All Forum Posts by: Chris Da

from what I read and not seeing the building...if it is turn key and doesn't need much work....again not seeing it, I would offer her 230k. No seller finance, just straight commercial loan. From what I have seen in my time is that if it is on the MLS for more than a few days, then it is priced too high, of it isn't really a good deal. I have be involved with the purchase of 4 different 25+ garden style apartment complexes and 3 never made it to the MLS and the last one was on the MLS for maybe a few hours before we had it under contract. Just what I see.

it was a carlin ez gas gun conversion. I had 2 rentals sfh that had oil/steam systems, and another sfh that was oil/hot water. As I stated, I simply removed the old burner, cleaned the heater and installed the new gas burner. Now, I would suggest you know something about heating systems if you are going to do this. For example, my gas gun from the factory was setup for 200k btu's. my heater is only 130k btu, so you have to follow the directions and set the gun to match the boiler rating. also, if you are dealing with steam, be careful as steam boilers don't so much work on temperature, but rather pressure. A typical Residentual steam system runs at a max of 2psi. If you are just experimenting, you run the risk of hurting/burning yourself or someone else. If you are half intelligent and somewhat mechanical heating systems are not rocket science by any stretch of the imagination. ALOT of guys I know convert the boiler from gas to steam. Now common sense would not suggest you attach a new gas gun to a 30yr old junker boiler, but in my case my boilers were only 10-12 years old and were in good shape. It is a heck of a lot easier and cheaper to convert verses install a new gas system. Are they as efficient? usually not, but it is all about he numbers.

I have done that to a number of rentalsI simply purchased a gas gun conversion kit remove the old burner clean the heater and installed a chimney linerif you would like to remove the old will tank simply take a sawzalland cut it in half take it to the local scrap yard and make a few bucks my whole project cost 1100 dollars start to finish and I did it in less than a day myself

if I can help you out I will. Try digonline .. Couple of people I know attend that group in Plymouth Meeting area. I am a landlord and flipper. Currently doing a flip in Phoenixville Pa. Great area to sell real estate.

if you have to paint over it, skim coat the seams with spackle. Do it all the time. It will look as good as drywall if you do it correctly.

are you suggesting for example...a bathroom rehab. You want the contractor to break down how many sheets of drywall, how many boxes of screws, how many copper fitting for the plumbing???? I too have done many rehabs and I have come to the conclusion that most people are only interested in the cheapest guy to do the job. Just my opinion. I became very tired of working for doctors and lawyer who would try to squeeze ever last dollar out of you.

mlsmyhome.com. You will have it listed on the MLS. You don't need to be a realtor. Hint..in the notes offer a $1000 bonus to the agent who brings you a full price offer. I have sold a number of homes on the MLS and the realtors don't like that I make them put that in the notes, but lets face it, although realtors are not suppose to "steer" people to houses, for a grand they all do. Just my opinion.

It would depend on the situation....In my experience the unfortunate truth is that usually the kid has some minor disability that really doesn't justify SSDI but some doctor signed off on it. What I usually encounter is a section 8 tenant who has 4plus kids, 2 of which collect SSDI for depression on ADHD. The mother usually has a deadbeat boyfriend home playing video games all day and the kids are home schooled and the SSDI check is used for pot and ciggarettes and on a rare occasion the electric bill, that is if they even pay that.

I would read between the lines when someone ask me to use their kids income Because they are unable to support themselves without it.

the sad part is that it should be used to help the children, but most people abuse the system and that is why our country is in the shape that it is in.

I agree that a good real estate agent should be able to help me, but my opinion is that most are looking for a commission and will tell you what ever they want in order to sell you a house. There are no comps I have with similar houses like this in a flood zone. The comps I did have were similar houses, but as stated , none are flood zone houses. the property was just put into a flood zone this past year.

My thinking was that I am going to call my insurance agent in the morning and ask how much flood insurance would be for this house. I am guessing 1200yr which is an extra 100 mt in a payment, so in order to sell the house I would have to be able to WOW they people at the door, which is not difficult for me, but also I have to offer a nicer house at a lower price.

My BIG question is whether or not being in a flood zone has any impact on financing?

Hello all,

Have n issue with a possible flip. I am interested in purchasing a house in a very decent area, a single, 3br 2bath with a full finished basement. I think I can acquire the house for 78k and the comps are suggesting 129-139 area. I personally think the house would sell all day long for 134k fixed the way I had planned. I did my calculations, and to do a really nice job on the house, I am looking at 12-15k done in 30 days or less. here is the catch, after doing some research on this REO, I had spoke with the neighbors and they had mentioned that the area had just 8months ago be re-zoned and classified as a flood zone. The reason being was a builder wanted to develop a 7acre parcel behind the property and From what I was told, some strings were pulled to put a stop to it. (Small town.) Now I had spoke to a few of the neighbors and they were argivated because they had never had any water in their basements in 20 years and according to them, neither had this house..BUT what I am concerned with is...Is is difficult to sell a house that now requires flood insurance?
I have been involved with many flips, as a good friend of mine has done 13 this year so far and many many in the prior years, but since I truly jumped into the game, and now am a competitor, I can't get honest answers from any of my old mentors. (I guess I was great to have around to help,them find deals etc and help repairs the house as long as it solely benefitted them.)

Anyway, I am a fairly cautious investor, and own a number of rentals, but I never sold anything I purchased, as I have been renting everything for several years, and do well at it. Where I lack experience is in these type of situations.

If the flood zone was not in the equation, I would have purchased the house today, BUT, I am worried now because of the needed flood insurance.

does this have any bearing on getting it FHA or PFHA financed, as this would be the perfect 1st time buyers house.

Any input would be greatly appreciated. thanks in advance..