All Forum Posts by: Larry Johnson

Thanks all! I do think I am a bit nervous. I did check the assessors website and noticed the property is listed as a 3 bedroom. 

Hello everyone! I recently got my first investment property under contract and is in the last day of my 10 day due diligence period. While looking at inspector report, I noticed that 1 of the bedrooms does not have a closet. I'm unsure if this is a deal breaker or not. The home was listed as a 3 bedroom-1 bath and I was able to negotiate for 23k. There's numerous issues; hole in floor and hole in wall, outdated kitchen, ceiling tile is coming off in portions, metal roof that screws need to be replaced etc... I received COMPs from the realtor and the market value ranges from 80-123k. My proposed strategy is to use the BRRRR method with a budget of 25k. After reviewing the report I am a little nervous because I am wondering if the budget I have is realistic and lastly, if the needed closet should be considered a deal breaker. I talked to my realtor about it and she stated she was not aware of the closet missing. The seller is unwilling to go down on price. Unsure if I should walk away or not. Like stated earlier, this is my first deal and I don't want to make foolish mistakes. Can someone please provide insight. Thanks in advance!

Hello everyone, I am also new to the Huntsville/Madison area and would love to meet up with some experience investors to get the ball rolling.  I am in the process of selling 2 properties (Ga and Louisiana) and would like to invest in this area. I am open to meeting up and absorbing as much as possible.  Thanks!

Thanks Wayne! I just re-read the documents and I noticed as additional information it states I, seller, must provide clear termite report at closing. So, I'm assuming that since I didn't order one I may be at the buyer mercy and have to comply. I drop the ball on getting a termite inspection :-(

I read my agreement and it states the inspection must be completed within the due diligence period. The buyer must notify me of any deficiencies during that time. The fact that this did not happen, appears that I am not obligated to pay and that we are still in contract. There's also verbiage stating that if not notified within the required time, that the seller agrees to purchase "as-is". Don't want to lose a deal because of 700 plus dollars but I really want to know what right looks like too for experience.

I will double check the verbiage. I was thinking the same thing that it should've been completed during the inspection window. My realtor is telling me she needs a decision asap. I really don't think it's a termite issue at all but just a buyer who is squeezing every cent from me. Thanks for the feedback

Please advise: I'm in the process of selling my rental property and is expected to close in 3 days. Today, my realtor notified me that a termite inspection was completed and that she needs permission to authorized the termite control company to perform work. She explained to me that the payments will come out of my closing cost. I, ask as to why am I just getting notified (days before closing) and she stated she just got back from vacation. The buyer, who is a builder, has been trying to get me to provide more money to him at closing and stating he would just do the repairs. I rejected his previous offers and explained I had already went down on the selling price and is unwilling to do more. Now, this termite thing comes up and I feel as if it was a possible strategic plan to give me less time to react. I asked my realtor for a copy of the report but was given a memorandum stating a visible evidence of wood destroying insect was observed. The memorandum states: etching and shelter tubes found on the underside bathroom sink wall areas of the structure". The total price to repair is $763.00. In the memorandum it also states the price will include the wood destroying report. My questions: Is this negotiable or am I obligated to pay the expense. 2. Should I have received a report (with pics/diagram) versus a memorandum? I ask why wasn't this accomplished doing the due dillegence period and was told that it's normal for this report to be delayed until after the appraisal, which I am told just took placed on today as well. I'm new to this and is selling a home in a small town where everyone knows eachother. I am military and is close to retirement so I decided to sell my home to reinvest at a location near my current location. I am dealing with an experience buyer/investor. What are my options if any? Sorry for the long post but I do not know my next move. Thanks in advance!.

Truly appreciate the info. Thanks a bunch

I'm currently in the military stationed at Fort Knox, Kentucky and is looking for a mentor or any information on assisting me with my first flip. I am very inexperience with the exception of the numerous books read but has decided this is something I would live to pursue. I just need to know what steps I need to take to get started