All Forum Posts by: Irfan Saeed

I am looking for some referrals for a title company who can close my DSCR loan

Thanks

I have fully paid investment property which i am finishing to rehab. i am planning to either airbnb or long term rental on this house. i am looking for cash out refinance options on this house without my personal income verification. Please suggest what kind of a loan i am eligible for. Thanks

Hello Guys - I would appreciate if you guys can provide your precious advice. I have done about 10 fix and flips in last two years but I don't have any experience in new construction. I am looking at a lot where the comps are pretty solid. The lot is clear and flat already. I have spoken to a developer and he provide me a verbal bid of 108K for a 1500 Sqft house with two card garage. so the total sqft is about 1900. He told me price include all permits as well. I have three questions :

What should be due diligence in terms for buying the lot in addition to comps and ARV ?

Is the price for a basic builder grade home at about 108K looks reasonable ?

What are the other cost involved beside the development cost.

Any help would be appreciated

Thanks

@Brian Pulaski - This was the repair estimates he got from different vendors after the initial inspection was done. So he wanted to reduce the price of the house further by this number. I disagreed with him and gave him a 2500$ discount on the house along with fixing some electrical and plumbing issues.

@Donald S. 

Well in this scenario the realtor is the buyer of the house as well. From the very start of the transaction he was very demanding and I fulfilled most of his requirement. After the inspection he send me a bill of 13000$ which was completely ridicules. I already offered him about 20K discount on the listing price as I want to sell the house fast due to my financial circumstances. The repair amendment boils down to 2500 discount on the property as buyer assistance and repair of some plumbing vents and electrical outlets.
After I completed his plumbing and electrical repairs on the property he did a final inspection of the property. He was pretty technical from the very start and understood all the repairs very well. Two weeks after the house was closed he texted me about the issue in one of the bath room vent and bowing of plumbing line (Foundation is pier and beam). Due to which the water was flowing slowly. I gave him my plumbers number and he never contacted me after that. I thought the issue has been resolved. Now after five months from the day of closing he comes after me and demand 3800$. The invoice include all kind of small things he had listed in his initial demand after the inspection.
He never consulted with me or asked me before having the repairs done at the property. If he had contacted me about the severity of the issue I would have definitely helped him out and fixed the problem by bringing back my plumber. it may have max cost me about 500 to 600$.

I understand your point that the buyer cannot crawl through the space. That's why buyer hire inspection services to complete their due diligence before closing. All I could do was to let the buyer know that the repair is done as per my plumber and than buyer's responsibility is to check everything after that and if they had found issues they could have extended or terminated the contract. He never contacted me that he was hiring a plumber to fix the issue. Even if I had to go back and fix the issue that would have cost me not more that 600$.

The property is pier and beam

So here is the text message conversation about the plumbing issue :

House Closing Date : October 8th 2017

His message on October 18th :

"During the plumbing test we discovered that your plumber did not vent all of the areas we discussed on amendment the sewer line is full of water. I can have work done if you guarantee 100% reimbursement"

My response: "Plumber will come and I provided him plumber's number. Which of the vent is missing. I believe you checked everything after repair was done. Technically I am not responsible for any repairs anymore. But I will see I can get to bring him back to the property as a courtesy but u need to tell me what is missing"

His response :

"its plumbing line for half and full bath still bowing and the water cannot move easily. Your last plumber only fixed kitchen sink"

So I gave him the plumber's number and I did not hear back from him until March 27th, 2018 and sending me all kind of plumbing repairs including in his invoice.

@Brian - Sue that is the plan. Once he move forward with the lawsuit I will be involving my attorney. I have not hired an attorney before. How would I go about hiring an attorney which does not break my back.

I greatly appreciate all of the suggestions posted to my questions. This is the reason this community is so great. I have decided not to respond to his communications until he takes any further action. He mentioned in his email that we would wait for my response fro 3 days until he proceed to take any further actions. I will keep you guys posted. I would definitely need some further help from you guys if he decided to follow through.

He send me an amendment for the plumbing repair and I have that issue repaired.

He did his final walk through. Was I also suppose to have him signed off the final walkthrough after the repairs were done? 

We close the house on October 6th last year and he send me a text message on October 18th complaining about the plumbing issue. I told him that technically I am not responsible about any more issues but I will ask my plumber to come take a look as a courtesy. I gave him my plumber's number. He kept quite for couple of months and now 6 months he send me an email with the plumbing repair done on the property and a threat.