All Forum Posts by: Michael Leung

Landscaping in Tucson, unless it is a high end home with extensive landscape, does nothing to the value.  That is unless you dont maintain it and it becomes a tangled weed mess.  With all of our flips, we do the bare minunum and just make it look clean.  Trim the trees, add deco rock where needed and dont spend too much money.

Your money is better spent properly maintaining your house and keeping it clean

Surprised one has mentioned the Lowes QSB program.  We buy all of flip materials from Lowes...from drywall to appliances.  When you have order larger then $2500, go to the PRO Desk and ask them to run the order thru QSB.  The order gets run thru Corporate and you get a total order discount.  We just ordered $8500 worth today and QSB came back with a 15% overall discount.

Also when need just stuff under $2500...the PRO accounts payable gives you a automatic 10% discount

Yes...thats what I meant. If you accept a FHA/VA offer before 90 days....all the docs have to redone at the 90 day mark.

With FHA/VA loans, you have to wait the full 90 days before listing it. You could list it before the 90 days for cash or conventional loan only deals

Also 90 days is the norm now with the new FHA/VA rules

Tucson is a extremely competitive market.  $14K profit on a $85K inital investment is a great return in Tucson right now.  To be profitable in Tucson, you have to do volume.  There are too many people chasing too few deals.

I can't seem to get a definite answer from any solar company or my 2 title companies.  I know that solar company still owns it now, but once the house forecloses then shouldn't all liens including the solar companies liens be wiped out and the system which is real property transfer with the 1st position lien? 

We're passing on this house but since it's the first time we have run into this situation I figured it would be a good education to investigate it. 

Thanks

So almost all of our flips start out as Trustee Foreclosure sales at the County steps.  But this is 1st time we have come across of a house with a leased solar system.  Has anyone had any experience with this situation? Is it considered real property since the whole system is attached to the house? Does foreclosure wipe out the solar company's lien position. Who owns the system? 

As a real estate investor, you better care about location, size and age.

Were they licensed? In Arizona you can file a complaint with the Register of Contractors. They could lose there license if they have too many unresolved complaints.  No idea if Florida is the same, but I would imagine there is a similar process.