All Forum Posts by: Damien Hall

The 'uneven' part of the floor was in the hallway. It was actually a dip in the floor caused by water damage. An inspector said we have to repair the floor joists in the hallway and the adjacent bathroom. The other rooms with the hardwood have even flooring. However, my contractor looked at the floor and said that the stains in the wood were too deep to be removed by sanding. Besides the stains the wood is in good condition. It looks like we are going to go with laminate. What do you guys think?

The hardwood is just old and doesn't need to be pulled up. The floor isn't wavy. It's just uneven in one spot. I was going to have it installed over the hardwood. Do you think it will be cheaper to do it that way or just have the floors refinished? I understand that hardwood floors will provide more value than laminate so I'm taking that into consideration as well.

I want to know which is cheaper... to refinish old hardwood floors or to install laminate flooring. The hardwood floors in the property is in so so condition, no cracks, but it is uneven in some places though. Would it be cheaper to restore it or just install laminate floors?

Wow Ryan! That was creative financing at its best.

Flipper, this wasn't a double closing. I was being assigned a contract that an investor already had wrapped up.

Normally the birddog will set the fee. It could be a flat fee or a %age. If you want people looking for deals for you, you can set the fee. I've seen investment companies advertise that they will pay $500 if they use a lead that's brought to them.

Thx REI! You are right in that it was not a fee. He sold me is rights!

I just wanted to send out an update.

I got more advice from someone familiar with assignments and the assignment contract did favor the assignor big time. They advised me on how to go back to the assignor and get some admendments to the contract that would protect me as well. To my surprise the assignor was willing to admend the contract. The amendments protect my fee as well as provide a way out if anything goes sour. The admendments changed things from 'partially' assigned to 'fully' assigned. At closing it will only be my group and the seller. That's the way I thought it should be.

All in all, the property us under wraps and the closing is Aug 30th. Thx you guys for your advice.

Thx for the heads up REI! That sounds like this is the case. He says that at closing it will be him as well as the sellers. If I understand correctly I won't be a party on the actual purchase agreement only on the assignment contract between us. If this is the way it works that's fine. It's just that I've never dealt with assignments.

Will lenders have a problem financing properties that are assigned? I figure they would if the borrower is not a party on the original purchase agreement.

I agree with boylank! You don't need a license to save on commissions. Most investors in my area don't like to deal with realtors. I've come across some advertisements that clearly say 'no realtors'. If you have to disclose that you're a realtor upfront then you may lose out on some deals. I think most investors, at least wholesalers anyway, think of realtors as an expense to their bottom line.

Like it was said earlier, if you want to be an agent then be an agent. You may learn a lot from the courses you'll have to take. Having a license won't necessarily make you a better investor.

Good post! I'm trying to get input on short sales. I don't seem to find enough information on it.