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Great news Minna! Congrats! I have been watching your ups and downs from afar, extremely antsy to get into a rehab myself. I had a closing fall through, my lender flake out on me, and I got a bit discouraged after that. Seeing your update gives me a bit of a boost. Thanks!

I'll PM you about your lenders info.

Thanks for both of your comments. Minna, it seems my rehab was done before it started. I'll still be watching your progress.

I have a property under contract to purchase for rehab that doesn't look like it's going to close due to a high dollar judgement due that the seller cannot pay. Obviously the title company has done a fair amount of footwork already. If the seller can't close, does/should the title company get paid? If so, who pays them? I plan to use them again in the future, would it be in my best interest to go ahead and pay them? The wholesaler has already offered to cover my appraisal.

I am also wondering where this property will end up. The owner has already moved out. I assume she has, or will soon stop paying her mortgage. Should I hang out and still try to get the property? Or should I take what I've learned in the last 45 days (this was going to be my first rehab) getting ready to close this deal and and look for a new deal. My estimates had about 15-20k in profit in this deal. ARV appraisal was $105k. Thanks for any help.

Dave

OK. I'll start. I am going to need a plumbing stack replacement in the next few weeks. It is a ranch home built in 1954. My plan is to open up the main floor wall to about chest height. Cut the stack off several feet above the highest drain and replace everything below. I'm imagining a need to support the stack while I'm working and after I'm finished. Am I putting all of the bits and pieces I have heard over the years together correctly? Any tips? Do you know of a source that can walk me through such a job?

Thanks for any help.
Dave

Buying. There are some title issues so I don't have a date yet, but I'd guess late next week. I've got my tool belt on and a sledge in my hand. I am READY to go. ;) I can't wait to make the transition from talker to do-er so I can learn what all the fuss is about. I figure my perspective will change drastically once I have one under my belt.

Thanks for the update. I am definitely interested as I am getting ready to close on my first rehab right now. I've been keeping an eye on your progress for the last couple of months. I'm excited to hear about your upswing. Good luck!

Great help as usual Ryan. I appreciate it.

I have signed a contract to purchase a residential property. The contract was assigned to me by a local wholesaler. Now that I am getting ready to schedule appraisals etc. my lawyer is advising me to speak directly with the owner to set it up. His concern is that the wholesaler does not have the right to give me permission to enter the property.

In a nutshell, the wholesaler is insisting that he remain the middle man for everything, including supplying payoff info etc. because he is concerned that I am trying to go around him and boot him from the deal.

Is this commonplace, or should I insist upon direct contact with the owner?

Thanks for your help!

You sound just like my lawyer. :mrgreen:

My agent has been reasonably helpful over the past several months, so right now I'm feeling like I need to get him paid. Will I feel as obligated next time around, no. If rehabbing turns into something I continue to do, I'll list only what I think I need to to keep him in my court or to get a house sold.