All Forum Posts by: Greg P.

Here are the comps with same one and a half story homes, remodeled:

Comp #1 - 3/1 - sold for $120k in 30 days
Comp #2 - 3/1 - sold for $141k in 5 days
Comp #3 - 3/2 - sold for $142k in 8 days
Comp #4 - 3/2 - sold for $163k in 14 days

I would make this home into a 4/2 from it's current state at 3/1 and it would cost $15-17k more to do it.

My thinking is that there would be a greater chance to get around $150k-$160k by making it a 4/2

But, a 3/1 also sold for 140k so I'm just not sure.

Thank you everyone.

Correct, there would be a added egress window if the basement was finished.

Hello all. I'm working on a house located in a blue collar mid-lower income neighborhood. ARV is around $135-160k max. The rehab with finishing the basement - adding 1 bedroom and 1 bathroom is $39k then it would go to a 4/2. To not finish basement it would be a 3/1, less sq ft but would cost $23k to do the rehab.

My question is, I've pulled some comps and noticed some of the houses with unfinished basements sold for $135k very quickly and the ones with finished basements around $145k-$150k. Would it be worth it to even finish the basement if the returns would be the same? I understand the house may sell faster and the chance of it selling at even the higher price at $155-165k could be possible, but I'm just not sure.

Please advise.

Thank you!

Ok, one last question. Is a owner's policy a set price or does the title company chooses their own price?

When I sell a property, they charge me $395 flat fee. Is that reasonable? Thanks for all the responses.

Hi J,

This is a title company not a attorney, but here is the fee breakdown:

Title Services - $400
Closing Fees - $295
Title Insurance - Approx - $200-300

Thank you,

Greg

Hi J, when I asked them to lower the price they said since I was a good customer, I am already getting the lowest prices. They also said they charge me $295 per closing but when I look on the HUD it states they charge me $695. They break it down where the $295 for closing fees and $400 for title services, which in my mind is $695. I feel like they are being deceptive in saying they only charge me $295 for closing fees, but in actuality they charge me $695 and label their fees differently. J, if you don't mind me asking, what you would do in my situation? They already said I have the lowest fee and they will not go down. Also, they have helped me a few complex transactions, but I really don't feel like paying almost $600 more per transaction on the buy side. Thanks

Hello as a Rehabber I'm always trying to save costs when able. I've noticed when I'm purchasing houses from Fannie Mae or other banks they offer $250 closing fee + title insurance (no charge). My title company is charging $695 closing fee + 200 for title insurance. That's around a $700 difference and it adds up. I've heard of people saying there is a benefit using a "local" title company and would rather pay extra for the local services. So far, I haven't see any benefit in using a local title company and the $700 difference is a no brainer. Could any other rehabbers chime in and let me know if you use your own title company for fannie mae or hud deals or if you use theirs? Thanks!

Could someone tell me which umbrella policy would that be and what it would cover?

Thank you,

Greg

Hello, I'm not sure if this makes sense, but I usually have a homeowners policy through Foremost when I own the property, but should I also have a separate policy for my company like liability insurance? My main concern would be if something terrible happened after I sold the buyer a house like a fire. Is there some kind of insurance plan to protect me in this situation? Thank you.