All Forum Posts by: William Higdon

@Michelle Bright, 

I would say no. 

The expense isn't going to be worth it in the long run due to the damage the floors have sustained. Water damage and pet urine are hard things to overcome when re-finishing a hardwood floor. It looks like some of the boards are warped and will need replaced. By the time you figure the expense in cleaning and prepping the floor, replacing bad spots, sanding, sanding, and sanding again then staining them, then sealing the floors you are going to be looking at a considerable cost that will most likely exceed the cost of Allure flooring.

I recently re-finished a Southern Pine hardwood floor in Owensboro, KY and they were in pretty darn good shape. New owner found them when they went to rip up carpet to put new down. Found the floors underneath and I made 'em shine like new.

Allure will give you the look and texture feel of a real hardwood floor for a fraction of the cost. Most contractors won't want to touch something that is labor intensive like your pictures look like. I could be wrong because I can't touch and smell the wood. But I wouldn't bid lower than other options that's for sure. Mainly just because you don't know what you'll be getting into with the bad spots. May have to tear out sub-floor because it's rotted. Could get messy and expensive.

Take Staton's advice and get some quotes. but I'd would look into Allure Flooring as well. Carpet would be a last resort. Budget considering of course. 

Just my two cents. Hope it helps. 

Best of Luck to ya!

Melanie, 

Look into Steven's and Company, LLC. They do construction and real estate tax.

I'll ask around and see if there is more options. 

Welcome to BP Kevin. I'm a ways away from you but next time i'm down your way I'll look you up and grab lunch.

Any specific questions just ask and I'll do my best to give you real examples and factual information that you can utilize.

@Melissa Callegari I agree with @Evan Manship, Indy is a great market. One of my buyers has a few properties coming available within the next month or so. His average day on market time is about 10-14 days. Let me know if I can help in any way!

Best of luck to you and your hubby!

I'm no expert but here are a few articles for your consideration:

Harvard.edu "How to Predict Next Real Estate Bubble"

The article provides some good suggestions on what to look for. In the end you have to make your own analysis and conclusion.

Ron Insana makes mention in this article Market Analysis that in February house price went up while housing sales went down. Applying stock market analysis of Convergence/Divergence [which may or may not be the correct application of such for this exercise] suggests that when a divergence of this nature happens, decrease in the underlying asset is soon to follow. However, further analysis is needed to calculate how much and how long. Possible application of a Standard Deviation formula may help, however, there is more likely a better way. Given this information is months old by now, someone with more time may be able to ascertain a more accurate understanding of this topic.

What I do know is there is a lot of people with great confidence of the Real Estate market, and those individuals are smarter and more seasoned than myself. My suggestion, don't make decisions based solely upon fear. If you're worried about a bubble, than don't invest. 

@Todd A Bury Jr Welcome to BP! Always good to see another Hoosier on here. Best of luck to you up north. I agree with the other posts, go to meet ups, research on here, find someone to work for/with to gain the most knowledge. Always look to solve problems. Don't move sideways, move forward!

@Jay Hinrichs, My apologies if I was unclear. That is what I meant when I said that banks don't allow people to profit from their misfortunes.  

@Aquila Phillips, from what I understand, the way to Wholesale a Pre-Foreclosure is to negotiate a short sale with the bank, then Wholesale the deal. By obtaining the short sale you create the equity needed to do the deal and make it profitable for the end investor. I have never done this personally, so take my advice for what it is worth. Keep in mind, most banks don't allow you to assign contracts or do double closes because they don't want anyone profiting from their misfortune. 

 I have read that it cost banks an average of about $20k-$25k to foreclose on a property once all is said and done given a myriad of variables and assumptions. With that in mind, people do find success in negotiating short sales with lenders in the process of foreclosure. However, these individuals often purchase the property themselves and do not wholesale the deal. 

Look to solve problems, not just make money. Solving problems for banks and individuals will make the money for you. 

Best of luck and hope my meanderings help some what. 

check out J Scott's thread and follow it to his free ARV file share. Should help ya get started.

www.biggerpockets.com/forums/311/topics/73160-primer---estimating-arv

If ya need more info, than search for it here on BP. There a bunch of post asking the same question. 

Best of luck to ya good sir!

This has been one of the most entertaining threads I've read in a while! lol

Best of luck to you @Chris Pohlson!