All Forum Posts by: Evelyn Tilman

I have a seller that was trying to flip a home and gave up on it. I am wanting to do a novation to finish the rehab. I believe he week agree due to our relationship and his circumstances.

I have heard a detailed scope of work helps.

I also know I need to put a lien and have a POA to handle the asset.

Now, do I pay utilities and mortgage during this period?

How is the profit split?

I appreciate any insight.

@Joshua S. Hey, what are the heloc terms? I have been thinking of doing this to have the available funds if I wanted to buy more property. But Iam not thinking I can use my heloc as a checking account because for every withdraw they charge me a min of $100, or 1.5% whichever is greater. Maybe I have the wrong kind? We are super cash poor but have 3properties, this may help my situation. What do you think? They also do allow me to lock in a balance at 5% APR. Do I just have a weird Heloc?

@Cassi Justiz Thanks that was super helpful! Thats how I felt about it as well.

I am trying to decide between LVP and hardwood looking tile.

Have you seen appraiser give tile more value ? Any Oklahoma City friends on here with recent experience?

I am trying to advise a client but this neighborhood has no recent comps (90days) of rehabbed homes.

Thanks everyone for the help! We got the situation under control. The tenant was able to shut the water supply to that room. When we checked it was just the connection that was broken so we will replace that. My inexperienced brain didnt even think about something going wrong in this weather.

@Mike McCarthy thanks! can they be fixed even when its cold? Like we don't need to wait till it warms up?

Do we just thaw and work on it? Is it expected that we do that right away in the middle of the storm?

Hey everyone, we are having an extra cold few days here in Oklahoma, we have a rental,our first one.

Tenant texted late last night saying the back porch where the laundry is had the pipes frozen and burst.

There is no heat and air back there. Tenant can't do laundry till we fix it. More cold weather is coming all next week.

How do we fix this?

Looking back we could have put some fiberglass insulation behind the washer any dryer.

Any other tips to prevent this?

I just don't know how to move forward...

@Dave Foster Thanks! I was just watching one of your videos on YouTube. Great info! Appreciate your input!

Hey everyone,

I would like some feedback on this scenario.

I own a property worth 95k

Want to buy a portfolio of 9 properties at 800k.

Will sell mine and give seller 10%down and they would finance for us. Was thinking of using a 1031 exchange to do this.

Is this doable since the seller is the one financing?