All Forum Posts by: Mike B.

Well it was a long process but the day finally arrived. After months of education (mostly here, see post history) I finally came to a realization that many have talked about and many need to experience:

I said to myself "enough reading, searching, listening to podcasts, window shopping on mls sites, building spreadsheets, stalking homes, etc...it's time to get off my a$$ and pull the trigger!!!"

First step was to contact a banker and get that straight (commercial business loan).

Next step was to contact a realtor and get that straight (one that specializes in REI).

After I got through those administrative details I was shopping. About the fifth or so house was golden to me. I stress "to me". I was looking for a single family flip. I understood everything (visible) that needed to be done...much of which I've done before on my own homes. I knew the neighborhood and it fit what I was looking for in all aspects.

Got it under contract (it was an REO) May 20th. Closing June 15 or something like that.

Morning of closing I learn I'm not closing. Probate issue. Addendum to extend contract.

Weeks later another addendum to extend the contract.

Weeks later a new close date, awaiting Power of Attorney from seller....another addendum to extend contract.

New closing date. I find out last minute there was a deed error or something. (Im not really paying much attention at this point...in a "I'll believe it when I sign" mode)

New closing date. Banker calls me day of closing. "Is your legal name Mike or Michael"? Ugh. Title work was done under Mike.....not my legal name.

New contract extension.

Waiting.

Get a new addendum to move extension date up to tomorrow...hmm they must be ready. Contact banker and title co...they say two weeks.

Next Day I hear it will be ready tomorrow. New contract extension...to July 31.

Closed today.

Time to get to work.

:)

As usual, great input here. Thanks all!

In an upcoming project (SFR) I need to replace the siding, windows, and roof...typical I assume but this is my first. I'm wondering in what order this should be done.

Roof I really dont have any thoughts on.

I feel like maybe the siding should go up before new windows go in, so the windows can flange over the new siding and not have to be distrubed again?

fwiw different contractors will be doing each job.

Just wrapped up a policy with AllRisk. Pretty quick and easy.

I am closing on my first rehab/flip next week and was planning on just calling the same insurance agent/Co. I use for my own home, cars, etc. Is this normal? Should I be looking for an Insurance Co. that specializes in investment property? What do you do?

Fwiw, i did not sign a contract with my agent (buyer rep) here in rva and I believe you do not have to. Im sure an expert will chime in but i think that is a listing/selling agent issue. I assume, based on you stating that you're looking at properties, you are buying right now and this contract situation you ran into has to do with buyers rep.?

Hi all,

Im looking at a 1940s SFR that has some sort of nailed on siding, short slabs nearly square not clear that its wood or not but has a wood texture. Anyway, im considering vinyl siding. Assuming I have a per square estimate, is it common to put vinyl over existing or do they tear out the existing?

Next, the house has a furnace with duct work throughout. Window ac units. Is it common or doable to replace the furnace with a heat pump/blower and use the existing duct work?

Finally, the electric panel is screw fuse type. Wiring looks good. Can i replace the panel as is with a modern breaker panel?

Thanks for any input,

Mike

Bill Gulley Thanks all is good and your input is much appreciated!

Bill - not sure where you got "savvy business knowledge". Just to make a point, when you say something like "nothing against your (whatever)" and follow with a "but" you are by default making a derogatory statement about (whatever). You chose to infer something frome what I stated and what you inferred and then stated yourself (savvy business knowledge) was obviously incorrect in the first place so this point is moot.

Now that that's clear, I thank you all for the input, incuding your helpful comments Bill, Im pretty clear as to my path forward and I learned a bunch. And to clarify, I never suggested I would not at all use an agent.

Thanks again, good discussion.

Thanks all...sorry this diverted into the "agent or no agent" discussion...i plan on using an agent and wanted some views on calling the listing agent before settling on my own rep. I am a well seasoned businessman and have been bought and sold several homes, but i want someone focused on closing the deal and taking care of all the details. No brainer there....im not familiar with the relationships between agents and the expectations of the listing agents when I call them, etc...these answered definately fulfilled what I was looking for. Thanks everyone.