All Forum Posts by: Liz Cole

@Caleb Heimsoth

I can't imagine a landlord not having insurance on a property. What if the house burns down WITH the tenant in it? And, what about replacement value? I don't get that thinking at all..

@Carson Wilcox

Awesome job. Congratulations.  Did you say this was your first flip?

How did you finance the deal?

@Mastewal Gezahegn

I don't know CA T/L laws, but the owner can't compel a showing with a certain amount of reasonable notice and a key to enter the property? Are both units occupied and can you get into the other unit? Are the tenants on lease or mo/mo. Lot's of LL don't make the tenant sign a new lease when the original term is up.. so if the tenant is difficult it might be easy to get rid of them with a 30 day after you buy it. 

When was the last time the current owner/PM inspected the property?

And if the tenant won't let you in now, what will a contingency do? If you can't get in now, you have to decided if you're willing to buy sight unseen. Right? 

Just ideas..

@Derrick E.

Actually, NONE of it scared me until the septic issue. In order to fix that, the old septic in the front would have to come out and a new septic system put in and all new plumbing. I think the kitchen and bath need to be renovated, but I could actually do all of that myself. 

On the electric, I'm concerned that when it was "updated" before that they tied into the old knob and tube. I could be wrong and haven't gone there to look. 

I'm pretty sure the plumbing needs a complete re-do because over the years it got piece-mealed together by a DIY homeowner. Now there are issues. 

My brother might shoot me if I rent it instead of sell it! lol 

Awesome feedback! Thank you.

 Derrick, I'm actually seriously considering moving there, so I wouldn't be OOS for long. :) The house by my brother has lot's of hidden issues.

1. It is a 1926, 900-1000 sqft. 3br/1ba/detached garage with a breezeway. Second lot is fenced and landscaped but across an alley creating an L shape.
2. The second lot is across a no-purpose alley and that has a secondary septic system on it they added when they added to the house a few decades back. It would be a code violation now. 
3. Has mold of some amount and not sure what kind. 
4. The old lady had bed bugs and they were never fully eradicated. (They winterized the pipes and such and then let the house stay unheated, attempting to freeze and starve them). I'm not convinced that really works. They can get in your walls, baseboards, etc and cause havoc once humans move back in.
5. Out-dated heat is kerosene and I think it needs to be replaced.
6. There is a big maple tree super close to the house and likely needs to come down for various reasons. 
7. The kitchen and bath have never been updated really, and she didn't take care of it over the last decade or more (after the hubby passed). 
8. It's a chopped up floor plan. The house pretty much sits on 3 lot lines. 
9. Electric was "updated" 35 years ago, but would need to be updated again. 
10. Plumbing is a mess.
11. Who knows but I would not be surprised if there is asbestos and no insulation and window, lol.
12. The roof is good! and doesn't sag. lol

Scary and so much work that I'm sure it would eat up the profit. She would need to basically give it to me!

@Ed L.

Maybe you should be flipping cars! (Maybe you do)... don't ignore your natural gifts to finance something like RE.

@Jason Cory

One of my brothers lives in Northern South Bend area. Neat and clean area, but he told me that the investors buy and then rent out a lot of the properties. It is changing the area. The house across from him is vacant and the owners daughter is going to sell it. She originally told him $14K because it needs work-the family has owned it for over 70 years. 

My brothers house value estimate is $105K. I thought about buying it and doing a reasonable reno and flipping it. But the house has so many considerations I decided it might not be a good first house flip for me and don't even know if there would be enough room for a decent profit. 

But my brother and the neighbors are all really concerned another rental is going to invade the area. 

So, each time that happens the owner-occupied houses value decreases, correct?

@Jarrell D.

I have a background in things like marketing, desktop publishing and web design so making things beautiful is in my blood. I look at beat up areas and want to rebuild neighborhoods one house at a time! Not very practical. 

@Jarrell D.  I looked a little in Gary, because if i move to SB it's not that far, but there were all these super cheap houses sitting vacant. Almost ghost towny. Not being from there makes that seem like a big leap of faith for me.

@Derrick E.  @Account Closed

So how do you fund property like this that you're holding when you get started? I have some money, but we rented when first moving to WA and my husband has refused to buy.. thats another story, and he lives in Mesa, AZ now and I'm in WA. So, I'm doing this on my own and with the money I have. 

I don't have money from the big equity windfall many here in WA have if they sold-out.

I think about only putting $4-5000 in a property and it seems unreal and I can do things like paint, install cabinets, and tile, etc myself. I get how fresh paint, a power wash can go a long way, but most of what I've seen need more than that.

@Alan Grobmeier

Yep, I feel ya. Between junk mail and junk phone calls, it can get aggravating. Too bad there isn't a do not mail list. lol🤣

 Alan, it's called a paper shredder!