All Forum Posts by: Kristen Bottger

Rich, I appreciate that perspective too and as it turns out, we're passing it up because of the potential problems we could run into. We're just not comfortable taking that risk w/out more experience under our belts. We're looking at some legitimate 3/2 properties w/out any funky additions.

Thanks for the help!

Sean,
I know we're in different cities, but about how long did that take to get an inspector to come out and finally get the permit?

I'm looking at a short sale that has a room addition that was done without a permit. The record has the property as a 2bd/1ba, but the illegal addition makes it a 3/1 plus more sq. ft. The last buyer cancelled escrow when they found out about the addition and the cost of some termite damage (2k). Is the non-permitted addition a reason to walk away from this potential deal or a bargaining chip to lower the price? Anyone have experience with rehabbing and flipping a property that was lacking permits on previous additions?

So the final buyer is typically another investor w/ cash?

Thanks for the replies - so it sounds like the end buyer is another investor, perhaps a rehabber or something? I was thinking the end buyer would be someone wanting to buy the house to live in it. So will my advantage to get the house before another investor be an all cash offer or what? Sounds like a race to win the property.

Forgive me if this question seems totally amateur, but where/how are you all finding your end buyers to do a simultaneous close on the REO you are buying from the bank? How do you market a property you don't own?

Thank you - great info!

Thanks, Jim. That also leads me to another question and possibly a new topic entirely - when you sell the mobile home, do you have to warranty the home in any way to the new buyer?

Can anyone help with what I should look for when inspecting a mobile home to purchase? I've found a cheapo in a park w/ low space rent and I'm thinking this may be a good starter to buy cash and turn around and sell w/ seller financing. It's priced so low (FSBO) that I have to wonder what's wrong with it. Of course on the phone the seller says it's in excellent condition with new carpet and paint. What could be a potential costly expense that he isn't telling me about? Any insight or tips for a newbie are appreciated... thanks.