All Forum Posts by: Account Closed

I made an embarrassing mistake and pulled the trigger too quickly on a HUD deal I was looking at two sales prices within the last four years that were more than double the list price of the house So I assumed after some rehab and improvements I could at least get the previous sale price now that the market is even better.

Turns out the neighborhood is much worse than I thought, and after looking at comps, The house is a breakeven proposition I have no idea how they got that price before One of the neighbors told us it was a land contract deal But anyway so I would like to get my EMD back And terminate the contract My broker says this can only be done with a documented inspection report So I have to spend $350 to try to get 500 bucks back Does anybody have any insights about this process Can't I just take some pictures of the defects myself Thanks

thanks for the insight.   It is oriented properly on my phone but not on the computer.   Weird.   And I can't edit it.   So the brick is ok?   It's a flip.  No budget for a porch.   

The Worker's Compensation issue is highly state specific.  Just because WC pays for an injury does not mean the insurance company can recover for negligence.  Part of the WC "bargain" scheme is that employees do not have to prove liability to be compensated for injury.  The WC carrier will, however, have to prove negligence.  So it is not enough that someone slips and falls or gets injured.   The carrier seeking to subrogate must show negligence.  For example, was the floor inherently unsafe, etc.  

To address the original posters concern, just draft a release and sign it.  You have two parts to a good release.  The first says, I will not sue you.  Sometimes these don't stand up for a variety of reasons.  So the second part says, I agree to pay you the damages you have to pay me.  That's a contract between you and the other party, and can be enforced many times even if the release is not.  So the language looks something like this:  buyer understands that the property has hazards and may be unsafe.  Buyer assumes all risk and liability, waives any and all claims that may arise out of injury etc.,  Further, buyer agrees to indemnify and  hold seller harmless from any loss or injury occurring on the property.   

This is not a polished or complete waiver, but you get the idea.  You can probably google it and find a good one.  

what would you do to give this house curb appeal?   The door is new and the siding is staying.  Paint the brick a darker brown?  I took the white shutters down because they were dingy.   I don't like burgundy or blue.  Thanks. 

I think stainless steel appliances and granite will run their course. Stainless steel is very hard to keep clean. It looks too sterile. And most granite stone is just hideous, so busy and distracting. When that happens the person who discovers a productive use for the millions of pounds of granite that will be thrown away will become very wealthy. I agree with the loud back splashes mentioned above. I am also not a fan of fake looking things like laminate, or even the wood looking ceramic tile.

In court usually the person making the existential claim has the burden of proof. For example, if I claim that you stole my wallet, I have the burden of proof. Because it is impossible to prove that you did not steal my wallet, so it makes no sense to require the defense to prove such a claim. So you have the burden of proof to show that the money is due. One of the defenses that a tenant can make is that the money is not due because the house was not habitable because repairs were not made. So they would have to produce evidence to establish that defense. Keep in mind that testimony itself can be considered evidence. So in the case said she said scenario, the court can choose who they believe. But it is always better to back up your statements with other proof. So for example if your tenant says the refrigerator was broken, that is a form of proof, but then if they produce a picture, that is additional proof. Know if the judge finds that credible then you should be prepared to show how that is not true. You can produce records of your own and testimony of your own

Great thank you for the good information

Do the asset managers wait the first ten days and then review offers? If I am on day nine, does that mean no OO offers have come in, or that they are just waiting until the close of the period to review the offers?

Still trying to figure that one out. Just missed at 26k deal worth 80k with 5k rehab. Can't find anyone who is not afraid of real estate and in a position to loan me 25 grand. I even offered 10k in interest. I could be a millionaire right now if I could have taken advantage of all the deals I saw over the last five years but could not afford

I like your term mop and glow. I always feel like I do too much, and I know I do more than my competition. And I assume each market is very different. Around me, the laziest and least seems to be done by the realtor flippers. I assume they know something I don't. Like how little the stuff shows two potential buyers. I focus mainly on first time homebuyers. And when you put in a brand-new kitchen and hear the buyer talking about how they want to paint the cabinets teal blue, it kind of makes you wonder if it is worth it to really make a house nice. I also see houses that have been foreclosed that were flipped within a few years prior, and the buyers painted the walls pink or otherwise trashed the place. I have had appraisers give me absolutely no credit for being head and shoulders above everything else in the neighborhood. And I have noticed that my buyers do not notice many quality differences, especially in tile, carpet, wood floors, trimwork, etc. so I have noticed a trend with my own work where I seem to get more and more basic with each flip. I have said before, but builders new builder grade for a reason. They know that it sells just as well to be fresh and clean as opposed to current and trendy. No I assume this all changes when you get out of the entry-level houses