All Forum Posts by: Mark Gaskins

@Yoann Dorat learning a lot about how GCs lie and really the entire process. The $5,000 EMD could have been avoided but it is the cost of doing business, as far as I'm concerned. We are going through the process of getting other GCs to weigh in on the costs...but leaning towards walking away.

@Eric James 100k

@Jensen Bouzi I hate to say it but I'm in the same boat. Unfortunately, I thought I had a good GC and a backup however it's all bad. I'm in $5,000 EMD and will probably hold and dump.

On the flip side, there are several homes that give me promise. The thing is that this house was the worst on the block.

Get the inspection, share that report with GCs and then see what they say. Phase out the work overtime while that region’s value goes up.

Good luck.

Last week, we had the highest bid on a house in GA...offer was As-Is no contingency because our agent and the wholesaler and a GC (who turned out to be staged by the wholesaler) said the house needed $20K in work...I estimated $45-50K worse case scenario.

That wasn’t event close.

House needs everything. Roof, HVAC, Plumbing, Electrical...then, the coffin nail...it has asbestos! 😩

There are two tenants in the home on SSI...but, my question is HOW could these two folks live here??? Escrow isn’t closed yet and right now I’m only $5000 in...considering walking away as the cost is more like $100K+.

Our plan is to hold it and let the value rise enough to make moves on it. Our fear is the condition of the property being so bad...Cam we be sued by the tenants for inheriting this mess? Can the city force repairs sooner than we are ready? What would you do now that you are about two weeks out from closing in a trash property in a decent area? Note: ARV for 2/1 flipped is $250K.

@Drew Sygit that last clause would have been golden to add to this thing before signing it! Major plus! Thanks 😊

@Charlie MacPherson thank you! Obtaining a final water, sewer and trash reading is new...I will look that up

@Corey Frank thank you! Still in the thick of it and certainly know that it’s not perfect...but, learning every step of the way

@Angela Smith thank you! Very helpful.

@Dan Carquille thanks 🙏🏾

OMG!!! The time has finally come...after hundreds of homes analyzed...several offers beat out by cash offers...fighting the temptation to give into the insanity...

Our offer has been accepted!!!

Currently being rented.

Out of state deal.

Home needs work.

Tenants have lived there for 7 years.

General Contractor quoted us $20-25K to fix up.

So, what do we do next? We are waiting for escrow/title to clear...is there a template on the things we need to do? Help. 😅