All Forum Posts by: Eric Burgh

What are really the pros for having him on a lease. What if you wouldn’t typically rent to this person (employment , credit score , etc) and now he’s on the lease, they split, and he’s a problem and won’t leave bc “he is on the lease”. Now have to deal with eviction etc’ Seems less messy to leave it as is and if they split up it’s an easier break. If they are still together when time to renew lease, consider it then.

It always pains me to paint wood, but sometimes necessary. Too much wood can certainly make the place feel dated and dingy. I’d look into the possibility to keep some of the wood as accents and give that cabin/rustic charm. then drywall the other parts and paint white to make the place feel clean and modern. Throw in some really good lighting to brighten up the place and you have that cabin feel with wood for richness, and some modern to justify the flip, and you didn’t have to spend a ton or do a complete demo.

Need to know the price difference. And what do other houses in the area have ?

Hi All,

Looking to close on a house and the family lender is willing to give us the lowest possible loan legally allowed, and so that the transaction doesn't fall under the category of being a gift, raise flags,etc.  House is being purchased at fair market value.

I'm looking at the IRS Applicable Federal Rates Chart found here :July 18 IRS AFR

Question is for a long term loan, which number am I looking at, or under which Table - Table 1 or Table 2

Table 1 has AFR, AFR 110%, - 130%.  Not sure what the percentage means in this case.  It looks like 3.06% is a safe bet?

Table 2 has Adjusted AFR - which if this rate moves as interest rates move, I'd rather stay away and lock in a low rate while I can.

Looking to keep it safe and don't mind if it's a couple .01% high.  Thanks in advance.

Also if it hasn’t been addressed, was the inspector a person of your choice,recommended by seller, or in any way affiliated or has ties with the seller? How big of a pool of inspectors are there in your area ? If seller has high volume they may have worked together in the past.

Quite unfortunate and I hope you get proper recourse. While this sounds like an extremely bad flip, I’m not sure I’m all that surprised. I was looking for a new primary residence with the wife and every single flip except for one showed poor workmanship and cut corners. Fortunately I have enough experience to spot these errors, but also felt bad as people were buying the homes within a week of listing I’d take a home that was solid and needs updating, which is what I did. Hot market brings out all these overnight flippers, and worst part is they only care about money and not that they could be endangering people’s lives and financial futures. Best of luck to Barbara. Keep fighting them

I think it clashes bc the Lvt is wood. If the lvt was a grey stone or tile it would work. From past experience I try to keep all wood flooring the same shade/color on each floor

Sort of disagree with breaking holes open. Any good GC should be able to tell you if it’s load bearing or not. Depending on the complexity of the house, Looking from the outside at the roof lines could give you some clues, also see if there are walls above and below this one. And if you can get to the attic with unfinished floor or basement with unfinished ceiling and see how the joists run and where they land. Basement look for steel I beams or other supports under the wall. After that if still unsure, bust out the hammer.

For my window ledge in the bathtub area I with a thin cultured marble door threshold as it’s supposed to be well sealed and not need maintenance. Then did a really good job caulking with a high quality caulk. Looks good and should be fine for a while.

We have a tenant at $100 below market. Maybe even $150 if we really wanted top dollar. But the family has been there for over 10 years and basically he does labor upgrades if we buy materials, and they are very clean. Never have to chase them down for rent. Well worth it IMO