All Forum Posts by: Paul Smetona

I have 1 ticket available. $800.

Was looking forward to attending but birth of our first child is taking priority!

Thanks for all the feedback guys. This house was to be a flip and and the margins didn't support a ~$10k repair and still give the margins I am looking for, so I passed on the deal.

Thanks again!

Thanks for the feedback all. I'm going to have it looked at asap.

@Frank Geiger The house does have a sump pump. The wall didn't look significantly bowed, but obviously there is the cracking and some water has been getting through based on the staining on the floor from that corner

@Russell Gronsky Thanks for the heads up. I'll find a local specialist to look at it 

From the sound of it, this seems like it could easily become a 5 digit repair.

Thanks guys!

Also, for some reason all of the pictures are rotated 90* counterclockwise...not sure whats up with that

I'm considering placing an offer on a house that has an issue with the basement foundation. The Point of Sale inspection has an item that simply states "replace damaged foundation." Here in the Cleveland Ohio suburbs, the POS inspectors are notoriously vague with their reports, and I'm not a foundation expert so I'm trying to judge how big of a risk this job might be. I do plan to have a contractor come out to take a look before I make an offer, but I wanted to see if anyone here on BP might have some good insights into what I'm looking at and what might be involved in fixing this.

To me, it just looks like some water damage, but nothing major. Maybe dig up the outside of this corner and waterproof, then clean up the interior and seal any cracks with hydraulic cement or the like.

Thanks! 

Hello BP,

I'm about to make my first purchase-a very low cost (22K), "off market" SFH which I'll be buying with cash from a wholesaler. I'm happy with the price, the condition of the house, etc., but I have a few questions about the logistics of the purchase.

My understanding is that I will carefully read and then sign the purchase agreement the wholesaler is providing (supposed to receive it tomorrow). Then we will take that to the title company, open an escrow account there, and I will wire cash to the title company. Then the title company will perform a search on the chain of title, and if all checks out, will prepare the documents for the transfer, record the deed, give the cash to the seller, and at that point the seller gives me the keys. Does this sound right?

Here are a few questions I cant seem to find answers to:

1) I am looking for a warranty deed here, no quit claim. Do I ask the seller for this or the title company?

2) As for title insurance, is this something I would ask the title company for as soon as we get started?

3) The unit is currently occupied. As far as prorating the rent for the month in which I take ownership, would the seller give me a check for x/31 days of March in which I will own the property? And would they also give me a check for the security deposit upon closing? Or would this go through the title company? Should these details be in the purchase contract?

Thank you in advance for your help!