All Forum Posts by: Michael Valenzuela

@Joe Splitrock it was done 2 weeks ago. Sorry for the confusion.

 Well we WERE supposed to close tomorrow, but lets just say a lot of phone calls were made today. Our closing date is going to have to be moved.

My biggest advice to someone just getting into real estate and what I would do if I was younger is to buy a duplex or a piece of property that you can live in and rent out. That would get you better rates and a lower down payment. Good luck!

What I have done in the past is if there are no comps within the area then the value of the investment property is done by assessing the income generated from that property.

We are in the process of purchasing a duplex on a street full of duplexes. The problem is that no one has sold a duplex on the street in 10+ years. The appraiser could not find any comps in the area. When suggested to go off of the rental income, he bailed....2 days before closing. We had ordered the appraisal 2 weeks ago. Has anyone had this happen before?

The Problem we have is that it is not a real invoice/receipt. Everything else has been submitted as actual receipts from home depot. Theres no names/date nothing specific on this "labor receipt".

Hello All,

We are purchasing a duplex and agreed to the seller making the repairs(went against our better judgement). We thought we had outlined everything within the TRX1903 form. What we did not think of was that the seller would pay himself labor. We agreed to move the price of the house up from our original offer to include the repairs and what was not used would be given to us at closing. The seller only used half of the amount on the materials. We were very specific on providing receipts of all the work and outlined that the seller would be doing the repairs. We wanted to hire someone, but he was adamant that he would be doing the repairs. He provided receipts for the material and just sent us a excel document for labor. Do we have to accept this?