All Forum Posts by: Matt Devincenzo

Dejan N. not to hijack the thread, but what is score wizard and how does rapid rescore work?

This is the first time I've heard about it so it's some info I'd like to know about and keep in my back pocket if the time ever comes that I needed it.

Yeah that wouldn't really fly...look at it this way if you have to put "primary residence" it probably doesn't qualify as your primary residence.

If it shows as settled then probably not.

I think you can try to dispute through the credit agency and the party with the negative entry has I think 30 days to respond or you can request it be removed.

Honestly though probably your best bet is just give it time.

If your credit card is above 30% utilization and you have some cash pay that down below 30% and wait 30 days that might do it. Otherwise not much affects your score very quickly. CC debt is usually one of the biggest score killers and the easiest to take care of.

# 1 thing get the owner to sign until then the deal can fall apart if he changes his mind.
Second get the contract to a title company/escrow or closing attorney depending on what is used in your state and they'll be able to start the process to actually close the deal.

That's the simplified version, but the RE attorney should be able to fill in everything else along the way.

What do you mean by you wouldn't be able to live there 100% of the time?

Like I travel on business a lot so I won't physically be there? But it is still my residence and be where I come home to when I'm not on trips.

Or like I live and work in another city 6 hours away but I'll come "visit" the property every few weeks and "live" there.

See if you can make your offer contingent on the tenant relocating within 30 days of closing.

The seller can make whatever offer necessary to get the tenant to agree to vacate by XXX date and both parties terminate the lease.

If that is agreed to just have the sellers portion of the purchase escrowed until after the unit is vacant and inspected.

Not sure it will work but it might depending on the seller's motivation to get the deal done.

Welcome to BP Daniel,

I haven't dealt with those smells, but my first rehab was a smoker that had live in the prop for 14 years, the white melamine cabinets are now a beautiful uniform beige color haha.

To clean the grease off I would look for something called "purple power" or "greased lightning". It's sold at auto places and I think Wally world as a shop cleaner and engine degreaser. I used it in that house diluted with some water. I just adjusted the strength depending on the level of grime I was cleaning.

http://www.clean-rite.com/purplepower_industrial_strength_cleaner_degreaser.html

For the tile I would consider ripping it out and replacing, or at least removing the grout and regrouting. The reason is because everything seems to soak into and be absorbed by the grout so the smell keeps coming back. If you do that then same thing the PP to remove the grease and then regrout if you decide to go that route.

There are a couple links below about smoke odor that mentions the primer to use to seal the odors. It's better than Kilz and I wish I had known about it when I did mine.

http://www.biggerpockets.com/forums/67/topics/78889-smoker-rehab-keys-to-success-with-tobacco-smoke--before-after-pics

http://www.biggerpockets.com/renewsblog/2012/11/05/getting-rid-tough-odors/

I know for pet odors there are some enzyme neutralizers, you may want to get some for the sub floor under the carpet areas help with that.

http://www.biggerpockets.com/forums/67/topics/74253-cat-pee-in-concrete

The biggest cheap first step is to just literally wash everything down. I left the carpet in and started by scraping the popcorn ceiling, then use a rag and washed the walls from top down and let the grime run down to get soaked up by the carpet before tossing it. After that I washed down the walls wil clean water prior to painting.

It really is amazing how persistent the smells can be. Again welcome to BP.

The issue with that is right now you know you can sell for a profit. If you wait for the full upswing the question becomes; are we there yet? Will you be there or as close to there as you can really get next year when you move?

A mis timing on answering that question could lead to a lower sales price. Some people believe we are in a mini bubble that will pop, some don't, either way things will at least slow down eventually.

Also figure in your rehab costs when you go to sell. If you rent you will have some repairs to make for it to command top dollar when you sell. Those repairs might amount to just paint and carpet but could be much more, especially with tenants.

Those costs will likely be lower when you leave as an owner that cares for the property better.

Kirk Chisholm and I were writing at the same time I guess.

Made the link clickable:
http://www.biggerpockets.com/forums/51/topics/58063-who-is-your-self-directed-ira-custodian-of-choice-why-?page=2