All Forum Posts by: Derrick E.

I currently invest in silver more so than gold. Current prices are not following historic trends. Going by history, either the price of silver is going to sky rocket, or the price of gold will plummet, possibly a mixture of the two.

I also keep my precious metals here at my house protected by my .45.

If you don't have it in your possession then it is pointless when/if the economy collapses. 

I am an FBS college football coach, but honestly love REI as much as football.

@Jonathan Pennings I've been in the same boat. I decided that I was going to hire a property manager to handle all of that. 

To me, I'm making to big of an investment to make a rookie mistake and bring in the tenants from hell. 

@Rohan J.Just knock out that wall to open up the kitchen a bit more. Other than that, just freshen it up like Matt Pritchard said.

On the outside looks like main thing would be getting the vegetation off the house and a good pressure washing.

Based on what you said about rent, and the area, have you considered combining a few of the units to make more 2 BR units and possibly go more all out with them? If a really nice 2BR would bring in more than or equal to all those 1 BRs then why not do that?

Less tenants to worry about and manage, and would most likely get higher quality of applicants.

Double Post!

That was a tremendous help. Thank you so much. I have enough money to pay cash for the home, and to pay for the repairs. Home is valued around $60,000-$65,000 but doesn't qualify for financing because of the bow in the wall.

I'm purchasing the home for $30,500. Like I said, I plan to hold onto it, but just wanted to make sure that I could in fact sell it down the road to someone who needs financing. 

I'm looking at a house that has a bowed wall in the basement which won't allow the house to be financed right now.

A structural engineer came out to inspect and gave an estimate of the cost to "fix" the problem. The solution is carbon fiber strips running down the wall to keep it from getting worse. The strips come with a life time guarantee.

Now to my big question. If I buy this house and have those carbon fiber strips put on, will the house now be eligible for conventional mortgage? Its a nice house and I plan to hold on to it for a long term rental, but I want to make sure I have all of my exit strategies covered. 

I'm fairly new and I really need to know if this is possible or not.

Bump.

If anyone has any experience with this please let me know. 

I'm in a small community but mine is closer to 50,000 with a decent size metro.

You can make money in a small community but I think (for me anyways) it's more of a long term buy and hold for SFR.

Hello,

I was just wondering if a home that has a bowed wall in basement can still be financed if it has the carbon fiber kit in place?

I'm looking at a house right now that doesn't have this kit in place and plan to purchase with all cash then have the work completed with hopes of doing a cash out refinance on the house. I'm scared that I might do this and then a bank says no to the carbon fiber strips that are put in place. Does anyone have experience with this?