All Forum Posts by: Stacy Weng

@Robin Hines @Rachel Bier I will definitely discuss with USREEB, but I actually just had a call with the inspector to go over the report, and it looks like the report made the issues seem a lot more severe than they really were. Now that I understand the nature of the issues, most of them seem to be pretty easy fixes. 

Rachel, you were right that Home Detectives is super thorough, which is a good thing! They literally caught every little detail! 

@Robin Hines @Rachel Bier It's a relief to hear that USREEB didn't have a problem addressing the issues. But taking a closer look at the inspection report, there appears to be a lot of issues and defects in areas that I wouldn't have expected for a newly rehabbed property, which calls to question their quality of work.

For example, the report found some shingles damaged on the roof, but the roof was supposedly new? And there's also evidence of wood rot in several areas, windows that won't open, evidence of leaks, etc. This property is already complete and tenanted, so I find it odd that all these issues are still present? 

What types of issues did your home inspection report find? This is my first turnkey property, so I'm not sure if this is normal or not? 

@Rachel Bier awesome, that's good to hear! 

@Rachel Bier We just got the inspection report back and there seems to be a pretty long list of issues. Did you experience something similar? Did USREEB address all the issues from the report?

@Rachel Bier thanks! Did you do a sewer scope when you did your inspection? Or have you had any issues with sewage lines? It seems like old sewage lines seem to be a common issue for a lot of the older homes in KC?

@Amanda Lam Which home inspector did you end up using and how was your experience with them? I just put my first KC property under contract and am looking for a home inspector as well. 

Thanks!

@Rachel Bier thank you! USREEB actually recommended Home Detectives also. Did you find them to be pretty neutral and objective? 

@Rachel Bier @Derek Gilbert I just put my first property under contract with USREEB. Which inspection company did you use? Was it someone you found on your own or a third party that USREEB works with?

Thanks in advance!

@Oliver G. The squatter issue with my property with ABC was finally just resolved this week! It has definitely been a frustrating process. The court date was scheduled for last month, but then it took another month for the court to execute the order with the sheriff's dept. So the rehab just started on the property, over 3 months after I purchased it. I was told the rehab should take about 2 months. Given the rental guarantee will kick in before rehab's complete, it's still frustrating that I have to wait that extra time before I can refi. I know my situation isn't the norm, so I guess it is what it is. 

Just curious, why are you considering a 5/1 ARM? With interest rates likely to rise, wouldn't it make more sense to just go with a 30 year fixed to be on the safe side?

Are the properties you purchased in Memphis and Jacksonville turnkey properties as well? I believe with traditional turnkey companies, since you're not funding the rehab, they typically start the rehab before they have a buyer for the property, so by the time a buyer puts the property under contract and closes through conventional loans, which takes another month, the rehab is pretty much complete at that point with a tenant ready to move in. The upside is that you're paying for a true turnkey, but the downside is you're also paying close to market price so you can't do a cash out refi.