All Forum Posts by: Noelle Yarn

Originally posted by @Christopher Rutherford:

@Adam Juodis This is exactly what did on a project and it worked out great.

 Could you expand on how you used the 203k for your renovations please?

Thank you so much for this post.  Im looking into using a 203k for my 1st owner occupied property.

Originally posted by @Patti Robertson:

@Noelle Yarn - Inspections cost time and money.  Short sales offers have a high percentage of rejections.  I would never pay for an inspection without a bank approval. 

Kempsville Lakes did experience significant flooding.  See this news story.  http://wtkr.com/2016/10/10/flooding-caused-by-hurricane-matthew-still-a-problem-in-kempsville

What's the condition?  What work needs to be done?  Unless it is close to perfect, it's not a fit for an investment property, in my opinion.  What formula are you using to decide if something meets your rental criteria?

 Thank you Patti!!  I read the article.  It is on Marlwood.

@Patti Robertson @Meghan McCallum

How would you guys recommend I go about making offers on properties? Ive heard 60% of ARV minus repair cost. What would have been a better offer on that short sale property?

Yes Patti I will keep looking on hud.gov and sites like homepath.

Also can I purchase a home by auction using conventional financing? 

I am trying to purchase my first property. I am planning on living in it while rehabbing it but I need a little help. Ive found a place that could use some work and would give me a good amount of equity once renovated. However, I am seeing some mold in the shower ceiling and a little under the master bathroom on the first floor. I dont want to get too in over my head and I know mold could turn out to be costly to repair. Do you have any suggestions. It is a short sale property in a highly sought after neighborhood. It is listed at 140k, comps are around 180-190k and it could rent for 1500. It is a 3/2 townhome. I submitted an offer but seller is requesting to have the repair cap section of the contract taken out, where if the inspector finds any termite, mold damage etc they would not pay the 1% of the repair. In addition the seller countered with the request that the inspection be done up front as oppose to after bank approval. What are your thoughts? Should I offer less, do the inspection and maybe use a 203k for any major repairs? Thank you!

Patti Robertson I used the BP rental calculator. The kitchen is in good condition and recently updated. The bathrooms mainly toilets need to be updated. New carpet and paint upstairs. There is a gutter missing, needs new screens on the windows and a new post outside and like I mentioned some mildew on the ceiling in the master bathroom and a leak spot on the first floor ceiling beneath the master bathroom. I dont think I will continue with this property. Being new to this Im finding it difficult to find properties on MLS that will give me the equity I want with what I qualify for. I really thought this one would be a good start.

Originally posted by @Patti Robertson:

Hi @Noelle Yarn.  I'm in VB also.  What is your end goal with the property?  The numbers you presented do not sound like a good deal for an investor to me either for a flip or a rental.  Is this house in Windsor Woods by any change?  I'm wondering if it was one of the hurricane Matthew flood victims.  Mold is a bathroom that doesn't have good ventilation is normal. Any bank will normallly let you make an offer contingent on a moisture termite inspection.  Replacing the bathroom subfloor because of moisture damage is a very commmon rehab repair and is not something that should worry you as long as you budget for it. You want to make sure the house doesn't have mold everyplace though.  If it's in the walls it will be a very costly remediation.

 this is in Kempsville Lakes.  I would live in it for at least a year or two and then use it as a rental.  I don't believe it is in a flood area. I suppose I am trying to kill two birds with one stone.  I need a place to live but would like it to also serve as a future investment.    I am just getting started and Id rather work with an investor in the area (lend a hand) so that I can see how the numbers work exactly and also how to do repairs.  What would you suggest Patti?  My realtor wrote in the contract that the inspection and appraisal would be done after bank approval.  The seller is requesting the inspection be done before bank approval.  Should I stay away from something like this?

Hi @Meaghan McCallum and fellow BP! I am trying to purchase my first property. I am planning on living in it while rehabbing it but I need a little help. Ive found a place that could use some work and would give me a good amount of equity once renovated. However, I am seeing some mold in the shower ceiling and a little under the master bathroom on the first floor. I dont want to get too in over my head and I know mold could turn out to be costly to repair. Do you have any suggestions. It is a short sale property in a highly sought after neighborhood. It is listed at 140k, comps are around 180-190k and it could rent for 1500. It is a 3/2 townhome in Virginia Beach, VA. I submitted an offer but seller is requesting to have the repair cap section of the contract taken out, where if the inspector finds any termite, mold damage etc they would not pay the 1% of the repair. In addition the seller countered with the request that the inspection be done up front as oppose to after bank approval. What are your thoughts? Should I offer less, do the inspection and maybe use a 203k for any major repairs? Thank you!

I am trying to purchase my first property. I am planning on living in it while rehabbing it but I need a little help. Ive found a place that could use some work and would give me a good amount of equity once renovated. However, I am seeing some mold in the shower ceiling and a little under the master bathroom on the first floor. I dont want to get too in over my head and I know mold could turn out to be costly to repair. Do you have any suggestions of anyone that would be willing to do a quick walk through with me for a small fee just to give me an idea what I may be dealing with? Thank you!

I am in the process of purchasing my first investment property. I'm located in Virginia Beach, VA. Does anyone have any suggestions for contractors in the area?