All Forum Posts by: Tom Bukacek

Has anyone seen appreciation building or buying property that is near a proposed light rail? I know some cities are building them (as is the case now in Texas) and some investors are claiming that light rails will improve appreciation. Has anyone seen this to be true?

Is anyone familiar with Panelized Construction? It is where they construct the walls and shell of the house in a plant somewhere and ship the property. The benefits appear to be fast construction time (lower labor costs) and less waste of materials & theft. I have searched online and haven't really found a downside. Looks like you can construct a house fast and inexpensive. The final product looks good in the pictures. Has anyone seen or built one of these types of homes?

TX Eagle. I simply use the TREC contract available online. If you google 'TREC' it will pull up. It is the state approved contract for real estate. You may want to add some addendum for that but I'd recommend working with a real estate attorney for that. Where are you located? I may be able to give you a reference?

Randal- I think you answered your question well. When low end rehabbing, paint over it. When flipping for higher end, pull out and redo walls.

I don't know of any real world success stories on forensic audits, just the theory behind it. I'm really not into taking over properties subject to and performing loan mods or audits. Just not my cup of tea. Too gray for my business plan. But that's just me.

I sat through a presentation from a forensic loan audit company once. They told me the goal wasn't to forgive the loan but to negotiate the loan modification better. Also, the banks during an audit are much more open to negotiating rather than sending to foreclosure. So if you want a 5% loan, you can keep negotiating from 5.5% on knowing you most likely won't be sent to auction.

The point being, according to the group, that if you are renting the house while you're having a forensic loan audit on, you can keep negotiating the loan mod for months and collect rent until you finally accept the new terms.

The cost was about $4000 for the audit, legal fees, and loan modification.

However, I don't know how successful they are if the home owner of a forensic audit doesn't have a job.

I have a fix and flip closing on Friday this week. The original seller carried an interest free note of $12k until I resold. The phone number I have for her is no longer good and her e-mail bounced. Despite everything already in writing, the Title company wants her to write another statement detailing that she is owned $12k for her interest free loan. However, I can't seem to find this person. Any advice?

Good learning lesson. Make sure you gather as much contact information as possible from the renter. Also, good reason to have an attorney on standby that can provide advice. Hate to say it, but since it's already been said multiple times, you should have had this apt rented out by now.

I've never heard that rule of thumb but I'm not that handy. However you initially estimate is up to you, but verify the estimate later.

And yes, utilize a Realtor for comps. If your area allows Realtors to have assistants and grants these assistants rights to MLS, then become one and learn to run your own comps.

Also, while more expensive, if you are having a tough time, become friends with an appraiser. Go with him/her when they evaluate houses and learn how they do it. May cost you a couple of lunches but well worth it.

I think that SPIN Selling was actually written in the 1980's so it's been around for awhile. So much training has stemmed from this book, but the book puts the process of asking questions together in such a great format. I am sure that many people are using this technique and didn't realize it. I am now making it a point to utilize this technique on a conscious level.