All Forum Posts by: Jody Schnurrenberger

I use a local company--University Agency.

@Denise Evans, I realize this is a really old thread, but I'm dealing with it now.  :-)  @Cooper B. asked if we could also get them to sign something to waive their right of redemption.  Is that possible?  I realize I can get reimbursed for the value of any improvements, but I really don't want to deal with that if it's in any way avoidable.  :-P

@Irina Belkofer, I never thought about them having to pay off a short-term loan.  That makes me feel better.  Not that I was worried for my own sake, but curiosity was driving me crazy.  lol  Even if it's not the right answer, I just wanted SOME answer.  :-D  Thank you!

@Vera Rosen, the more mail you send out, the better your chances of a response.  I have faith in you!  :-)  You can do this!  

@Nicholas Aiola, I'm pretty sure it's not because they can better absorb profit as their agent told mine that they would be willing to go as low as what they paid (though she wouldn't say what that was). I'm paying about 80% of ARV in a market where this is uncommon and because during negotiations, when I removed to budge from my initial offer, they ended $2500 above me saying, "Final offer." Then, 5 days later, when we got into December, they started to panic and came back, agreeing to my offer. Though we don't know for sure, my agent and I suspect that I'm paying less than they did.

Perhaps I'll ask my agent to find out about the tax thing and what they paid after closing.  I'm just really curious and at that point, they have nothing to lose.  :-)  Also, I learned that we should be careful what we tell our agents, because I would be upset if my agent told the other agent I was willing to go as low as I paid and I had to get rid of the house by December 31.  If I hadn't known this, I might have been more tempted to increase my offer in negotiations.  I'll be more careful what I tell my own agent from now on because I don't know what they are sharing with the other agent.

If I find out the reason, I'll let you know.  ;-)

WELCOME TO BP!!!  :-D

Whether you want to do buy and holds or fix and flips, might be up to you and what you enjoy and what your goals are.  However, I can tell you that supposedly a lot of flippers say at the end of their career, they wish they'd held on to some of the flips so they had income into their retirement.  Just something to think about...  Besides, it doesn't have to be strictly 1 or the other.  ;-)

WELCOME TO BP!  

I wish I was a contractor, except I don't want to be.  lol  Whatever.  I started a thread with ideas to consider for your renovations.  You probably already have a ton of ideas, so I'd love for you to share some on the thread, but also, you will probably see some ideas there that are new and interesting to you.  :-)  https://www.biggerpockets.com/forums/67/topics/516...

I'm so glad you found BP.  Welcome and have a great time!  Oh, and though I don't live in TN, I also recommend REIN.  The one in my town is great.  :-)

@Nicholas Aiola, I hope you don't regret offering to answer questions.  That's very generous of you!!!

My question probably doesn't have an exact answer that you would know, but I was hoping you could give me some scenarios to satisfy my curiosity.  :-)

I'm buying a house (closing on the 21st) and the sellers were very motivated to close before the end of the year "for tax reasons."  They are flippers who bought 2 houses at a foreclosure auction, then realized they didn't have time to flip both (at least, that's what I understand), so they had to sell one before December 31.  

I have someone else do my taxes, so I have no idea why this would be, but even my agent said she didn't know why.  I'm just curious/nosy.  :-)

Thanks for any insight you can provide and thanks again for starting this thread!  I hope you don't regret it!!!

I figure you have a few ways to go about things.  You can watch YouTube and read blogs and do it yourself, as much as you feel confident in.  You can try to find a handyman (maybe on Craigslist) who is willing to walk you through the steps and let you help or even do the project with his guidance so you learn, though I'd still supplement with YouTube to make sure he's not missing something or doing something wrong.  This would work best if you are doing something several times, such as changing faucets.  Let him help you/teach you on one, then you can do the others yourself.  You can also hire it out, as previously mentioned, but to me, that shouldn't be done for many things because as @Darian Richardson mentioned, a lot of the work isn't has hard as you might think.  :-)

Also, here's a thread to give you ideas of things you might want to incorporate in your rehab.  https://www.biggerpockets.com/forums/67/topics/516...

Good luck!

@Account Closed, you said you were looking to flip something under $35k in the Montgomery area.  I know Auburn isn't Montgomery, but it's in the area.  ;-)  I'm looking at a house, probably on Saturday, if you are interested in tagging along.  It's vacant and unlocked, so I'm bringing a couple of people because, to be honest, I'm nervous about what I'll find as the owner doesn't want to join.  They are very hands off and not good at answering questions...as in I don't even know for sure how many beds and baths.  (An agent said they think it's a 3/1, but the place is for sale by owner, so no one knows for sure.)  But I'm hoping that one of us can get it for a good deal, but it won't hurt my feelings if it's not me.  I don't think the ask is good, $25k, but we will see what it looks like inside.  However, it's boarded up, so I'm not expecting much inside.  However, I think this house would do better as a low income or Section 8 rental (what I was planning, if I decided I liked it), instead of a flip, but I don't know much about flipping, so maybe I'm wrong.  The house is in a low income neighborhood, though.  I'm in it to improve the neighborhood, so if that means you (or someone else) buys it, I won't be sad.  :-)  Let me know if you want to tag along for the adventure. :-D  Oh, and though I don't know for sure, I suspect the property line ends at the line of trees in the middle of the pic.  Hopefully I'm wrong.  lol