All Forum Posts by: Susan K.

Hi Everyone,

I'm taking a poll.  We looked at a house that had a foundation repair due to a sinkhole.  This repair was 10 years ago, but there is a NOC filed with the county from the foundation company that made the repair at that time.   Anyone that researches the history of the property will see the NOC with this "sinkhole" repair.  

My question is even though the property was repaired, will this situation be a stigma when trying to flip this house?  My instincts tell me yes, but I'd like your opinion.  I'm sitting on the fence on whether to bid on this house or not.  The house is a total gut, but the price is good.

Thanks in advance for your response.

Yep, pass. My girlfriend rents out a condo and she only rents to tenants that are "handy" so she doesn't get calls on all the small stuff.  Seems to work for her.

I don't have a "rags to riches" story yet, but what has helped us is we worked outside of the US for about 7 years.  The tax benefit of doing this (foreign earned income exclusion) made us debt free and in a much better position to do something.  Also, our wages were much higher outside of the US so we could bank more money.  If I had to do it over again, I would have been an expat at a much younger age and for a longer time-frame.  Then I would already own a huge multi-family somewhere.

I was told by my legal hotline attorney that you have to "disclose" when you have a financial interest in the property.

Addam, could you let me know what lender you used?  Thanks.

I vote you get the RE license. Even though there are a gazillion sites out there, I believe MLS is still a great tool to look at comps in the areas you are investing. I like the convenience of having this tool. You can also deduct the expenses at tax time. Just my 2 cents.

Just my 2 cents - Your realtor is a "successful and high producer".. we have one of those in my area and I have witnessed this guy that has a fairly large team under price at least 2 properties.  One being on my sister's street.  The seller had multiple offers on day 1.  Hummmm... what does this tell me?  

I reviewed this property myself, talked to the owner right before listing with "successful high producer".  The long and short of it is this seller would have still received an offer and most likely 15K higher still within 30 days.  The area is hot and not far from University of Florida, but far enough as to not be disturbed by rowdy students.  

My suggestion is don't commit to this realtor, talk to others and get their input.  Also, consider getting your own appraisal for private use.  Not sure the cost in your area but I've paid 350.00 for one on my previous property and it was well worth it. 

Keep in mind most areas are "sellers" markets right now.

Legal hot line - just advising on possible recourse, because this does happen more than most may think.  Have you physically gone to their office?  I would show up and pound on the table.  It is too easy to ignore phone calls.  I'm sorry you are in this frustrating situation.  

Can you tell me where the FL properties are located?  We might be interested.