All Forum Posts by: Travis Glenn

I think with a conventional loan you are required to live in the house (part of the gig since you’re getting such a low interest rate), so if you’re not planning on moving in, that may not work. If it’s purely investment you’ll have to do some sort of other loan.

Dang! Hell of a steal. I’m surprised a house that small would rent for that much. Kudos!

Hello All,

So a few days ago I put an offer in on a house built in 1978 that got accepted. I am aware of the dangers of lead based paint, and thus have steadfastly avoided purchasing houses that were constructed before 1978 as this was my understanding of the rule. I was feeling reasonably comfortable with my soon-to-be-purchase, until I received a lead-based paint addendum stating the risks of lead paint in the house. This raised some concern for me, as from my understanding I thought there was little to no risk for a house for houses built in 1978 or later. Now that the risk of lead based paint seems a little more real to me, I'm curious if anyone has ever purchased a house that was built IN 1978 and if they had any Lead-based paint issues. Some other questions I have are as follows:

What are my risks in buying this property? and How can I mitigate this risk?

 I understand you can self-test or pay for tests on lead based paint. Does anyone know how much these things cost, and how reliable they are?

If I plan to rent out this house, what does this mean for me from a legal standpoint? Am I required to get it tested? Could this potentially make my house harder to rent? If so, how much harder?

Again if anyone has experience in this I would sure appreciate your insight. Thanks ahead of time.

- Travis G.

@Mitchell Benson Thanks for the referral!

@Account Closed Sounds great! I'll PM you.

Good Morning All,

I am seeking an investor friendly real estate agent preferably with investing experience in the Spring, TX / The Woodlands, TX area. Often, when I want to go look at a potential MLS deal, I want to go immediately as I find it, so it would need to be someone who operates in these areas. Also really looking for someone who understands the nature of investing and the perspective of an investor when investigating a potential deal, and also has a better understanding of why I may (or may not) go for or go through with a deal.

Any and all help is appreciated!

Thanks,

Travis

@Mark Allen good know. Who do you usually get to perform the test and how much does it cost you normally? Curious so I can budget for it.

I'm humbled by the amount of reply's and advice this post has generated. Thanks to all of you for taking the time to reply. 

@Sharon Tzib @Andrew Herrig @Mark Allen @Randall Jacobs @Lyall Storandt

@Christopher Wick @Rod Hanks

Sounds like foundation problems are fairly normal around here. I suppose I'll have to learn to deal with them sooner or later if I want to stay in the biz. Will definitely take all the advice you all have given me and apply it towards this deal. I'll post updates as to what happens. Thanks again!

- Travis

WOW! Thank you all so much. It's so encouraging to receive so many answers and advice. Truly I appreciate it all!

@David Hartz @Chuck Webb @Undrea King @Jerry Ta

The overall gist I'm getting is that I shouldn't let it scare me out of the deal. Account for the damage and/or the potential of repair financially, and if the deal still makes sense move forward with it by accounting for the damage/repairs needed in lowering my offer, and if that doesn't work, walk away. I'm purchasing the property with the intent of doing a live-in rehab. Thanks so much again for all of your help! It definitely gives me a little more confidence moving forward!

@Joe Villeneuve Yes Joe that's correct I have until August 14 before my option period is closed. And I wish I could provide more info. It is pretty noticeable in one area of the house (The master bathroom) but unless you're really looking out for it you cant tell. There are also a few small dry wall repairs here and there but nothing major on the inside. Only an expansion joint on the outside that has a little space in it.

I understand your last point. It's just my lack of experience makes me hesitant to make the call based on my judgment plus "people who are trying to make money off me"'s judgment alone. Plus, if I do decide to move on, I want to make sure I have a good reason.

Definitely hard to let go of that first potential "deal" even if it may have turned out not to be a deal!

@Chuck Webb Thanks for the help!

I'm guessing you've had to deal with a similar issue before? If you don't mind me asking, How did you deal with it?