All Forum Posts by: Chris L.

Hi there,

I’m looking at comparables for an 1800 sq foot ranch with 3bed and 2.5 bath with 2 car garage that is an 80’s bungalow and needs updating; however, I’m looking at most homes and they are significantly larger or updated inside. What do I deduct or add for extra bedrooms, extra rooms overall, square footage, 2 car garage, 2 story vs 1 story? Do you all just determine price per square foot and then multiply that by the square footage of the property your interested in and then add and deduct for garage , extra room after you get the value. Any input on how you determine the value of the property your interested in when other properties are larger, smaller, etc, would be appreciated. Thank you!

Hi there! I was just wondering how you Airbnb hosts fair and how it works. I have a 3 bedroom home in a great area and close to everything in Durham NC that I am thinking of either renting on Airbnb. Just wondering how it compares to getting a tenant and what your experiences and profits have been like, in comparison to a lease. Are the income estimates on Airbnb accurate? I also am not sure if that is before expenses or after as it does not state.  Any input you could provide would be greatly appreciated. Thank you! 

Thanks for your input @John Warren. Was just asking questions on here for input, never said I wouldn’t use a realtor. That said, I had some pretty bad experiences when I sold my house in NJ with realtors coordinating with builders to bring the price down because they could make a bigger profit knocking my house down, rebuilding and having the realtor sell for them after for a much bigger profit. Luckily I wound up handling it myself and got a much bigger profit. Hard to trust after that situation. 

Buying an investment property is new for me and wouldn’t be attempting at this point except that a good situation landed in my lap and the market will support fixing it up. 

Hi there! I am interested in a property that is being sold “as is”. We went through the property and we noticed some issues-leak on exterior wall in dining room, vertical crack on entry wall from kitchen to dining room, 2 small bathrooms and kitchen need to be upgraded, entry is kind of narrow and odd, deck not up to current code and some other minor repairs that need to be done. Something also of concern to us is that the house has vinyl siding which was placed right onto old Masonite siding.
Questions:

1-Would it be a major issue that the vinyl siding was placed right on the Masonite? 

2 Does anyone know what a typical rehab/upgrade costs for a small bathroom that has a walk in shower. We would need new everything-vanity, sink, shower tile or other, flooring, paint job, toilet. 

There is also a standard size (guest size) bathroom with a bathtub/shower combo that would also need new everything. Any idea what that would cost?

3. Anyone have an idea of what it would cost to redo a standard size kitchen that has an island in the center-sink on one side of the island and oven on the other side with just enough room to walk around the island and small sitting are for a table.  The kitchen would need new flooring, cabinets, appliances, paint. Any idea on the average cost?

4. There is a leak on an exterior wall-think it might be coming from the gutter or siding but not sure. You can see the brown water mark from the ceiling down 1/3 of the wall. Not sure of damage beneath the wall. Not sure how to estimate what would need to be done here. 

5. There is also a small deck taht would need to be replaced. Any idea on what it would cost to have a small deck built?

6. Has anyone bought with cash and then later got a mortgage? How does that work?

7. Any idea on what it would cost to put in hardwood flooring for an 1800 sq foot house or where do you search for improvement and repair costs when trying to figure out potential upgrade/repair expenses? 

8. Would you generally buy an investment property like this with or without a realtor?

 Any input would be appreciated. I’m new to all of this. 

Thank you! 

Update, Completed our refinance in 2 weeks. Went with the same lender we had our original mortgage with and we negotiated fees down to match other offers.  The first person we spoke to said they didnt’ negotiate rates down so we called right back and spoke to a different person and they were able to negotiate rates down...This strategy has worked for us on many occasion. Sometimes it’s a matter of getting the right person on the phone. We did not use an attorney but instead the closing company had completed the title search and closed out the prior loan. We did not have to do an appraisal either.   Everything was streamlined, quick and easy for us. We asked the closing company to provide us a copy of all closing documents in advance so that we could read through them before the closing date to make sure there were no errors-ie made sure all info on the closing disclosure was correct , promissory note, deed of trust, initial escrow disclosure, right of recession, amount of funds needed for closing were correct also. It worked out for us but everyone is different. There were 100 +pages of closing docs.Our situation was not complicated, if it was we might have used an attorney.

@Jason E. Smith. Thank you for the info. I will consider what you mentioned about Wells Fargo. Wells was able to match rates and fees to other lender, avoid appraisal and close in 2 weeks so that was part of why we were thinking of using Wells Fargo but I will consider, as I agree with what you said 

Getting ready to refinance and may use existing lender-Wells Fargo. Is it necessary and wise to use an attorney for refinancing? 

This is our first time refinancing and Wells Fargo is telling us it’s not necessary but not sure that’s accurate. Any input would be appreciated. 

I’m wondering what is entailed and what fees I would incur for a cash purchase without a realtor in NC.  I know I will need a closing attorney but unsure as to what or who else would need to be involved. Could anyone advise me on the process,what is required and the type of fees I might incur? Also wondering if it’s worth it. 

I appreciate any help. Thanks!

Hi @Sean H., could you possibly tell me what the $550 includes? 

Thanks!

Does anyone know the fees associated with closing on a cash sale in Durham NC on an investment home that costs $300,000?