All Forum Posts by: Michael Jackman

I currently have two FHA offers and the fact that they are FHA is exactly why I'm asking questions, I'm contemplating also declining FHA offers because of the unknown but I don't want concern to determine judgment. So thanks for your input! My realtor is subtly hinting at holding out for a conventional offer. We will see.

The house has been three days on market with 2 offers and several more showings scheduled. We will see.

I am looking to accept offers on a 1890's farmhouse I have flipped but I'm hearing stories about FHA assessors finding/digging things up that will break a deal. Have you found this to be reality?

I have spent 4 years in the place fixing it up. And in the 4 years there hasn't been any structural issues. I'm not worried but maybe there are things I've missed?

If you have come across things that assessors have found that I might be on the look out for, I would appreciate the feed back.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $120,000
Cash invested: $8,000
Sale price: $185,000

First time home buyer. Updated it to live in then sold after 2 years. Like many at the time, I made a killing in equity as the housing market sky-rocketed.

How did you finance this deal?

The deal was financed by banks in the form of two loans. Not sure if this type of financing is still available, but the banks basically split the 100% loan into 80%-20% to avoid mortgage insurance. Kept costs down for me and also kept me away from the dreaded adjustable rate mortgages.

How did you add value to the deal?

Simply updated flooring, paint and landscaping. Really nothing special.

I'm looking at an investment property that has an unfinished basement with the potential of having a three bed/one bath rent-able space. What do I look out for if I were to do this? Codes, insurance, etc.