All Forum Posts by: Letitia Harris

Yes you can do it, IF you know you're not a creature of wants, not needs.  Your mantra has to be "don't reinvent the wheel" and "You're not going to live there."  Meaning don't go nuts doing expensive specialized things that won't pay you back.  Keep it simple.

You'll need a good realtor (it's quite rare to find these on your own, but I've done it). 
You'll need to find a good contractor, who will bid the repairs on the house.  Get 3 lined up to bid on the house to find the one who will work best for you.  Cheapest isn't better!   Be sure you get along with that person, personality conflicts will cost you...
 You'll need a good handyman for the jobs that are too easy for a contractor to do (fences, sheetrocking the garage, things like that).  To explain further, it'll cost far less for a handyman to put up a fence than paying your contractor to do it.  His skills and subs are better used for more important jobs. 
You'll need to be prepared to get dirty and sweaty if you want to be involved.

I highly recommend you make sure you have running water and one functioning toilet in the house at all times.  One sink in the bathroom and the toilet will do it.  Have that part done last, so you're team isn't in dire need.  Everyone will appreciate it!

Doing the yardwork yourself will save you a lot.  

I've done 7 flips, but am now sidelined waiting for the crazy real estate market to settle back down.  here in CA, people are in bidding wars for flips and I don't see the profit they're supposedly making.  So be smart, and choose wisely.   It's a lot of fun and very gratifying, but also very aggravating too.
Invest wisely, do your homework on location location location, and don't be in a rush to buy something in this overpriced market, just so you can do it.  Good luck!  

Hi Tim, 

I wish I could have been there, but I'm currently in Florida, competing in tournaments.  I'll be back in late November.  Let's catch up soon! 

Well, now you're at the point to start paperwork to not renew her rental, since it's only 1 1/2 months off.  That sounds like the best policy, and NEVER NEVER NEVER allow a dog (or any pet) if it's not in your original lease.  I wonder how many people take advantage like this?  I'll bet the number is staggering.

If you try to get a pet deposit out of her, would she even pay it, knowing that you're not going to renew her lease? Forcing her to get rid of all the pets is the best idea, but really, she needs to go, and that's a very good reason for getting her out.  She's lost your trust.
I agree with the other poster, get back there and take lots of pictures, in case she tries to resist (and I expect she will).

I live rural, and sorry to all you pet chicken fans, but they do smell.  Especially once it rains, ugh.  And bring in flies, etc...   It's highly unfair to the neighbor who's been true to her lease, and who is obviously unhappy about this.

Good luck!

Sounds like it's past time time for you to lawyer up.  Anyone can "contact an attorney," but will they try to push the issue after your pros have said they'll fix it (even though it's not really their problem, other than the leak)?   You might have your attorney let them know the clock is ticking on their 1 year warranty, to get it fixed for free.  You said it's been 9 months since you sold the house (now 10 months), right?  How long have they been chasing you about this?  

This has been a very informative thread!   A clear case of someone not doing their homework before buying (quality home inspection, home warranty), and expecting you to pony up some big bucks to make up for their mistake.
IMO, you're being too nice.   
Please keep us updated!  

Many apologies for not posting pictures before now.  It turned out great, the house sold quickly, and I've flipped another one in the meantime. 

I have to discover how to share pics from my iPhone.  

You can lightly stage, it'll go a long way to creating a warm, happy home.   It looks like a white cave right now, not inviting.

The yard is blah.  Colorless, dead, even the little shrubs by the driveway aren't trimmed.  Spend some $$ and make it pretty.

Call Flooring liquidators to replace that stained carpet ASAP!  I use them all the time, great price and professional install, and FAST.    You're not doing yourself any favors having that stained carpet in the house, I'm surprised your realtor didn't recommend replacing it off the bat.

If that fence wasn't painted, you can have it pressure washed.  It'll look brand new.  A good handyman can do this, since you're not down there.

The dated 4 bulb bathroom light fixture, gold doorknobs, and the exterior paint looking somewhat faded (choices are probably limited by a HOA), are the other things I spotted. Little things add up to overall discontent with a house, right?

What's your reasoning for the AS IS sale?  Like another person mentioned, that makes me wonder what else is wrong with the house.

Hey Sal,

1) How do you answer the objection from the seller who says their credit is already ruined because of missing so many mortgage payments?

Are they arguing for more money from a buyout?  Or are they refusing to move until forced out the door, and in that case they'd lose everything?

2) If the seller has a lot of equity, I would structure my offer so that the seller receives some of that as cash for moving/relocating expenses, etc. But doesn't the lender have to do that as well once the property becomes an REOand is sold?

I don't know the specific answer to this one. It almost sounds like cash for keys, right? The difference would be if you bought it without it going to auction, for the price they owed, how much can you afford to pay them, and still make a decent profit on the deal. Perhaps talking to a title agent is your answer.

Good luck!!
Tish

I'll be competing at a National Tournament that weekend, so I can't be there.  :(  

Next time!

Your flipping mantra will be "I'm not going to live here."  The new owners will never know that you considered an ensuite, but didn't install it.   

Is it too late to reopen the offer?  Never say never in this biz! 

Hi everyone,

I just listed my flip, and I bought an alarm system, but the sheriffs office wants 2 referrals for people who can be there within 20 minutes of it being triggered.  I live over an hour away!  How do you handle this situation?  It's an alarm that has a siren for 5 minutes, and notifies the sheriff office, and my cell phone.  And it works when someone is IN the house.  
Thoughts??