All Forum Posts by: Ted L.

I will preface this by saying that I don't know what the legal answer is. I have bought as-is properties and the bank says that they take no responsibility for the condition whatsoever. They don't complete the property disclosure because they have not inhabited the property. I'm curious about the neighborhood you would buy a two family in Schenectady. This may have been a blessing in disguise.

I have done it a couple different ways. A lawyer is more critical if there are multiple members. In that case you need a bombproof operating agreement.

I am really surprised that you are considering so much work for a house that will sell for $115,000. I would be interested in seeing a breakdown of your budget. 

Personally, I would reface but I would replace the wide doors with double doors. I assume you will have concealed hinges and brushed nickel knobs. Be sure the drawers are just slab and not shaker, use a 5" handle there. 

Definitely no granite at this price point. It looks like about $1,700 in granite and you could get a new fabricated laminate counter for $700 - I like basalt gray. Be sure it is fabricated with no backsplash. Then use white subway tile for the backsplash.  Reuse the sink and faucet.

Pay for professional photos of the finished product.

Originally posted by @Ryan Vienneau:

Hi Ted, 

Have you attended our local REIA meetings? In Latham 3rd Mon of every month, very good group. Its called the Action Investors Network.

 Ryan,

Yes I have attended in the past. I actually remember you introducing yourself at the December meeting. I find the group useful but I have found few wholesalers/ birddogs for off market deals. 

I'm located near Albany, NY and would like to find more houses to flip. What is the best way to get on a wholesaler's list of cash buyers?

Originally posted by @Jay Hinrichs:

for this reason alone I feel anyone who wants to be in RE investing should get a license just for these situations..  of course if your plan is to buy one home a year then that's one thing but if your going to do this for a living you don't want to be begging for someone to write offers for you. 

 I totally agree Jay. I'm pretty sure I could get my agent up (it's 11:15 here) but he doesn't have the NAID anyway so I'm not sure that will help. 

thanks! I will try that

I know this is a long shot. Can anyone submit an offer on a HUD property in the next two hours? You must have a NAID number. Apparently it is a 3 percent commission.

It is located near Albany, New York.  Real estate agent wanted. Broker wanted.

I would be interested in reviewing and commenting.

Are you thinking of flipping it or holding it?