All Forum Posts by: Jeremy Bridges

I recently finished my first flip. Coming close to closing and the appraisal came back $7,200 under the contracted price. It was already a slim margin, so that did hurt. We needed to close so we adjusted the contract to get the house sold. My issue is when looking over the comps she used, she picked two houses that were bigger that pulled my value down, and those two also took a long time to sale. Mine was under contract within five days of putting it on the market. She also used a house that wasn’t renovated and built in 1900 vs mine, 1946, as the highest weighing comp. I sent her a comp same distance away, closer to same sqft, and same age, that had been renovated but she would did not change her report. The only difference with that property was it was a 3/1 and mine was a 3/2. Is there anything I can do, or is she in the right using a much older house that wasn’t in the same condition as mine? Looking for advice for future rehabs. Thanks for your time.

@Chad Eisenhart thanks Chad. That helps. Need to see if my county has something along the same lines. Not looking to do it by the room, but renting the whole house on a weekly rate. Parking could be a problem. Plus I wasn’t planning on furnishing it as well. Any advice as far as that goes? Did you have just have an open end date, or was it updated throughout the time they stayed there?

I'm finishing up renovating a house I plan on renting out.  It's in a lower income area and I've heard some of the landlords in the area do week to week rentals.  One reason is that they can get an extra month of rent, and the other is that they don't have to go through the headache of the normal eviction process.  They keep all the utilities in their own name.  My plan is to do two weeks at a time, so I'm not collecting 52 times a year.  The thing I like most about this strategy is the quicker turn around if I have to evict someone. The extra month will basically be what I paid for the utilities throughout the year. Any advice or recommendation from those that are currently doing this or have in the past?  

So I'm trying to do some research on a property that I want to bid for at an upcoming foreclosure auction.  This will be my first auction I actually bid.  I went to the deeds office and found no other deeds besides the lien  that is being foreclosed, and the deed for the property.  The confusing thing I found was under the property assessor page it shows the owner/ETUX, and a C/O which is someone else.  The husband died many years ago, but his wife passed away just 2 years ago, and the house has been vacant ever since.  I then noticed that there was a posting for delinquent tax sale earlier this year.  So I'm assuming that that person is the person that bought it at the tax sale.  I saw that the taxes were paid in March and May of this year.  In TN there is a 1yr right of redemption. So my question is, if I do decide to purchase at the foreclosure auction, will I then have to file for the redemption, or is there something else I need to do? I know the tax sale will wipe all liens, but by me purchasing at the foreclosure sale, does that not give me the right to redeem the property, or is this a mistake that the trustee made and the sale will be marked null and void?  Thanks for any advice.

Thanks Sean and Don, I believe you're right.  I'm just having a hard time finding a good contractor.   I'll keep looking.  You'd think for a profession where your reputation is everything, it'll be alot easier to find someone that shows up and responds back when they say they will.  Thanks guys for the advice.

Looking for a recommended contractor  for a major renovation project. Needs a full gut job. House has had major water and termite damage and will need to replace the floor joists, girdle, and sill.  It's a 2200sqft brick house built in the 60s.  The foundation and external brick are all in good shape, but the prior owner let it go for some time, and the leaking roof has caused a lot of damage.  I'm debating on getting a qualified GC or hiring subcontractors for each major job, rebuilding floor, roof, ac, plumbing, ect.  Any recommendations or advice are greatly appreciated. 

I'm hoping to get some advice on a vacant property I found, and how to proceed.  The house is in disrepair and the owner passed away in 2010.  I've spoken with a guy from the codes department and he told me the story on the house.  It has been a thorn in his side for years, even before the owner died.  He said the son doesn't want anything to do with the property, and said they couldn't find the other possible heirs.  Sounds like he had some other children out of wedlock.  It's accumulated almost $10,000 in liens from the city for maitenance, and another $10,000 in property taxes.  So is there a way to just work with the son since there has been so much time passed since the owner died, and the courts have not been able to locate the other siblings?  If the case has been opened for a while; would that mean it could be closed pretty quickly if I got the son on board?  Thanks in advance for any advice.

Thanks Tom, that will come in handy. 

Thanks John, I'm going to research that website.  I really appreciate the feedback.  

Good evening everyone. I have a few questions regarding tax deed sales and the redemption period for the owner.  This is for TN and it's a deed state with 1 year redemption. I've heard some use property owners that are still in their 1 year redemption period as a source of leads.  I've read a wise decision after purchasing from a tax sale would be then to follow up with the owner and try to buy the property to get the redemption rights as well, especially before putting any more money into the property.  So say the person who purchased the tax deed did not follow up with the original owner and was just going to wait out the year to take full ownership of the property.  What if I was able to speak to the owner and offer to buy the property to get the redemption rights and then start the redemption process.  Here's where I get a little confused. 

1. This might be a silly question but I just want to be clear.  If the original back taxes were $4,500, but the person paid $45,000 at the tax sale.  Would you have to pay the $45,000 plus the interest or the back taxes and only the interest on the $45,000 and the state would give back the difference?

2. I know there would be penalty fees and court cost associated with redeeming the property as well.  What would normally be a ball park figure of those fees?

3. Is this a feasible strategy?

Any one that can share actual experiences would be very helpful.  Sorry if this was a little drawn out, but it's late and couldn't fall asleep with this running through my head.  Thanks for any advice or tips.