All Forum Posts by: Andrew S.

Sorry, but 4 weeks is way too long for an average turn.  That's nothing to write home about...

 Thanks but not sure what you mean: I had contractors quote all the work and the insurance company agreed to pay the entire amount (with an allowance for "supplemental requests for hidden damage"), except the deductible.  Not sure how I could do any better than that?  Are you saying I might get everything fixed PLUS more?

 Yes, in many jurisdictions, the previous owner will have certain rights that might allow them to "redeem" or at least "challenge" that auction.  Typically, if they do not file such claims within 1 year, then the transaction is final and the title insurance company will issue a policy.  So, if you acquire the property and hold it for at least a year, then title insurance will be available when you dispose of it.

 Yes, that is certainly possible.  In fact, this just happened to me.  A 6ft diameter, healthy looking oak just fell from my neighbor's backyard onto my rental property.  Total damage about $28'000.  My insurance paid for all of it (well, all that ended up on MY side of the property).  Of course, I'm out the deductible (2k).

Incredibly, one week later, another 6ft diameter oak fell across the neighbor's front yard (this time, it damaged HIS house) and took down the power lines to my rental property which ended up causing just under $2000 of electrical work and tree removal expenses for me.  Did not even bother filing a claim for the second tree.  

MY share of the total cost for both incidences: $4k.  We live in a heavily wooded city and this stuff is par for the course.  No way you can compel your neighbor to remove trees just because they "might" fall.  It is definitely not how the laws work in places I'm familiar with.

Rent-ready 3Bdr/1Bath ~1050sqft (upstairs) - 1Bdr/1Bath ~575sqft (walkout basement unit) in ideal location for student/faculty rental.  Walk <10min to UNC medical school, dental school, law school.  Both units with ample parking.  Looking for $495'000.  Large corner lot.  Ideal for investors or parents of future UNC students.  Owner financing possible.

I'm looking to sell a 3/1 property with a walkout basement apartment (1/1) in a top location right next to the University.  Amazingly, it is apparently nearly impossible to get decent comps for this so I'm not sure how to approach figuring out whether to outright sell it (and for what price), fix it up as a rental, or market it as a knockdown for the land.  Any thoughts?

 I have always done conventional.  Now, for the sake of completeness, I have to add that my deals were back in the 2015-2017 range, so things may have changed in the meantime (I doubt they have).  I think you need to shop for a better mortgage broker who knows about these and has done them before.  Even 10 years ago, not everyone could handle them.  Shop around.

 This!  I have done several Delayed Financing deals and I never encountered a higher interest rate.  Since you have 6 months to complete this process (this allows time for rehab, if desired), of course the interest rate may fluctuate a little bit, depending on market conditions, but there is not an intrinsic "1-2% higher" that I'm aware of.

I wasn't aware that  "Licensed wholesaler" is a thing?  Or do you mean you are a licensed real estate agent who wholesales properties?  Just curious,