All Forum Posts by: J M.

Personal that will probably be sold this year. (I also wonder if this vinyl is a good selling point at least definitely over carpet I think?, this is the grey type of color wood like)

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Originally posted by @Eric G.:

I have used vinyl glue down in my rentals recently. I chose it over traditional laminate or wood because it won’t get damaged by water. I see that all too often in bathrooms and kitchens.

That said, this is a new product for me, and it seems to be new throughout the industry. I do have my reservations about the long term durability. It seems to scratch and scuff easily. But then again, it’s glue down. Keep some extra planks on hand, and you can always rip up bad ones and glue down some new ones.

You have used it on bathroom floors and have seen no issues yet?

Apparently this type of floor has a 6mil wear layer which is what the lifeproof from home depot (interlocking system) has. So despite being 2mm apparently this would do relatively well with scratches.

I just wonder what happens to this vinyl when you have heavy furniture sitting on it for years, will it dent or get damaged?

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Originally posted by @Jason Patrizi:

I had a thicker glue down in a house in TX that had 10” of flooding from hurricane Harvey. It was the only floor in the house that did not need to be replaced and had no moisture underneath. Not a single buckle or anything. Just squeegeed it and cleaned it thoroughly. May not be typical but seems to be a great product.

This is very interesting.

I called the company (mohawk) and they said that they do not suggest "against" installing this in the bathroom, but hey do suggest to clean any spills immediately to prevent damage to the subfloor.

I wonder how it is possible that the flooring underneath had no damage from water in your case. I would think that the water would seep in where each plank joins and that the glue would end up breaking down from this and the floor lifting. What type of floor did you have under the vinyl planks? Also, maybe the installer was super good and placed each vinyl plank really tight against each other and somehow that didn't allow water in between?

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I am debating which type of floor to put on a living room, hallway, 2 rooms and 2 bathrooms.

One flooring contractor is offering to install a 2mm mohawk Luxury Vinyl Plank that glues down.

He will install new luan on top of the plywood that currently has carpets in order to make the floor smooth.

This floor is rather thin and he is also saying that it will be fine installed in the bathrooms.

Does glued down vinyl hold up better if there is a water spill or a leak or will it lift and bubble or deform from water?

And will this glued vinyl need transitions between hallway and rooms or bathroom if it is all the same type of floor?

Appreciate any advise.

Thanks

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Originally posted by WBCPA:

JM, Welcome to the IRS. Anyway, not sure why they would tell you to consider Foreign Gifts laws because this is not a gift. If you did not have a properly executed note, I think you should draft a promissory note signed by both parties and possible notarized. Then when the loan is repaid either through wire transfer, direct deposit, etc, Officially do a note cancellation by writing cancelled across it and you can get it re-notarized and a copy goes to the debtor. This kind of evidence substantiates and issues that may arise in the face of an IRS audit. Unless you think this was not a loan but a true gift, then you need to think differently. see rules here http://www.irs.gov/businesses/article/0,,id=200722,00.html

Thanks for your reply. It is a gift, but apparently even though it is a gift, I might be better off doing the note. Not sure yet, as I have interviewed about 5 CPAs and NONE has been able to advise on this as they have no experience in foreign money transactions. Very frustrating.

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Originally posted by smitnlit:

WF definitely has an arms length transaction you must sign. Not sure you could list it and then buy. You may want to team up with another agent that you trust to list it. You could TRY to disclose up front that you want to buy it, but I suspect they will not allow.

If you can't do a double closing the only other option would be extended transactional funding or hard money. Extended transactional funding would cost you a lot of points and so would hard money and most hard money lenders want you to come to the table with some skin in the game so it's unlikely they will fund you if you don't have something to put down.

Even if you hold title for 30 days you MAY still have issues with seasoning so if you are still making a profit after the 30 days you'll need to make SURE the C buyer's lender can close.

Thanks again. Yes, having someone else list it may be the only way. What kind of issues may I encounter with a buyer's lender after 30 days of holding? you mean the FHA investor's 90 day seasoning..not sure ..

