All Forum Posts by: Account Closed

In my area it is becoming tough to find flips. I am closing on place this week with a lot of built in equity so I might hold it as a rental to help generate cash for new flip repairs, if I can find one anytime soon after this one.

@George P. 

Can you get under the house to look at the end joists as you might need to sister some more along the existing ones to shore up the floor - if they are rotted as well. I would ensure things are sound from the very bottom-up first. How about the subfloor as well.

Once that is deemed solid, what if you added new sections of plates and new supports in between the existing ones. Then tear out the rotted sections of the existing ones and sister some new studs on some new plates, etc. I like to use an oscillating saw with a tough blade to surgically remove sections like that. I have the Makita Sawzall as well but in tight spaces I beat the hell out of my blades.

You’ll probably get many opinions on how to proceed and you should be able to do this one. I thought it was going to be much worse and am surprised the top is not rotted-out as well, since the photo of the soffit looked bad.

These old houses are  a love hate thing for me. This week I finally close on something built in the 80s and all it needs is a roof, flooring, paint and some minor stuff.

@Account Closed 

Thanks for the insights. That's kind of what I figured but I still hear good things about Indy. I just need to take trip out there sometime this year. 

How are the local investors reacting to these types of deals? I would think there would be enough local investors where deals like this would get snapped-up by word of mouth.

@Rick H. please ignore my ignorant post ????

@Rick H. please ignore my ignorant post ????

I've purchase many short sales and not one hasn't come without the affidavit. In one case it stated that if was misrepresenting my interests (not telling the truth) I could be prosecuted and would agree to pay the full owed amount on the property. From what my attorney told me if the bank is backed by the FDIC and you lie to them then you eseentaully lie to the Feds and you can end up in the same boat as that famous homemaker lady who went to prison several years ago. Most of these affidavits never appeared until a day or so before closing.

Zillow work well for me. You will have agents call you saying you really need them but in a hot market with a correctly prices property you don't. I offer agents a 2% commission if they call. Some scoff at at that and some don't. I use a Google number and mandate that buyers need to have a pre-qualification letter from their lender or I don't show the property to them. You can also - in some states - put the property in your local MLS without using an agent.

Zillow works well for me. You will have agents call you saying you really need them but in a hot market with a correctly priced property you don't. I offer agents a 2% commission if they call. Some scoff at at that and some don't. I use a Google number and mandate that buyers need to have a pre-qualification letter from their lender or I don't show the property to them.

I don't know about Solo. I do use an self directed IRA for some properties and it very user friendly and very low fees