All Forum Posts by: James Wilcox

@Tom Phillips Welcome and good luck!

@Liz Rogers I assume you are referring to a Mitsubishi ductless split or something like that. I think that they cost a little more then 2k plus the install (assuming you want heating and cooling). I think they are really for older homes where you can't get duct work where needed or for smaller spaces like a room above a garage, but would probably work for a whole home if set up right like @Jeremy Tillotson said. I would have a professional do the install. If you fall into those categories it might be the right product for your situation. I thought about doing one for a loft room that has no heating or cooling a couple of years ago but didn't do it.

@Matt Hiselwelcome to the community and Lexington area! Lot of great resources on this site. Check out the local REI (lexington wealth builders).

@Josh Gevedon they say you will likely loose money on your first flip on the podcast all the time and I have held that saying to be true. I did lol. Think of it this way. You probably were not the best bowler when you first tried it but with practice you can get better. Experience makes you better and it holds true in flipping. Major problems come into estimating reno costs, estimating AMV, and finding a good deal and contractor. Tip from me is to read that flipping book from cover to cover. :)

Score is a free mentoring program. Just use a search engine and type "score lexington KY". You can figure out more about it from there and set up a meeting. 

My bad I see you are already reading the book. Good on you! I would check out the SCORE program and set up a meeting with a mentor. Coba Craig will probably be who they recommend. 

@Josh Gevedon Welcome to the site! You should check out the local REI. Lexington Wealth Builders. Flipping can be tough without the proper knowledge. I would suggest the "The Book on Flipping Houses" in the BP store to help with this knowledge. You will probably lose money on that first flip so keep that in mind.

@Rob Beland thank you. I do realize that every state is probably a little different. Your opinion is helpful and IK that you can't put the clean outs inside your home anymore here because of the sewer back up that could happen in your basement, for example. They are normally located outside the home for ease of use and so it would not cause problems like a back up into the home. However, I was unsure about a garage. I would probably wager good money that it is wrong and there is no permit for the garage either. I was told the first house on the lot burnt down and the former owner built this house on the lot and built the garage at a separate time even after the initial build. 

I am not a contractor or home inspector, but if I notice things that seem off I would say they are probably wrong. The sellers agent is looking into the permits for the home for me at least. :)

Was looking at a place that has had a garage built into the home. It appears the sewer clean out that is normally located outside the home is in the middle of the floor in the garage. The garage is a concrete slab. Is building a sewer clean out in your garage against code or illegal? Also there should be a permit for the garage correct? What are the issues if there is no permit and the trap is not up to code?

Maybe a contractor will know the answer to this.

@Brandon Turner If you need anymore information let me know.

Specs are:

Microsoft Windows 7 Professional
6.1.7601 Service Pack 1 Build 7601

Browser: 

Google Chrome
43.0.2357.124 m

It might be a Google Chrome issue. What browser do you use?

@Robert Perry I still get the problem but have not tried different browsers.

Thank you all for the help! Just with 4 owners and a larger disparity in the price I was second guessing myself. I am going to re-look over the numbers and make sure it worth the money I have in mind. It will take a lot of work/money to get this place into shape. I want to be working on my business not in it. I have a meeting tonight with an agent with 8 possible deals they are bringing me so my money maybe better put elsewhere. 

@Jesse T. they have a mortgage and won't do seller financing or acquiring the lease. I made sure of that.

@David Begley Yes it is some beautiful country here and I do like the way you are looking at the deal. They are listed separately but they seem to be partial to unloading both at once. Try to work a deal one then bundle, once a price is set. I also like the chances of one swaying the others (12 Angry Men scenario). I might modify this a bit and actually tell them they can't give me a yes or a no till 48 hours has passed just to force them to talk and think about it. Large EMD is a nice strategy.

@Mark Gallagher you do have a good point. I will be doing my best to sell myself because I will be attaching a letter about myself and the values I have. It is a small town, tight knit community, but I went to school in this town and I think that will be to my advantage. I will meet with them if need be, but I feel this deal maybe one that the sellers will not accept at first. If it sits on the market longer, they may come back to me down the road like @Doug W. mentioned. It has only been on the market for around a week, so if they accepted a lower offer that soon would really surprise me.