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Originally posted by smitnlit:

JM you could buy the home depending on the investor guidelines. Not every investor makes you sign an arms length transaction. The best thing to do is DISCLOSE to the lender that you are an agent that wants to buy the property. They MAY have an issue with you making a commission but maybe not. You could do a double close and do a straight short sale flip. There are plenty of transactional lenders here that will give you an opportunity to borrow their money for a couple points. It's well worth it if you can get it double closed. You'll need to make sure your buyer's lender doesn't have seasoning requirements or you'll have issues.

As far as trusting a negotiator you have two choices...either you do it or you hire a 3rd party. There are also negotiators on this site that will charge a fee for the negotiation.

Good luck

Thanks for your reply. This is Wells fargo and Us bank as a second. I am not sure if they have an arms length nor a seasoning requirement, but I am assuming they do. Also, just the thought of the double closing and having to explain to a C buyer what is going on, exhausts me. So I would like to just purchase it and turn around and sell. Can you get private money for that?

Deuce, no in that case I won't represent the best interest of my potential client. I will disclose to him that I will list the property and that I may buy it and make an offer to the bank as an investor, if he has issues with this I will just list it as an agent for what it should be worth.

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I have received a call to list a short sale for sale. I am an agent, but this home could be a great investment opportunity.
How can I make this work so I can buy it?

1 problem is that I would need an extra 150k to buy it. How can I get this extra money? Can't go to a bank. Ideas or contacts? It could be resold within 2 months for a 30k profit without doing any improvements.

I thought about having another agent list it as the bank makes you sign an affidavit stating you are not buying the home or are related to the seller, but the problem is that I don't trust anyone else for negotiations and follow up with the banks for a short sale,.. it is just a lot of work to do and most agents won't do it. And I can't be the buyer and call the bank as negotiator, can I?

Ideas?

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Originally posted by Financexaminer:

As Don is pointing out, most states that have adopted the standard deed of trust people may call it a sherriffs sale as in the deed of trust it appoints a trustee and then goes on to say, something like, in the event the trustee is unable or refuses to act then the sherriff is appointed to conduct the sale....

In the real world, the lender generally appoints another trustee, as in my area, the sherriff just won't do it, they don't have time, but in some areas, they may and actually it can be a "profit center" to conduct sales.

In states that do not require judicial foreclosures, going to court and obtaining a judgement, the trustee simply follows proceedures, giving notices and publication as required, set a date for sale and goes to the palce designated and conducts the sale. I have acted as trustee and conducted sales myself, as often the trustee need not be an attorney.

And as Don points out, there is no restriction against the trustee in making an offer, but frankly, the lender will set the price.

I suggest you find those in the loop and work with them if you are specializing in these deals.

That was the best advise I could have gotten. I will meet with him on Friday.

He has another trustee friend that he works with and they quit claim the properties to each other, also they buy and put the properties in trusts. They have fun too.. I saw one with the owner as " Mr X rocking the boat trust" LOL...They do great rehabs too. A lot to be learned from him and his team. Plus he can be my title company.
Can't wait to get started.
thanks for your comments!

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I guess I am confused as to how the property becomes an REO ?
So before the bank puts the property in his name to then find a realtor and list it in the MLS, they attempt to use the trustee to auction the house?

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All Forum Posts by: J M.

J M. has started 6 posts and replied 34 times.

Post: Is Glued down Luxury Vinyl Plank flooring a good option

Post: Is Glued down Luxury Vinyl Plank flooring a good option

Post: Is Glued down Luxury Vinyl Plank flooring a good option

Post: Is Glued down Luxury Vinyl Plank flooring a good option

Post: Receiveing money, Logistics and tax question

Post: How to be the investor if they call you to list the short sale?

Post: How to be the investor if they call you to list the short sale?

Post: How to be the investor if they call you to list the short sale?

Post: Who is the trustee? and why is he buying my deals?? LOL

Post: Who is the trustee? and why is he buying my deals?? LOL