All Forum Posts by: Jordan Leithart

Originally posted by @Rob Barry:

I asked my lender about putting rehab on the HUD 1 and he said it wouldn't fly. Anyone else doing this?

I'm curious about this too. I haven't had a chance to sit down with a lender yet to pick his brain about it

Hi everyone,

My wife and I are heading out to visit Chattanooga to see if it's the right city for us to invest in. I was hoping to connect with a realtor, investor, or anyone in the business while we were out there to grab lunch or coffee and/or show off the city a little bit.

Thanks!

@Brian Pulaski my apologies Brian. I just talked with my broker to make sure I understood the disclosure law and he agreed with you. Thanks for making me check on myself!

@Brian Pulaski my understanding of the law and my Brokers understanding of the law is that a seller and the seller's agent must disclose anything that can affect the value or desirability of the property. This could be anything from road noise to the neighbors having parties every night at 10 p.m. I had a home fall out of Escrow because the inspector claimed there was mold in the Attic. I was required to inform any buyers that the reason it fell out was because someone claimed there was mold in the Attic. It wasn't until we got our own inspector to give it a clean bill of Health that we got another buyer to buy the home. If I failed to disclose something like that and the buyer found out about it, I could be sued and the seller could also be sued

I agree with @John Underwood, in CA real estate law says that Realtors and sellers have to disclose anything affecting value or desirability. That means that any problems that the buyer finds with the property while in escrow will have to be disclosed to any future buyers. A 32k difference in appraisal is going to have to be disclosed to any future buyer. It's very possible that you can just get them to reduce the price down to 425k.

Hey @Rhonda Blue I currently work in MV off Jeronimo and Alicia Parkway. I live in Laguna Niguel at the moment.

That does make sense. Thanks!

Hi everyone,

I'm still new to this whole site and working my way around. Just bought BP Pro and spent a few minutes analyzing a few properties in different markets. I found a property that really intrigues me, but the description of the property says, "Brick duplex that reportedly upon sale would no longer have a duplex status." I've never heard of that before and googling provided no help.

Anyone have a thought?

@Melissa Nash I would love to pick your brain further. I grew up in BHam and have been fascinated by the investments there, but felt like Huntsville was a "better" area. Trying to educate myself further about everything

Originally posted by @Melissa Nash:

Updating my thread--- Huntsville has been hot and because of that properties are harder and harder to find and a lot of cash deals because appraisals have been a nightmare there. We have been doing more business in Montgomery lately because the deals are easier to find, pricing is lower and rents are still high. I have a great PM that gives us a discounted fee and a really low tenant placing fee. I would say that the best deals and higher cashflow has been Montgomery lately. Most areas that I am in for Montgomery are B class with 3-4% growth. 1% rent to value ratio. I still like CF in Birmingham too. There are a lot of auto manufacturers in AL in general and lots of jobs. 

I'm still a newbie in this whole forum/website. Do you mind explaining what CF stands for?