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All Forum Posts by: Jim S

Jim S has started 17 posts and replied 243 times.

Post: Insurance for flip homes

Jim SPosted
  • Real Estate Investor
  • Virginia, DC &, MD
  • Posts 261
  • Votes 71

Thanks for the replies. Sounds like everyone is feeling the pain.

Post: Insurance for flip homes

Jim SPosted
  • Real Estate Investor
  • Virginia, DC &, MD
  • Posts 261
  • Votes 71

What type of insurance are you getting for your flip homes and where do you get it from? All the insurance agents I have contacted have rejected insuring a flip home. I finally found one company but it costs $585 for 3 months. ouch.

Post: Lamest excuses for late rent

Jim SPosted
  • Real Estate Investor
  • Virginia, DC &, MD
  • Posts 261
  • Votes 71

Our best one was after 6 months of paying on time the tenants missed the f the monthly payment. My business partner called them and left a message. I followed up the next day making my cell phone indicate private on the caller id. The husband picks up the phone and immediately goes into a long story of how his wife was abducted by aliens and the National Enquirer was on their way over for a paid interview. WTF?? First thing that came to my mind was that my partner was trying to prank me but then I remembered that I had dialed the call. I was speechless. Wish I had recorded the call. After reiterating the story to my partner, my wife, and about 6 friends, we jumped into the car and decided to make a social call to the property. When we arrived at the neighborhood there were police cars everywhere. The husband was hog tied in the back of one of the cruisers flipping out like a bad episode of Cops. Ends out he went off the deep end and his wife left him for the 18 year old paperboy (she was 40ish and had been hit by the ugly truck several times IMHO). Luckily his mother showed up and I told her they had 3 days to get the stuff out of the house or I donate it. She was the co-signer on the lease. Note to self....next time a 40 year old tenant needs their mother to co-sign...run, run fast.

2nd favorite. We did an inspection of another property. A newly rehabbed townhouse we intended to flip but were upside down when the market slid. I warned the tenant that I was overly protective of the house since we used materials intended to flip not to rent. We even had butcher block counters in the kitchen. I warned him : no smoking, no pets, no farting, no nothing. When we toured the house we found head butt holes throughout the house. He went on to explain the damage was not his fault as he has a medical condition that causes a neck spasm and he does not have control of his actions.
Hopefully I will not be adding a third story anytime soon. :roll:

Post: 3K Kitchen Makeover

Jim SPosted
  • Real Estate Investor
  • Virginia, DC &, MD
  • Posts 261
  • Votes 71

if you want the look of stainless but don't want the bigger price tag...look for the painted stainless. It's got the look of stainless but it's actually painted silver. Most consumers aren't savvy enough to recognize the difference. It's all in the first impression.

Post: Do You Need Home Insurance on a Flip

Jim SPosted
  • Real Estate Investor
  • Virginia, DC &, MD
  • Posts 261
  • Votes 71

We always used state farm for our flips as I have many other properties and vehicles insured there. Last week was the first time they declined coverage. They said things had changed. I was given the name of an agent who specialized in coverage such as this. It cost me $538 for 3 months coverage including 1M in liability.

Post: Don't mess with building inspectors

Jim SPosted
  • Real Estate Investor
  • Virginia, DC &, MD
  • Posts 261
  • Votes 71

We started putting up paper on the first floor windows to block the view of thieves, neighbors and snoopers. The workers sometimes don't like the loss of light and the air flow issues but it is definitely worth it. All it takes is for the wrong person to see a stack of new building supplies and appliances sitting just waiting to be liberated.

Post: Paint with Kilz only?

Jim SPosted
  • Real Estate Investor
  • Virginia, DC &, MD
  • Posts 261
  • Votes 71
Originally posted by Terry Drake:
Originally posted by Jon Klaus:
Duh, I didn't even think of adding color. It's white, but there are some darker areas in this house that I wanted to brighten up. It looks good.



I haven't tried it yet, only heard about it. I'm hoping to get away with 1 prime/color coat and 1 coat of same color paint. Instead of 1 coat white primer + 2 coats of paint.

Has anybody else tried this?

When we buy a nasty house we always tint the primer or Kilz and apply one coat. Goes right over the drywall repairs and looks great. We use primer if the walls are in decent shape and Kilz if the walls are stained/artwork/ or generally gross.

Jim

Post: Market Conditions Changing, be aware!

Jim SPosted
  • Real Estate Investor
  • Virginia, DC &, MD
  • Posts 261
  • Votes 71

We are finding that with the lower end townhouses (under $250,000) that the buyers are all requesting closing credits of about $5000. It seems to be starting to be the norm around here.

Jim

Post: Lowes

Jim SPosted
  • Real Estate Investor
  • Virginia, DC &, MD
  • Posts 261
  • Votes 71

Looks like I am heading to the contractors desk next time.
What proof do they require to set up an account?

Post: Dealing with pet urine in plywood subfloor

Jim SPosted
  • Real Estate Investor
  • Virginia, DC &, MD
  • Posts 261
  • Votes 71

We bought a house that had a bad dog order also. The owners were breeding large dogs in the house. You could smell it on the front porch before the door was opened. After removing the carpets and padding we found large areas of urine. We repeatedly mopped them with a mixture of bleach and water. after it dried for several days we used a roller and coated it with Kilz.
Be aware that the smell could be coming from other areas as well such as walls and definitely don't forget about the HVAC. Probably coated with hair and dander. Have the ducts cleaned.
Best of luck.
Jim