All Forum Posts by: Mark James II

Thank you all for the replies and confirmations!

With the way everything is working out, we are probably going to have to pass on this one. 

I sent an E-mail to the seller to see if the bank would be interested in seller financing or getting creative. 

Here are links to a matterport scan I took after getting the offer accepted. If nothing goes through with this for me, hopefully, someone here can pick it up and make some money off of it. 

This house is deemed "uninhabitable" - $140k.   I would be curious to know what everyones thoughts are of this deal if anyone looks into it. 
This is the main house - https://my.matterport.com/show/?m=EWmfRVSMGkb
Since I took them on separate days, they are not in the same scan
This is the second house/workshop - https://my.matterport.com/show/?m=pcSoSq4MLCc

I am in the process of purchasing a house to “live in flip” that I just found out is “uninhabitable” according to the appraiser that the lender sent for the inspection. I knew the house needed work at the time and expected plumbing and electrical to need work.

We have made it to "underwriting process" and Unfortunately, according to my banker, when the appraiser went onsite he had no electricity (the meter was not installed) and no plumbing, so they cannot lend on the property and will have to "set my file aside" until I get an appraisal for current price, a general contractor for quotes to see the ARV and then go from there.

I had planned on doing the repairs myself as I currently already have a free place to live while I work on and eventually move into this property.

Am I out of luck in this situation? Is my only option to get an appraiser and general contractor onsite and add a 203k onto the loan?

TL:DR - during appraisal before underwriting the lender said I have to get an appraiser and general contractor on-site for 203k loan and ARV. so they can loan on that amount. What Would You Do? Find another lender? Creative financing? Sell the left side of my lungs and pay cash?

Hi all,

I was wondering if anyone here has ever paid someone to do a 3d model/360 picture walkthrough of their real estate they are trying to sell?  I have found a few of these on redfin and other sites. If you have hired someone to do this for you, how much did you pay and what did that include?

I am asking because I will soon have the ability to create these 3d maps and walkthroughs along with aerial photography/video and would like to start working with Real Estate Agents in the Dallas Fort Worth Arlington area. 

Also, if there is anything you hate to see or would love to start seeing on listing pictures, what would that be?

Thank you in advance!

Hi All,

The Situation:
 We are looking to buy a house that has been foreclosed on that was in the middle of a rehab and has been stripped, cleaned and some tile put in. It is a pretty good deal and the location is perfect. We cannot hold both houses at the same time so we would have to sell our current house before we buy the second one.

After talking to the real estate agent and the lender, they both have said to "get (FHA APPROVED) contractors on-site, instead of an appraiser, to give me bids on what it would cost to get the house "FHA loan approved".

The Question:

Why would I get contractors on site to give me quotes on what needs to be repaired if they don't know what is required by FHA(or do they-Do they get the last word?) to be repaired? Why wouldn't I get an appraiser THEN get a contractor?

Thank you!

Hi Jessica,

We live in the 820 & 35 north area and want to start Flipping/wholesale/renting in the long term but are currently in the process of saving money. 

Possibly in a few months if you are still looking we would love to find partners in the area. 
I look forward to hearing about your first flip - keep us updated on how it goes!

We are currently squaring the MLS and haven't had any luck. (except for 1 I am trying to find a way to make money on right now)
We also drive for dollars which has allowed us to watch 4 houses get flipped....due to not having the funds :( lol but being able to watch them has given us a better insight to our area.

LOL. This is pretty far off from the Fort Worth area, actually closer to you :D . If it wasn't for family moving I would have never ventured that far from my farm area ~ 20 minutes off (Texans measure distance in time). It is out there but still close to my work.

The agent hasn't responded but it has only been 9ish hours - Hopefully I can catch a neighbor or 2 as I drive by later today.

If it gets picked up I will spill the beans on the area. 

House description + plan 

listed $165k 

9 beds 3 baths 4500 Sqft

It looks nice from the outside on google maps and zillow/redfin/beenverified all "zestimate" the price at greater than $215k (in 2013) . 

In the description it says "Solid built custom home" and then "needs total redo but can be a great home once remodeled."

My plan would be to move in it as a primary residence and renovate over the course of a year. 

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The bad news is that this is in a secluded area, there are not many homes around to compare it to (its backed up to the woods)  and the ones that are, are $60k - $100k in what looks to be like a "subdivision" that failed to fully develop back in the 1980's.  

On the same block and same side there are 8 homes and 13 empty lots and about the same on the other side.  and then there are 2 other blocks with about the same and then they all come together at a 3 way stop which leads to the highway.

The closest comp I can find is one from a house 4 miles away that is $300k 3k sqft 4 bed 3 bath. It is in a more urban area and this one in a suburban area. 

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What are your thoughts? 

Am I missing something?

I plan to drive by tomorrow and E-mail the real estate agent.

Thank you all so much! I did not think that we would get so many responses. 

I will be catching up on messages here and then will be replying to most of you via message. I look forward to hopefully working with some of you in the future, if not soon! 

Again, thank you all!

Thank you so much! An investor friendly agent is exactly what we were looking for. :)

We are currently looking for a real estate agent to help us find, preferably a quad, but possibly a du-triplex.  

We are currently living with family to save up money and would like to move out and at the same time invest.

Our original plan was to buy a run down property and fix it as we live with family - this is still an option - but house hacking would seem to be a better plan. 

We are looking in the the Fort Worth area but I work in the Far North Dallas area so we are open to the idea of other locations, but we have more knowledge of the Fort Worth area.