All Forum Posts by: Jim M.

I am reminded of the scene about the guarantee in the movie Tommy Boy...too vulgar for here. Love the insight of Jscott and Chris.

Karen MargraveI imagine it was the insurance company that defended the company and is going to be paying off the landowner. I'm sure if the frog guy created something on his property to devalue the developers property that developer would sue that guy in a heartbeat.

I'm also very skeptical as to why this wasn't resolved immediately instead of dragging on for a decade. The town is now resolving the issue with the drainage when it seems logical that the ditches could have been dug out at first sign of the flooding.

Someone made a mistake with the development plain and simple.

What I don't understand is the development was built in 2002...why did the developer not take measures to divert the runoff immediately? Seven year fight and now the town is digging ditches to dry out his land? Seems like the attorneys made some bucks when this probably could have been settled rather quickly.

Who is your end buyer? You have roof, plumbing and foundation but what about finishing touches? Tiling baths? Flooring? counters, cabinets fixtures etc etc? Who bought the comps you have listed? What do the homes on the street look like? If you are trying to flip this you will need a cash buyer. You need comps on the same street or within one or two streets. This is probably a pass.

That's fine. But its still wrong. I also noticed the house was built pre 1900 so I would imagine some foundation work, who knows whats behind those walls. (i just rehabbed an 1880's home)

You are underestimating the rehab by quite a bit. Your rehab budget for this house is going to be north of 60-70k easy. New kitchen, update bath, new master bath, floors, hvac, electrical, siding, roof, etc. I'm not sure what the floorplan looks like either so changing that could be quite a bit of framing.

If you are going to wholesale properties you really need to get a handle on what rehab budget looks like.

Looks like somebody renovated it and has had it listed for 90 days at 650k.

You had me until....finish the basement. What are you doing down there?

That's a little tight IMO. Your first two deals sound great including the 50% one which based on percentage is a home run. If you run into issues 10k can get eaten up pretty quickly and put you in the negative. What are you planning on doing to the home?

I got a house under contract the other day that happens to be next to a neighborhood church. It's mixed in right with all the other homes in the neighborhood and if there wasn't a small sign out front you wouldn't even notice it was there.

They only have service on Sundays and two nights a week they do Bible study. Other than that the Pastor does not even live there.

What do you all think? This would be a rehab with a decent resale price in the mid 300's. I have done a bunch of homes in this neighborhood with that sale price but with the Church being there I am wondering if there would be a negative to it being there? I basically see it as a very well kept vacant home with neighbors on site 12 hours a week from what I've heard from the neighbors.