All Forum Posts by: Andy J.

That is what they're looking to clarify, i.e. to include when a property is purchased to be resold (which would prohibit lending to rehabbers).

I would like to read about this more if you may PM or post a link or directions to obtain more information regarding this ruling and the upcoming hearing. Thanks!

In itself, a corner lot makes little difference. You have to look at the benefits and drawbacks of each particular lot. Is it a busy traffic corner, does it improve views, is the lot larger than if it were not a corner lot, fencing, neighbors, layout on the lot, etc.. Some corner lots are great, some are terrible. Some people love them, some people hate them, some people have no preference.

Color is going to depend a lot on the house itself. If it's an open and bright house you can use some darker colors, if it's closed off and dark then you'll definitely want to stay with the lighter tones. Also, your market is going to dictate what tastes you are catering to as well. Is it a family home or a bachelor pad? As far as hardwood, I would use anything from Minwax (Home Depot carries it) Natural, to Golden Oak, to Early American, or mix some together to create what you want. Lighter hardwood stains will hide imperfections better, darker colors will be "richer" looking but may limit appeal to some folks and bring out more of the deficiences in the floor.

No showings before it's completely ready. As it's been said, most folks have no vision, and the ones that do are going to almost certainly envision something different than what you had in mind. They will create expectations in their mind that you may or may not have planned on.

Keep in mind, if you have a "buyer" pick out colors, carpet, and lighting, and then the deal falls through, are those combinations going to appeal to anyone else?

Your profit margin is always going to be limited by the ARV of the home. And the ARV is going to be dependant on how much rehab you do, up to a cap at which more money in will not yield a higher ARV. The rule of thumb is going to be comparable sales and time on market, if average houses are selling for $X and a full rehab is selling for $Y then you need to be able to determine what kind of rehab is going to get you closest to $Y with spending the least amount of money. Know your market.

You have a recurring dream that you completely forgot about a house you purchased a few months ago and it's been sitting vacant the whole time.

Yes, I think the last few were $99 which I would rather not pay for the same reasons you stated. On the brightside, at least FNMA pays for title insurance, VA doesn't.

You can also use a wet/dry vacuum (make sure it's setup for wet which usually means switching an interior filter). Many steam vacuums have a setting where they only vacuum cycle instead of spraying steam. You may be able to rent one fairly cheap from Home Depot or elsewhere. Definitely use a fan though as well and it would be better to rent one that is designed for floors, and if you turn the furnace up, the higher temperature will help to draw out the moisture too.

The correct answer is 288 according to my close friend who has TWO masters degrees in mathematics as well as my personal evaluation as an engineer. J Scott is correct in reasoning/methodology.