All Forum Posts by: Jon Behlke

@Katie Neason

That was the point of the pre-possession, was to get a jump start on renovations, although for the most part we've stuck to taming the out of control landscaping. This should please the neighbors.  You never know when they might come in handy!

@J Scott

I guess that was my question:  In what instances after everything is agreed to would a seller be able to cancel the sale of the home? 

My initial thought is that this would have to be evaluated on a case by case basis.  In this case, the prior owner passed and the sole heir wants nothing to do with the place, as it has fallen into disrepair and the electrical would cost about $7k to redo alone if it had to be contracted out. 

Famous last words but, "what could go wrong?"

My in-laws and I just got the signed pre-possession authorization on our first flip for a house that we close on in two weeks.  My father in law has been a landlord for over 40 years, but this is his first foray into flipping.  My brothers-in-law were excited to get started so they started working on the house already. 

My thought was that if we could get a substantial amount of work done in that two weeks, we'd be dodging some interest payments. 

But is there a downfall to this approach?

I would try something to the effect of, "I don't think we'll be able to come to terms at this time, but I would appreciate it if you allowed me to keep you on file in case I can make the numbers work later."  If he says no, just let him know he's free to keep your contact information should he want to negotiate a deal later.

You'll probably never end up doing business with the guy, but I wouldn't burn a bridge either.

Local is probably overrated. In the age of technology, it's more important to have somebody who knows the REI world than it is to have somebody local. There are a few good CPA's that are members here, and I will be adding my name once I get some more experience under my belt, (and finish my CPA of course!)

I think each city on this list has to be evaluated individually, and furthermore, each locality within each city as well. 

For example, I don't think NY, LA, or DC are in any danger of becoming ghost towns anytime soon, but if there's enough of a net loss of population, prices should begin to come down.  Catching a piece of the market at that point could be advantageous.

Then there are other situations I find that need more investigation.  Cleveland/Elyria is seeing a decrease in population.  But right outside Elyria is Avon, which is booming.

I'm with @Clarence Johnson on this one.  Take care of the bathroom door, throw down a cheaper concrete paint from HD or Lowe's.  I've painted exterior block foundations with this stuff before, and it holds up well.

Seems like you have your position and are looking for people here to affirm your position.  While legally and logically you may be correct, sometimes the path of least resistance is to throw him a settled amount in exchange for his signature on documents that eliminate his ability to come after you further or to reside there any longer.

I think I would paint the cabinets, redo the countertops, backsplash, and floors.

I would never trust a Zestimate after my experiences in selling our old house and buying our new house. 

We sold our old house in less than 30 days for $118k, despite the Zestimate going from $64k to $46k in that time frame. 

Similarly, the house we bought was listed at $200k.  Our initial offer was $165k, the Zestimate.  We almost lost the house due to insulting the seller.  Eventually we settled on $185k.  For the record, Zillow has it listed as a 3/2, when it's actually a 4/2, but I think that's the fault of the listing agent, who saw the 4th bedroom (the smallest at 10x12) as what the former owners were using it for, a TV room.