All Forum Posts by: Skyler Harris

John Warren yes it’s a concrete slab. And yes this is true money fixes a lot of issues. The reason I don’t wanna pay for it is cause I plan on buying another property within the next year. That would just throw a wrench in that plan. So I’m really curious if it’s unheard of that the seller would fix what’s needed if it’s as severe as that

Hey y’all, just had a inspection done today on a house I’m under contract with. House is a 2005 located in central Texas. One of the reports was foundation. He wasn’t able to pin point the severity but suggested to get a engineer out and inspect the foundation to pin point the issue, if it’s severe. My question is; is it rare for the seller to fix something as big as a foundation issue before closing? That’s what I’d prefer instead of seller dropping sales price and then me having to pay out pocket and also just deal with the hassle. Keep in mind, this house is not a flip or a huge investment property. Was going to buy for myself and settle down. So any experiences y’all have had good or bad I’d like to hear. Or maybe another way around it

Okay I’m a little confused, I was in 8th grade during the 08 crash and I’m young in the real estate game so don’t rip my head off. But I’ve noticed the discussion of another crash starting to come about more often which yes the interest rates will rise which will make the monthly notes rise. Which will make very few people able to afford a mortgage. But at the same time wouldn’t that make the need for rentals go up as well? Meaning apartments and rental homes that cost 1400/month now, go even higher if the interest rates go up??

Jonathan Smith yeah cause of the drastic drop from 210 to 175 I was planning on offering lower. I’m planning on loaning 60K for total Reno. I’m just trying to see if what I’m thinking as far as numbers is way off from what reality is. Appreciate you replying

What’s up y’all. I came across a house that’s a for sale by owner 3/2 started out asking for 210K then drastically went down to 175K. After getting inside and calling owners it’s 1300sqft and completely gutted; floor, walls, ceiling, counters, cabinets. Owner admits they began to renovate then suddenly had to bail now looking to sell. Houses around area are 260-280 range. Now I’ve never done a flip so have a few questions. My goal would be to flip. After closing/down payment. I’d have around 16K in my name. So questions are, something of this size to renovate and ready to sell baring no need for severe fixing would be around 60K range? I’ve heard before that labor costs via contract is typically 3x what materials are. Does that sound about right? I know contracting plays a big part in it. But is it crazy to think I could get all flooring done with the 16K I have already saved up, and have some left over? Thanks in advance for anyone that responds.

Thank y’all for the responses. If my note is 1270 and I’m charging 1450 that’s not negative is it?

What’s up y’all, I live in central TX. I have one house right now that I’m renting out for 1450 with my note being 1270 and 10 months left on tenants lease. I just got pre approved for a second mortgage that’s requiring 2 months worth of saving and 3% down. I have 16K saved right now so ready to pull the trigger on next property. Just trying to see what other people might do in this situation wether it be from past personal experiences or just knowledge. Any feed back will help.