All Forum Posts by: Stuart Birdsong

If she is aware that you were going to find an end buyer I would simply explain to her that at the current price you can't make this work and that you wish her the best of luck moving forward. If she asks you what price works, then you can share that with her and see if she is willing to make it happen. I have found that in other investment deals(not wholesale transactions), if I can't make the numbers work, I just walk away, most times the seller will come down on price, if not then on to the next. 

Nick,

    Do you know if the tenants tried to steam clean or have that area of the carpet professionally cleaned? This will almost always make it worse.

If the urine got into the concrete you will have to remove the carpet and try several different cleaning agents to get it out. It takes time and some elbow grease. I have found that this webpage helped me get some strong pet urine out of a garage of a rental We used to own. I hope you are successful in getting it out. Never a fun problem to deal with, thankfully it can be remedied. Cheers!

Stuart

Shawn,

      I think this will pull on the emotions of some. 

Did you explain to the seller that you might assign the contract to another buyer? 

Were you planning on doing a double closing? 

What discussions did you have with the seller regarding your position in the transaction? 

Frankly, If you sign a contract to buy a house at an agreed upon price, I think, ethically, you should perform or walk away without tying up the seller any longer. Wholesalers, might say that you should renegotiate to get it to where you can sell the property for profit, but this number should have been set before you signed the contract. 

If the numbers were't right to sell to an end buyer, what was your basis for signing the contract? 

Stuart

Go with blue

Charles,

    How long have you owned the property?  

    If it is longer than a year you have a couple of options. First you can contest the appraisal, as this is free to do and the worst they can say is they are sticking by their original value. However, you will need to come up with some pretty solid comps to support the value you believe it to be. Do you have any additional Comps that you can share with the appraiser? One other way to help solidify your argument would be to call agents with like homes that are listed near by. Especially ones that are under contract, and see if they would be willing to share information with the appraiser regarding the current contract. Just a thought. FYI, in situation like this if like properties are under contract and through appraisal I have asked the buyers' agent if the buyers would be willing to share their appraisal with me to help out. This has worked, but you have to have the approval of the buyer. They might ask for some compensation, but if it helps it may be worth it and cheaper than option 2.

     The other option would be to bypass the current bank you are working with and try another to see if you can up the value at all with another appraiser. The issue with this is you have no guarantee that the appraised value will change, and you will be on the hook to pay for 2 appraisals. 

 Best of luck hope it works out

Stuart

Thanks for sharing the occupancy rules and Fair housing regs. I should have looked further into this before sharing my opinion. I apologize.

Matthew,

    While I have never done this, I don't see a problem doing it. However, before you advertise as such, I would just make sure it does not violate Fair Housing laws. I don't see how it could, but you have to be careful with how you advertise the property. One additional thought, if you don't want a family of 6 to move into your 3 bedroom rental, just keep advertising until you find the right fit. In my opinion the $50/ month per extra person might not cover the damage 4 kids might do to your property. Just a thought. Hope it works out for you

Jason,

 Welcome to BP! More Importantly, thanks for your service! This is a great place to get started. There are lots of folks on here from the Denver area, so you should be able to connect with a few folks to help you get going. Cheers!

Stuart

Kimberly,

      That's a very reasonable quote given the nature of the amount of work subcontractors currently have going on in Colorado. I would still get other quotes, but I would be surprised if they come in any lower. I just painted a fourplex in Fort Collins, for a new build and the cost was $8,200. Its a little larger and has four paint colors, but still this should give you an idea of the current cost to get subs out to do the project. Hope this helps

Stuart

Jevon, Welcome to BP! Great place to get started. Best of luck in your endeavors!

Stuart