standing water in there. It's like they put a bunch of brand new shiny appliances in there and didn't bother to hook them up properly. Everything "looks" nice but internally just doesn't function properly. I could go on, it's one thing after the other.

Travis Sperr Dan Mackin I am thinking maybe put as much work into it with as little cost meaning I would have to do most of it myself, bleed the home warranty dry as much as possible, try to sell it in 1 to 2 years, hoping and praying that the market continues to go up in the mean time. At this point I would surely lose money, even if I sold it for more than I bought it for considering commissions and closing costs.