All Forum Posts by: Taylor West

@Robert Leonard I instantly thought of both opportunity and running (my first wholesale house does not need to be a massive cluster…); however, the agent admitted people would run from the house once they heard of foundation issues.  I thought I definitely have more leverage now, to include, the owner and agent do not know what the foundation issue actually is.  So when the agent said they have an estimate I thought to myself ‘how is that an estimate if you do not know the problem?’  So I believe this is a deal that might work since the owner inherited the house she just moved into (motivational seller at its finest).  And the agent admitted the owner is not interested in a wholesale deal, so I might roll the dice and tell them to contact me in 30 or 60 days when they have yet to sell it because of the price. 

As for the gutter problem, the hole in the ground looks to be running back towards the house, not away from the house, which is why I took the picture. 

I also didn’t mention, since I was posting from my phone, the wall on the right of the roof/ground picture has two cracks on the interior wall above both windows (the second window is not pictured, but the entrance door and window are).  Another potential foundation issue caused by the water??

@Gary Landon I do not know if the house is brick veneer or solid brick.  I will contact the agent and have him find out for me.  Now knowing those structures and the differences, I am hoping it is just a veneer house and the bricks just were re-concreted.  So…..are you coming to Baton Rouge this week???  And to what Robert said, I think I need an engineer and foundation company to come out and check it for me.

When I conducted a rough rehab cost of the house I rounded the foundation estimate up to $8,000 from the agent’s quote of $7,200.  In total, the house needs $30k in rehab with a un-verified house median (in the neighborhood) of $125k-ish. 

Looked at a house on Friday and discovered a foundation issue, to include maybe two or just one big problem. The owner had an estimate, not to mention the brick wall on top of the area had to be repaired to fix the cracking from continuing, but that doesn't mean anything. The other problem is the roof doesn't have gutters (I am in Louisiana), which had caused all the water to continuously pour into this one spot. Ultimately, beyond getting my own estimates and going anything further into this house, I would like to know how you all feel about foundation issues. It will be a wholesale and I obviously will factor in the costs if I go forward, but what is your personal opinion about this type of issue. 

Thanks all!!!  I eventually walked into the office and met with a realtor who knew what about wholesaling and put me on an almost daily e-mail listing update, to include with specific types of houses I was interested in.  I do, however, realize now that it may have not been a good idea after reading all of the comments and I just was lucky to find one who was willing to help.  He also mentioned he has done and is willing to write purchase agreements too.  This also came about after I had a meeting with a title company across the street.  Thanks again.  I will not do that again.

is it acceptable to walk into a real estate office and ask for properties that have been on the market for a long period of time, but haven't had any luck?? How do I go about this?

Wayne-  Thanks. Yes that does help once it is explained.  I needed that explanation rather than the 'wrong' statement since I still not understand why.

Jon- Thanks. I will keep that in mind. I have always believed HOA's are to an extent silly. My parents live under one in their neighborhood (houses, not condos). And my dad was on the board for a short period of time and we could not believe the amount of passiveness and excuses board members would make when something was needed: grip tape on stairs, repairs, etc.

It would only be irrelevant if it was true with VA loans, no? Or for REI?

Tracking.  Does that make buying a condo for wholesale less attractive? Or does that not matter and/or to those folks who truly care about owning both deeds for the land and condo?

To start from the beginning, I am a veteran, and spoke to another veteran about buying a condo (this had nothing to do with REI). He stated that if I was to buy a condo with the VA loan to make sure I was ALSO buying the land under the condo. WHAT?!?!  Is that not included?

Is this something that will be an issue if I was to wholesale, flip, etc. when doing REI. I do not intend to use my VA loan, but looking for further understanding and advice in regards to REI and condos. Thanks in advance.

Thanks Robert.  I intend to try and set up some contacts prior making any deals.  Those contacts include a possible mentor, real estate attorney, buyers, etc.  I think this way it will prevent errors in any form. 

I also made contact with a former colleague who has done a few wholesale deals and have asked him to send me examples of what he has done already.

Tthanks again...sent from a phone, so please excuse any errors. 

Mr. Hamilton,

Check, thanks for the heads up.