All Forum Posts by: Chris Jackson

great stuff here! I'll contact my insurance people and see what they say and get that pipe repaired

Thanks for the advice guys!  Not what I wanted to hear, but basically what I expected, nonetheless.  

After evicting my downstairs tenant from my duplex, I had to renovate the bathroom. I wanted to do as little as possible but we knew there was water damage in the flooring. Long story short it's been a full remodel down to the studs. During this remodel the plumber has discovered that the big cast iron waste pipe from upstairs has holes in it. They are fairly large holes. One is maybe 3 inches top to bottom and one inch wide at the largest part. The other hole is more like 1-2 inches round. They are in a big heavy cast iron pipe and right above and below the bell part. My plumber wants to cut open the floor and walls in the upstairs apartment (which is currently rented) in order to cut out that whole section of the pipe. While I appreciate his wanting to 'do the job right' (I truly respect that), I can't help but wonder if we couldn't find some sort of creative way to patch these holes? Maybe there is some product out there that will adhere and seal to a cast iron pipe? Some sort of tape and/or epoxy?  I'm not an expert at all in this area, so I'm hoping somebody from the community knows a great way to deal with this that won't cost thousands of dollars??  HELP!!!

@Derrick Crutcher, the seller is an acquaintance of mine and he had another better deal coming his way, so he was trying to off-load this deal of his which he already had under contract.

@Tom S., the deal flopped because we couldn't figure it out, and I imagine he found another buyer for the 5-unit.

@Levi T.,  so you're telling me that my deal won't flop at closing, and I'm signing all the papers, when it comes out that I never provided the 20% down but I'm just applying the sellers subsidy??  And how do you get around the banks that want to see 2 months' worth of statements to prove that you've got the 20% down?  That was my issue with this whole deal - the banks wanted to see the proof of my 20% down payment and I couldn't show them that.  

Hey BP world!  Here is probably a common enough question in the world of buying properties at a tax sale:  What do I do when there are people living in a property that I buy at the tax sale in Pennsylvania?  I haven't bought anything yet - but there are 4 properties I was interested in, two of which are currently occupied despite the fact that the properties on this list have been behind in taxes for at least 3 or 4 years!  So I assume I buy the property, then immediately begin the eviction process?  I guess it could conceivably be anybody in these properties, right?  The actual owners, renters or squatters? Does anybody know for PA if there is going to be an easier/quicker way to get the people out?

Hello all!  I am hoping for a good reference or two on lenders that would be willing to work with me on this deal:

5plex of residential units. Seller wants to move it quickly, so he will provide my 20% down money by boosting the property's sale price higher.  He wants $150K, he'll sell for $186K with $36K seller carryback which is my 20% down payment. However, since this is a "low-cost" commercial loan that I need I am having issues finding somebody willing to fund it. ANY IDEAS?

@Mike Snyder No, no answer. I imagine it applies to a point, but with the economies of scale, the larger you get the less applicable it will be. I imagine it probably also depends on what sort of commercial property you're talking about. I was thinking apartment buildings, but if you've got a mixed use; maybe something with a NNN lease involved for example, the 50% rule would apply less also.

Possible Rehab deal available for wholesale. Small 1300 sq. ft. home needs a complete rehab. In a quiet part of town, but only a minute's drive from prime shopping and a major highway. Home sits on .6 acres with some trees.

Possible wholesale deal available: I have a seller with an off-market SFR he'd like to get rid of. It's an occupied rental with a tenant that has given him problems and he wants to get out. The tenant is on a month-to-month lease! The home currently rents for $725. The seller is hoping for $50K for the home, but is willing to take less if it's a reasonable offer; and as the title says, he is interested in a seller-financing option.

Hello all! I am about to make an offer on a REO 4-plex, hopefully for around $80K with $50K rehab work. Anyway - I was talking with Visio lending and was just wondering if there are any other good companies that would loan on this sort of a fix-and-hold? The only thing I'm not thrilled about with Visio is that they want to charge $3,500 origination plus $1,500 for the underwriting. Is this what I should expect from these sorts of companies, or are these fees a bit high? I am going to go talk to a local bank shortly about what they have to offer, but I'm probably needing somebody who is going to evaluate the deal, not my DTI ratio, which I think is going to be a problem when I go talk to the bank.

Has anybody had any success with Visio and/or any other companies?  I talked with Realtyshares, and they won't loan under $150K which is another problem, since I am hoping to be all-in at around $130K.