All Forum Posts by: Kyle Laffey

That makes sense - thank you @Matt Lewis. I was told by my agent that bank appraisals don't even look at structural or foundation issues and won't know about it.

Luckily I have a loan contingency that will cover this if there's any issue.

@Matt Lewis

Thanks for the info Jon and Matt!

I'm concerned when you say I won't be able to get a conventional loan... so during the appraisal they'll just decide they won't loan to me? Or they don't loan at all on houses with foundation issues?

New buyer here with an offer on Duplex in Bay Area at a great price but inspection came back with the following:

Notable Lean (click for picture)

"This is the view from the dining room. There is a notable lean, as shown in the photo. We recommended having a structural engineer inspect the foundation for more information."

Shifted Piers (click for picture)

"Several of the support piers in the crawl space have shifted or settled, creating gaps or "out of plumb" conditions. We recommend further review by a licensed contractor and repair as necessary."

What would you estimate this costs? Are these total dealbreakers?

There are some other things such as potential tree/plumbing problems. I know any old rental property will come back with plenty of inspection issues but curious to hear if any of these are dealbreakers for you and if so, why?

Thank you in advance for taking the time!

This duplex popped up in the perfect neighborhood of Bay Area, the first of its kind in over 10 years to be listed. There were bad photos and incorrect listing information, so I was able to see it first and make an offer before anyone else! Here's the catch...

My offer is 100k below asking price with contingency that one of the units be vacant so I can move in - she said NO due to contingency, not price. Apparently the seller is acting weird and just not wanting to deal with asking this guy to leave / evicting him. He's got a lot of guns, taxidermy, dirt bikes, etc. and scares her.

My question is - given I won't see an opportunity like this again in this area, should I proceed with buying the duplex at a fantastic price? His lease is month-to-month so I can give him 30-day notice, potentially offer cash-for-keys, or wait until courts are open to evict him (uncertain of when this will be). However it's unclear on how long this will take or what it will cost. Apparently it plays in my favor that I want to move in to the property myself rather than evict him for a new tenant?

Thank you in advance for taking the time and for any ideas!

Cheers,

Kyle

Note: Yes, I am working with a good agent + lawyer to find out my options; I simply wanted to bounce the ideas around here to see if there's any new perspectives.

Beautiful area. Lots of marijuana grows in the area. Not necessarily a bad thing but something to be aware of.

Let me preface by saying of course I understand COVID-19 and its economic effects are a tragic situation. With that said, it is also a situation that will obviously create a lot of opportunity.

For example... a city like Vegas has SO many workers who will not be able to pay mortgages for some time. I anticipate a lot of foreclosures. The city will open again one day to some degree. There must be some steals to be had here in the next 6-18 months.

Outside of Vegas, vacation rentals / 2nd homes are usually hit HARD during recessions, and I'd bet especially so in one like this. I'm talking Hawaii, South Lake Tahoe, etc. keeping a close eye on these places and buying where I anticipate I can get even cashflow on rent with a huge upside for potential appreciation. Of course there are risks like not getting tenants or guests.

If I don't buy these homes, SOMEONE will. What do they know that I don't? What are you all planning to add to your portfolio in the coming 1-2 years? Appreciate any and all thoughts in comments, thanks!