All Forum Posts by: JayCinta Henry

My plan is to buy this as a primary, move out after 1 year and rent it out. In that year I will do the rehab myself (estimate sub 5k) and house hack. 

Area comps are 185 - 210k range. 1 year ago they wanted 170k, but I got them to 155k plus 5k on outstanding taxes. It makes sense that the market really determines the value and the appraiser is for lender to make sure their loan measures up to the property, so to speak. 

About a year ago appraisal value was 192k. Due to a death situation the sale was put on hold.  The process has restarted, from point 0.  This time appraisal came back at 172k., sale price is 160k. Previous owner was in the middle of re-doing the kitchen, bedroom carpets are new, flooring is ok and a fresh coat of paint will spruce it up. I am wondering if this lower appraised value is bad for me as a buyer and in what ways. On the other hand I am inclined to think it doesn't matter. as the loan is covered and the market will determine the value of the property once it's updated. 

HD is running a deal on Amana stainless steel stove & MW for $700 total. Is Is Amana brand normal or expected to be found in a flip house or does it give off cheap vibes?

In addition I have a KitchenAid stainless steel dishwasher. Is it ok to mix and match appliances or is that tacky or not normal with potential buyers?

Since which year,  generally, did builders change from cast iron sewer pipes/piping to PVC for sewer lines in the DFW general area?  I want to add a category of exclusion or extra attention if a house was built prior to PVC piping change at the time of purchase. Alternatively, to add sewer line inspection if the house was built before the switch.

I had considered that and decided on heloc, it being more like a revolving credit card, that gets interest charge on what's drawn. I will certainly re-consider.

On another note is it normal for lending bank to ask for documents related to ALL properties one owns-leases, insurance, mortgage statements? I thought this should be limited to subject property only?

I know everybody desires a better value and banks contend otherwise. Nevertheless, a recent house sold for $330k and it needed rehabbing in the range 20k. I think I am in the range. But I understand what you guys are saying.

 All I have from Killeen has been in the 400k range but quads. Do you have any leads?

I am new to helocs. Taking out a heloc on my primary, no mortgage note. Comps in my neighbor peg house value at $348K.  If a bank does 80% but is availing a $220k line. Am I on the loss for something here?  Why won't they offer a $278K or close? Why are they putting my primary value at $275K (80%=$220K.)  Is this is standard bank practice or is the bank trying to protect themselves/hedge against future home value softening?  Am I missing something, is this putting a risk on the house?  Should consider this heloc with such a gap or is that enough for a hard pass? 

P/S

I reached out to them about this but haven't heard back. WIll follow up on Monday.

Question 1:

Is anyone hitting the 70% rule in the DFW market or any other similarly hot markets? If not what have you resolved/accepted  to be your new acceptable margins? How are they working out?

Question 2:

Here is my deal, I am going to walk the property today with a contractor and a foundation repair guy. 

Property is from a major wholesaler, on a first come first served basis. 

Price $163K

ARV 230-245K comps comparisons

Rehabbing costs TBD but goal is sub $40k, likely $25-30k.

Financing is 20% personal cash, 80% hard money with 100% rehab costs, final terms TBD

This is all the info I have for now. Thoughts?

The $325 option looks like a no brainer to me. Why would you not take it? Am I missing something?

I did gutter screens myself on 3 homes. I happened on a Lowes clearance. They were metal gutters, marked down from $5.99 to $1.19. After calculating run length, I hit one other store and bought out all of them. The lowes app has surprisingly great deals at times.