All Forum Posts by: John M.

@Bryan L. , Of course, the more the better.

Originally posted by @Bryan L.:
@Chris Syrett Hey. Welcome to BP. I'm in Cookeville, 100 miles to your west.

@John M. - Can I join y'all for that beer? I like the Porter and the Stout at Smokey Mtn Brewery in Turkey Creek.

Hello and welcome @Chris Syrett. I'm Knoxville too. There's a lot of flipping going on in Knox county these days. That means lots of competition, but that wouldn't be the case if there weren't deals out there. I recently moved into town from Dandridge and close on my first deal here on the 12th. You, @Paul D., @Ryan Ilardi, and I should get together for a beer sometime.

@Daryl Holtzclaw , it probably depends on the state to some degree, but normally the closing would be handled by an attorney or closing agency in the state where the property is located. Ask the brokers you're getting info from how closings are handled there and call some closing agencies there and have them explain the process of doing the closing from out of state.

And welcome to BP!

@Bryan L. , the issues I mentioned occurred in SC. The biggest issue I've had here in TN is the opposite: turning on the water at the meter despite specific instructions to not turn on the water unless I was present. The property in question was vacant and I suspected it had plumbing leaks & open valves. The main shut-off was inoperable. I told KUB (knoxville utility board) to call shortly before going to the property so that I could meet them and DO NOT TURN ON THE WATER until I am there to make sure it's not spewing all over the place. Nope. They didn't call first, and yep there were several significant leaks. I got there as they guy was turning it back off because it was flowing and wouldn't "pack" (i.e., hold pressure and stop flowing). Fortunately no major water damage.

@Sharon Tzib , homeowners policies are for owner-occupied homes, not rentals. I think what you're suggesting is to get the umbrella policy in addition to a dwelling fire policy. Regarding GL policies being for companies only, I think it would be more accurate to say they are for "businesses" only. The OP said he is running his business as a sole proprietorship. I would be very surprised if he couldn't get a GL policy to cover his business exposures.

My point regarding insurance is that Umbrella policies is that they expect you to have appropriate coverage for all expected exposures.

The "inspectors" for HUD do exactly as @George C. suggested. They even bring a tank of water to determine if the drain lines will accept water and not leak.

@Bryan L. , I agree 100% about turning off the main breaker and the main water valve to the house prior to having the utilities turned on at your convenience. However, the utility companies I have experience with will not turn on the gas unless you are present. But like you said, just have them take the lock off and do it yourself. Also, some municipalities get really bent out of shape when you talk about turning the water off and on at the meter. I even had one utility worker threaten to confiscate my meter valve wrench, claiming I wasn't allowed to own one!! LOL. Technically, the meter is their property. There's always a main valve where the line enters the house and it is usually easier for me to just use that.

I love the look of bamboo, but probably won't use it again, especially in a rental. It is a soft wood and dents/scratches easily. They will tell you how hard the surface (coating) is, but since the underlying wood is soft, dragging a piece of heavy furniture without a slider will crush the underlying wood and leave long dents (technically not scratches, I guess, if the surface isn't broken).

IMO, your rip out & replace estimate sounds way high, at least for my area. Refinishing works great for real hardwood floors, but not so well with other woods, especially if they are pre-finished.

@Marc Dufour , are you asking if a scanned, fax, or otherwise electronically reproduced or transmitted copy is legal and binding? I'm not an attorney, but it is more and more common in this day and age for this to be an issue. Many contracts and leases now have a clause that reads to the effect that electronic copies shall be treated as originals, etc. You may want to consider adding that to future leases and/or incorporating it into your current lease via an addendum. IMO, for something like this I'd not have a problem accepting an electronic copy of the signed addendum. Ask them to mail the hard copy if you like.

@Jean Bolger and @Jerry W. , I wonder if you are over-inflating the power of an umbrella insurance policy. Do you know of any cases where a umbrella policy has paid of a claim? In my experience, reading the fine print they all basically say that that won't pay claims on any exposure that you could/should have had a policy for. So, if you're running a rental real estate business, they expect you to have a business (e.g., general liability) policy to cover that. If you don't, they are not obligated to pay. If you do, why bother with the umbrella?

Any insurance specialist out there care to chime in?

@David Kosiorek , it could be simply that the other offer was received and accepted before you put yours in.

The fact that your agent seems to be blowing you off makes me a little suspicious, though. Maybe he screwed up and didn't submit the offers.

Like others said, call the agents and ask. Sounds like poor communication may have been an issue early on, too. Why did you up your original offer, was their any communication from the seller's agent or a counter/rejection or was there just no response so you assumed they wanted more?

Let us know what you find out.