All Forum Posts by: John Dickerson

Thank you both for the responses!

Unfortunately they typed up an addendum stating I would take over the solar loan and I made the mistake of signing it before doing some more in-depth research which has led me to the position that I am in now.

Solar was disclosed, my realtor and I made the mistake of not putting a contingency for the solar. I assumed it would not be an issue and now I've learned a few good lessons from this.

Im looking at purchasing a property to live and flip (rent out later). 

This home comes with solar panels that are not yet paid off. They are only 18months into a 25 year loan.

My original plan was to live in the property for 2 years and then put renters in.

After doing some more investigating (that I probably should have done sooner). It has been brought to my attention though by the lending company of the solar panels that if I do put renters in while there while there is still a solar loan it will directly breach the contract of the loan and will then due in full.

Should I cut my losses (earnest money of 4.5k) and go find a new deal OR should I end up paying off the unplanned solar loan (12.5K) on top of the 30k planned renovation?

I feel like if I pay the solar loan I will have a lot less room for potential profit in the long run.

I did have other plans for adding an addition to the home but with the solar now becoming an issue I'm unsure in my decision to go that route as it will cost me more money than just fixing the current home.

Thanks

I'm in the process of doing my due diligence on a property. My partner is suggesting we demo out a specific wall. I am not sure though if it is a load bearing wall. I would assume that the original blue print for the building would have that in there.

Does anyone know the process in how to obtain these before purchasing the property? Or is this something only the owner of the property can do?

@Dale Holder have you listed to podcast 331 it a good one to check out

So I know a lot of people here read realestate and business books. I'm curious if anyone reads family books to better relationships or parenting books. If so any suggestions would be awesome.

Thank you!

@Dameon V. Russell thanks for the reply. I'm on my to check it out now. We only want to do what makes sense and what is most cost effective. I've been looking at comps and it seams that we could keep it a 2 bed and just fix the sun room. I'll know more once I get my head in there.

I am currently looking at a property in the Sacramento County and the house is just over 1000SQFT the lot size is just under 7000SWFT. The property is listed as a 2 bed (possibly 3) 1 bath. We have not walked the inside of the house yet. My father and I think that IF we can not add an extra room in the home with what is already there, that we could possibly add about 250 extra sqft to the property. The home has a sun room that is in distress that we could use as the extra SQFT for the house. We are wondering if we add an extension to the house what type of permits would we have to get and possibly if anyone is familiar with how much the permit(s) may cost in the Sacramento area.

@Jose Ortega I don't think there is ever a good or bad time to invest. A good investor can come out on top in a up or dow market. It all depends on how you plan to invest and if you have done your homework. Like everyone says you have to find good deals.