All Forum Posts by: Evan Steadman

Hey guys,

I am working with a seller in effort to buy, and eventually flip, a SFH that the seller acquired via a tax lien foreclosure. The seller currently holds the tax deed and has informed me that they were able to serve the bank with the notice of intent (good news) but they were not successful in serving the owner of the property with a notice of intent (bad news). The saving grace (maybe) is that the neighbors tell me that the house has sat vacant for 2+ years. That tells me that the previous owner isn't all that interested in the property. My concern is the unknown obstacles I may encounter when I go to sell the house after I have dumped about $40K into it. If anyone has hands-on experience with flipping tax foreclosure properties, your wisdom would be very much appreciated here.

Hey guys. I am searching for a rental property, and I found a listing for a triplex in a college town near me. The listing for the property states that the one of the units is a loft and does not have a kitchen. I have not walked through the house yet, but this got me wondering if this is something that is actually rentable. The only thing that I can figure is that maybe, with it being close to campus, the tenant can utilize a meal plan thru the university, but you would think you would still need a fridge and some kind of small kitchenette, right? Anyone have any experience with this kind of property? Any thoughts are much appreciated. 

Hey everyone - 

I am have a great opportunity for flipping an REO in the Morgantown, WV area, but I am having trouble finding a licensed GC which is what the loan type (construction loan) will require. Does anyone have any recommendations for a GC that maybe they have used for a flip?

Can you please expand on the idea of submitting an offer on the house with the contingency of "upon a satisfactory estimate from the GC". If I file a purchase agreement for the property, this would be between myself and the bank selling the property. How can I just pick another bank in that respect. Maybe we're speaking different languages. Your thoughts?

Hey everyone, 

I recently found an REO that I believe to be a great flip opportunity, but this one needs a lot of work. The previous owner was rehabbing the house and stopped mid-way. I am told by the neighbors that this was due to the owner's health issues. Based on my conversations with lenders, I believe the easiest way to go about buying this property is thru a construction loan (house listed at $125K and I anticipate ~$100K in rehab and carrying costs) which require the use of a licensed GC.

Side note: construction loan requires 11% down and is a interest only payment for up to 9 months thru the construction period. Once construction is complete, the lender rolls over the loan in a 30 year loan.....I thought this was a good deal all things considered. 

I asked the lender, who I will be applying thru, if they could recommend a GC that they had worked with in the past....and they did. I had the GC come out and walk thru the house with me and informed him of my intentions to flip the house and that this particular property was an REO. He seemed like a real stand-up guy. He is supposedly working on the proposal for me to include as part of my application for the construction loan, but I am concerned that I may have opened myself up to having the GC take the deal for himself.

If anyone out there has had any experience in getting estimates from contractors prior getting a property under contract, please let me know how you handled this and how I should have handled this differently (if at all). Thanks in advance. 

Awesome input by all. Thanks so much for your time.

Hi all. I am a newbie from West Virginia and have found a multifamily that I think would be worth buying, but I am not really sure what questions to ask the seller and what actions to take prior to purchase that would help me make an educated purchase.

I am looking at a 5 apartment (6 bedroom) multi with an asking price of $129K. I have already asked the seller for current rental rates and average occupancy rate. (seller says this property has been 100% occupied since taking ownership 10 years ago) 

What other kinds of questions should I ask? What kind of actions should I take (inspections?,... appraisal?) prior to purchase? Anyone with experience in buying multis, please let know your thoughts. Thanks so much for sharing!

@Nick West I am curious as to how you got involved with Jeff. Would you mind sharing how you engaged him and how that whole deal played out? Thanks for sharing.  

Hey Everyone! My name is Evan Steadman and I am a long time fan of BP, but this is my first time posting. I live in Morgantown, WV and am hoping to connect with some other members from the northern WV area. I have a minor addiction to the BP podcasts and am truly inspired by the success stories that many of you have shared. I look forward to expanding my REI horizons by contributing to the forums.