All Forum Posts by: Kevin Hoff

@Michael S. Thanks for the advice! I definitely want to avoid going to court at all costs. I’d much rather lose the 1k than have to deal with a court case. Lesson learned.

In everyone’s experience, how often do these situations go to court?

@Russell Brazil I certainly don’t want to be sued. I also hope that whatever money they are trying to get out of me is not worth their time in lawsuits. Regardless, that is good advice and I definitely don’t want a lawsuit

@Andrea Weule Ideally I would like option 3. I've asked them to fix the problem items in the inspection, so I will see what they say (I asked yesterday and they haven't gotten back to me). If they can't fix them, then I'll back out and losing 1000 worst case scenario will not be the end of the world.

@Kenneth Garrett This is why I was shocked when I got the inspection report back because I was under the impression that everything would be good to do because of the term turnkey. And lesson learned about inspection contingency extension. 

Thanks everyone! Much appreciated help

@Ibrahim Hughes I re-read the contract and the contract states that I have ten days from the contract-effective date (2/14/2020 in this case) to have the inspection. The inspection was done on 3/19/2020. I do have proof that the inspection was delayed on their behalf.

The contract also states that after the inspection I may cancel the contract based on the inspection revealing the property in unacceptable condition. I have 5 days to do so from the seller receiving the report, which was yesterday. 

Hi everyone,

Newbie investor here from San Diego area looking to invest out of state. What numbers and criteria do you all use when analyzing single family homes?

Specifically, what percentages do you use for vacancy, repairs/maintenance, and CapEx.

What are your cash flow and ROI goals?

Any help is appreciated!

Hi everyone,

I am under contract with a turnkey SFH. I received the inspection report back and there are some things that definitely concern me. There are foundation issues, minor termite damage, slanted walls and floors, and electrical issues to name a few. After speaking with the inspector on the phone, he offered me a grim outlook on the property and suggested that I do not buy it.

I am thinking about backing out based on this inspection. I have paid $1000 for the EMD. The contingency period for the inspection is technically over because the inspection occurred ten days after going under contract. However, the initial inspection was delayed by the turnkey provider because of construction on the property that made an inspection on the initial date impossible.

For everyone's reference. House cost is 100k. I did reach out to the turnkey company yesterday and listed all of my issues on the inspection report to see what they can do about the issues, haven't heard anything back yet. 

I am a newbie investor so any help is appreciated!

Thanks everyone! 

@Catherine Emert @Mark S.@Eric X.

@Eric X. the current garage door does not have a motor or remote. 

Hi everyone,

I am doing a light rehab ($3k - 5k) to a single family home I will be closing on in the next few weeks. Part of the rehab is a new garage door and I was asked the following questions:

1) Do I want to upgrade the garage door to an insulated garage door for $90?

2) Do I want to add a motor and remote for $300?

I am a newbie, so is it worth it? 

Any thoughts are appreciated

Thanks

Thanks everyone! Much appreciated 

Hi everyone,

I will be buying my first investment home in Kansas City and will have another on the way in a month or so. I have heard a lot of different opinions on how to protect your properties. I live in CA and don't want to pay $800 a year for an LLC (especially for only two homes). I am thinking of doing an umbrella policy to start? Any help/suggestions for a newbie?

Much appreciated!