All Forum Posts by: Michael S.

I have installed over concrete and it looked great. If you have major elevation changes you can even it all out with a sand or stone dust bed. Same concept as installing new pavers on sand.

This past winter I was attempting to purchase a 3 family and used the asbestos in the basement for a major reduction in price. I had the home in contract but eventually backed out from the deal becuase the home inspection revealed that the friable insulation has been falling on to the floor for a long time and has been tracked all over the house. This with all the other reapirs was the deal breaker for me. I got an estimate to have it cleaned and they wouldn't lower the price more, so I walked. My loss was inspections and some attorney time, but at least I wasn't stuck with a majpor asbestos clean-up or worse - some tenant suing me for asbestos exposure. Had you not purchased the home already,, I would have suggested you get a quote to have it removed and negotiate with the buyer. At a bare minimum, you should have the insulation encapsulated if it already isn't.

This issue will definately rear it's ugly head again, to what degree only ti me will tell. You may get lucky and find a buyer that isn't as concerned about it and doesn't make a big deal out of it. Good Luck.

I think that most contractors would be very hesitant to do a job with delay penalties. If they did accept this, they most certainly would give themselves float in their schedule. I work as a construction mananger and typically we see this type of cluase on large public sector work but it also usually has a fincial insentive to finish early. Are you willing to pay them extra to hqave the job done early?

That sounds very likely also. Either way the bank is saying " Show me the Money!"

I have had the same thing happen. I redid the carpets and made sure that everything was soaked up this time around and I rented the industrial fan which made it dry very quickly. If you decide to skip the re-wash, you should use the fan and possibly try fabreeze for carpets. It should kill any smell.

Ralph and Melvin both understand the situation. I tried to present a 203k offer, but the realtor wouldn't even present it to the asset managers. Today I found out that the property has an old buried oil tank and I am begining to think that this is the root of this whole problem. If they don't allow conventional financing, they can say they have no formal knowledge of the condition of the tank, if they allow a 203k loan, the inspection will surely reveal it's condition. So now I know why they want cash.

Why would it be loan fruad? My LLC is a legitamate seperate entity, and I would be buying it with a 203k loan (Renovation loan) not for 203 K. The property needs work and won't qualify for a conventional loan and the lender does not wnat to deal with renovation loans, so I can only buy it for cash. I do not have the cash, so I would try to use a transition loan to buy it with my LLC and then have myself buy it for 139K + renovation costs from the LLC, hence the 203k loan.

On the flip side of the coin, why does it matter what price the LLC purchased the property for as long as it appraises at the selling price? It shouldn't.

Jet blu has a 599 special where you can fly anywhere they do, as often as you can, from sept 8th to October 8th. One month of unlimited flight should give you eneough time start to understand an area.

I actually do want to live in it. I know I can do the LOC, but it's not cheap and that is why I was thinking of doing a double close using transitional money.

A few days ago I posted a thread regarding a recently Found SFH that is bank owned. that I was looking for stratgey in. It went unanswered, but it has had my wheels spining. I have since found possible routes but hey are not cheap. I connected with one of the LOC brokers mentioned on the board and they offered terms that would allow me to move forward with the proect, but as all of you are aware, they are not cheap. I am stil trying to do this deal, but don't want to give up most of the profit. After reading numerous posts on the board, I came up with the following scenario and am looking for feedback, positive or negative,Let me know what you think.

Here are the details again:

REO owned house that was previously purchased by a rehabber that went belly up. It still needs to be completed. The bank will only entertain cash offers. Asking 139k. I was thinking of trying to do a double closing on this property. The "A" purchaser would be my LLC and the end purchaser would be Me via a 203k loan for the purpose of primary residence. To avoid all the costs associated with purchasing this home via a line of credit, I thought I could try a transitional lender, and avaoid all the double closing costs and LOC costs via. Does this have a chance of working?