All Forum Posts by: Shaun Hatton

Is this listed on the MLS? If it is the listing agent would need to have an agreement with the owner of the home to get paid by them. Maybe the agent is the owner? If it's not on the MLS you may be dealing with a wholesaler who is trying to assign you a contract he already has on the property.

Ed, Wayne and Lynnette all bring up the most important point.  Might be a money pit especially if you need to demo the exsiting home and rebuild.  $40,000 will not go very far.

Hi @Jennifer Asuncion, @Jon Crosby has offered you some great advice.  I would take it. 

Every day you're not booked is a day that you're loosing money.

Happy Holidays!

@Joel Owens had some great insights on zoning present and future possibilities.  Most cities will have a zoning map available online or you can just call the city clerk.

You mention that the cost for the state mandated testing is ~$4,000 and that it's $4,000 if the soil is contaminated.  Just wanted to confirm those #'s.  Remediating soil contaminated with fuel is very expensive and you are buying that liablity.  

I would definitely talk to some local contractors with experience in tank abandonment and removal.  You might ask the Realtor for the bank if they have any cost estimates for dealing with the tank.   A previous potential buyer may well have gotten estimates and shared those costs with the Realtor during negotiations.

Underground tanks have to be disclosed and can be a red flag.   If you move forward with the purchase you'll have to balance the cost of removing the porch and tank vs. the risk of having the property sit while possible buyers consider the same risk you're currently facing with the tank.

Kat,

Do you know who currently owns it or is in charge of the estate?  I assume taxes are current if the local municipality hasn't taken the property back.

If you can determine the amount of discount you'd get and add in the rehab cost to turn it into a SFH you can see if it's worth it.

If you haven't already, verify that current zoning allows residential.

Might be possible to enclose the area where the pipes, water heater and furnace are and add a vent in the floor above to allow warm air into that area.  Need to make sure that the furnace still has the proper clearances and venting.

Probably a good idea to get a quote from a plumber and find out their best economical solution to the issue.  Maybe you need a professional, maybe you don't, but you'll be better able to make that determination once you've gotten their input.

I would say your money will be better spent preventing the problem than installing heat tape.  

Like @Bob B. suggested, insulate water pipes whatever you do.  Cheap and easy way to prevent costly damage.

Anaso,

You can make an offer on a home that's listed with a Realtor.  They may be leery of your ability to perform if you're wholesaling and don't make it clear to them that you can perform.  

The Realtor's responsibilty is to protect their client and part of that should be requesting proof of funds from potential buyer.

If you have a history of closing deals that will help.  If this is your first deal you should learn the process and understand that you are asking the Realtor and the seller to trust you to do what you say you are going to.  That means having the ability to close even if you can't find an investor to assign the contract to.

A lot of ways to get into trouble with a whole sale.  Reputation and credibility are everything.

Check out the Network tab on the home page.  There is a meet up in Framingham on 12/15.  

Are you looking to buy in Boston or outside the city?  Figure out the area you want to be in and learn it cold.  Set up automatic emails on Zillow for that area or multiple areas if you're still narrowing it down.  

This is an easy step and will help you know a deal when you see it.

Would it be cheaper for you to live closer to work in a shared place?  Do you need a car?  Ask yourself if you're willing to make short term sacrifices for your long term goals.

You have to look at what you goals are and figure out anything you can do to reach them.  Listen to podcasts, go to meet ups and get involved with people who share your passion for real estate.

Best of luck.

1/2 off first month’s rent can be a good way to attract attention and set your place apart from the competition.