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here's my problem. In one of the closets, there is a small area, maybe 2 shoeboxes in size, It has black spots on it. We busted the wall off and there is nothing on the inside. Downsatirs on the cieling there are styrofoam squares and under them there are some similiar spots. less dark , more grayish in color and spread out. my partner is freaking out though and is scared 3 months after we sell the house we are gonnna get sued.

I want to go over and bust a hole in the ceiling and look inside there. And also clean the area with bleach and see what that does to the spots. My plan would just be to remove the ceiling if its only outer spots and re drywall. But he is worried the entire house in infested and we are going to get trapped into 30k in remediation or something. He thinks because the invester we are working with has a trust it is simply to keep himself safe from being sued for shady practices.

I am looking at a house and it has a small area of black and grayish spots. How do I determine if this dangerous? or know what it is? Thanks

Waiting on the bank to accept or counter offer. I have goals, some written down. I know I should write more......or all. Some pictures, too!

I'm trying to get some of my work lined up now so I can get the house fixed and back on the market ASAP. We've more or less figured out how we want it done, just gotta wait...

10yrs I've waited, few more days won't hurt.

I don't watch TV. But I do liek to play... Anyway, I think I'll do most of what I can myself. I'd probably appreciate it more in the end that way also. I hate painting, I hate tile more. But I may do it myself. we'll see. My wife will be a big help. She can be a hound dog on the computer and she likes to paint.

Thanks for the help guys!

Thanks!

Maybe "job" was the wrong word to use, but I definitly don't view this as a job. I really do appreciate my 9-to-5. It has given me a lot of great things I am thankful for. My wife was (and still is) a stay home mom. Which is the biggest thing to me. But I work a LOT of overtime, and I don't really like that anymore. I work in a chemical plant so the stuff I work with isn't really the best for me either. I don't want to just be self employed either. Just an investor with more time than the average person. I don't even care about about being a millionaire. Maybe 100-150K a year. Enough to take my family on Vacations I never got to go on. To me, sitting with my kids on the bow of a cruise ship and watching a school of dolphins next to the ship or watching the sun set over another country would be great. That's something my kids will always remember. But it does a certain amount of money to get that. I think real estate investing is the best approach to that.

Ok I know I will need a HML to purchase a house in need of work. I also know it isn't uncommon to get repair cost also to draw from. But is it uncommon to have a large down payment, like 1/2 the repair costs? I know I would get the money back in the end, but it still ties up money in the front.

This house I'm looking at needs 20k of work, so I'm looking at 10K down. It's doable, but I would rather not use that much of my funds. that leaves me about 8k to use with the draw and any holding costs. The company said they always require 2k down period, regardless. Are all HML like this?

Hey guys,

I've got a bid in on my first house. I have a question for the seasoned rehabber.

I am a pretty good handyman. I have remodeled a home before, and I can do it in a timely manner. But is the money I would save doing the work myself worth it over paying someone else? Nothing too major. I'm talking refinishing hardwood floors, painting doing most the kitchen and bathroom.

I'd rather pay for the drywall repairs, the window replacement, and the tile floors. but even with that, is it that much cheaper to do it yourself?

I've heard "pay others to work while you find a deal" But realistically, how long does it take to find deal. I'm not going to spend 10 hrs a day on the internet looking for a property. I just don't think finding the deal is so time consuming that you have to pay for the work, but then again why do the work if it only saves few hundred dollars?

Hey Folks!!

I've been a 'lurker" for some time on these forums. I have been interested in Real estate for a while now, but recently in the past 2 -3 yrs has the desire came back to me.

I first wanted to do real estate when I was 19-20 yrs old. About the same time I got a job making 70K a yr, and how quickly I was side tracked...

Now I am 30 (as of today actually!!) and I need to do it now! But now there is so much more on the line. I have a family of my own. 2 daughters and a stay at home wife. I'm not as fearless as I remember, but The 70K job isn't as great as it once was either. So to be frank, I'm scared to death, as is my wife. But I would rather do it now then wonder as I slowly die from mediocrity.

I've enjoyed these forums and a lot of the advice it has had to offer. Even a couple of the websites...especially Prohabber and his site in a large part because he's a local investor. I haven't bugged him yet, but I'm sure that time will come.

I have done a lot of research, too much, and no action as of yet. But that is about to change. I have a bid in on my first house.

So now I'm off to the sub-forums to get some advice fore my first job!

Thanks again for all the help guys and gals,
Phil