All Forum Posts by: Dwayne Stutzman

Joe maybe in those areas and I could see the stadium and down town from where I was which was about a month ago. Theres nothing being done in this area . I've never seen so much filth and trash and boarded up or burnt up houses, blocks after blocks. This area might be considered a war zone which the way it looked I wouldn't want to invest there. I also work in construction and we were doing a building for DTE Energy.

Yeah most of these are outside of Detroit. I worked in Detroit around I-96 and I-75 and I've never seen so much burn out or boarded up houses and building's in my life. One after another I just can't see how this part of Detroit could ever make a come back. They probably would be better off just bulldozeing these areas to the ground.

Sorry to hear you didn't pass the first time Nick. Just get back in their and take it again. I just took my exams on May 14th and passed both the state and national with a 80%. I'm in Ohio and you take both exams the same day and need a 70% to pass them both.

I know in Ohio you only have to retake the portion you failed. I feel like the college I studied at really prepares you well for it. In Ohio you need 120 hours of class. I just kept telling myself I got this and kept thinking positive. Mine was a psi exam also thats what they give in Ohio. Good advice about taking your time.

I had 3 hours to take the exams. One hour for the state and two hours for the national. I t took me 2 1/2 hours to take it. I wish you luck.

ok I got the money situation taken care of for this deal. But heres a question hud says this property will not appraise for more than what they had it listed for.

which is what they had it appraised at $45,000. now my mortgage broker doesn't seem to think its a problem and I don't either because I think it was appraised real low. This house is worth more than 45,000 as it is.

Are they right or just blowing smoke. Because my bank will do an appraisel on it and decide what its worth.

Thanks. Ihave a contingency for financing. Plus they haven't cashed my earnest check yet the realtor still has it. If it comes down to it I'm just going to back out and say ok fine . Then put it back on the market and I'll just put a bid of $46,000 and hope no one out bids me or bids on it period.

I put a bid on a hud home for $55,000 and they accepted our offer. It was list for $45,000 . I was buying this house for living in. We are using a FHA loan were preapproved for. Now heres were it gets screwed up.

They said back that they couldn't except it know because it was over what they thought it would apraise for. So my lender changed the loan to $46,000 and we resubmited it back. So now their saying we can't change our bid.

And we have to use thefirst bid of $55,000 but we now have to come up with $10,000 to show if it doesn't appraise for the $55,000 to make up the difference. Which we don't have. What I don't get is our lender is the one who does the appraisel on it and I can't believe it won't appraise for that.

Its almost 2000 sqft 4 bedroom 2 full bath 3 car garage and only need scarpet and paint cleaning and thats pretty much it. It sold for $125,000 2 years ago. It,s going to really piss me off if we don't get this house because its a real good deal.

What if anything can I do ? Any suggestions on working with hud? I'm waiting to hear back f rom my lender because he's trying to work it out also.

What do most of you use for a purchase and sale agreement contract? Do you use the standard realtors contract for the state of Ohio, or do you use one that you had made up from your lawyers?

Alex thats ok for the questions.

Background - new investor

scope of work - new roof , add a bathroom down stairs, some drywall , paint, new windows, redo kitchen, no duct work for upstairs so add duct work for heat upstairs,

house built - early 1900

work done - by contractor

cash reserve- none

hold for a year- if have to yes I don't have any mortgage or rent to pay and have a full time job in construction.

finance- looking at getting a construction loan from local bank

taxes, utilities- taxes are 1200 a year utilities would be minumal.

the ARV is pretty acurate it sold for 97,000 in 2004 and a house like it is selling for around the 90's or more in my area.

days on market- depends most are I would say around 120 days or more but some go quicker depending on the house.

Ok I know alot of people say nows not the time to do rehabs because of the market. But thats what I really want to do. So heres my situation.

I don't have a mortgage or rent to pay and I have found a property thats in a good area and is a pretty good house. 3 bedroom really 4 but wold make the 4th a bathroom I think its down stairs and theres no bathroom down stairs. Any way it has a nice layout and every thing. I figure it needs some were around maybe $40,000 in repairs at the most. There asking $40,000 for it right now its a hud house after figuring my numbers I feel I need to get it for around $15,000 or$20,000 no more than that and the ARV comes out to around $95,000.

Sorry this is so long but would you guys recomend doing a rehab for my first deal. I would plan on rehabbing it and then retailing it.

had someone on another website request to be a contact with me and found out they were with this company and after looking at one of their websites I seen that this was nothing but a network marketing company or MLM. I was in a network marketing company for 3 years and and am sorry it took me that long to see that it was a bunch of crock.

They paint this picture of how you run your own business fron home and your your own boss and so on and how much money you can make. And its bull yeah theres people making money if you get in at the right time but most don't. You still work for a company that can fire you any time they want and change your compensation or pay any time they want. I call that a job.

So I would stay away from this company and stick with real real estate training from your local REIA or this website or books and so on. Just my opinion.