All Forum Posts by: Tre Holland

Thank you both for your replies. I'll definitely be reaching out to a real estate attorney to assist in structuring a winning deal for us both. I'll include a few details of what I've found out already. I've lived nearby for over 10 years and have watched so much change in the area that I think this is a homerun opportunity if done right. 

The property is a single family ~1,400sqft, 3BD/2.5BA w/ unfinished basement. House is owned free and clear. The lady is asking $180K and the ARV is between $320-$340k depending... If i can manage to squeeze another bedroom in by finishing the basement, the ARV could be slightly more. Its a pretty hot market. A 4 bedroom a few doors down just sold for $380k in October. The roof is literally 3 months old (was replaced by insurance company due to damage from tree limbs during a storm). All major systems are in working order but I won't assume anything there until I get an inspection. Needs upgrades of course but from what I see its mostly a cosmetic, face lift type of rehab. If all goes well, no more than $30K and that's going top of the line on everything.

My goal is to hold it long term and rent out in its entirety. I should be able to get $2000/month easily in that area. There's a potential to AirBNB, but I'll heed your advice and do a cost analysis (on my agenda for tonight) to see what would be a better payout. I can almost pretty comfortably say that I don't think I'd want to deal with the constant turnover involved there, but I'll atleast where the bang for the buck is. 

Hi all,

There is an eldery lady whose yard I've been maintaining for years. She mentioned about possibly looking to downsize due to age and other factors. I expressed interest in purchasing and she completely lit up at the thought of someone she knows being able to have the house and thought seller financing was awesome (she enjoyed the thought of receiving monthly payments). The home has quite a bit of deferred maintenance, but is in an amazing location.

I'm hoping you all can provide some advice on how to move forward. What are some things to consider when structuring the deal? Throw out any and everything that comes to mind. 

I'm excited to be able to help her out and feel like it could be great for the both of us. Thanks in advance. 

If your property is that close to the campus do you know if the better portion of the local tenant pool is students? If so, I would refrain from advertising as student only because you have a better likelihood of getting a student already. I do know discrimination can get a bit touchy legally. So my suggestion is, if you have any doubts your best bet is to seek an RE Attorney/Lawyer. Better to be safe then sorry in my opinion. 

I would get out as well. Look at it like this... you’d essentially be paying out of pocket for someone else to live in your place... doesn’t make sense to me.

@Stephen Gallagher thank you as well ! You’re opinion is appreciated.

@Marc Winter thanks for your opinion. Im not completely oblivious about remodels and such as my dad has been in construction/demolition my whole life. Though we’re using a 203k which has requirements on who is allowed to perform the work and what not.. I’ll be meeting a GC tomorrow along with an electrician to do some due diligence. This should ultimately make my decision of whether or not to continue to move forward with the deal or to walk away. Again thanks! I’ll post an update following tomorrow’s activities.

I second what Christopher says. My credit score was in the high 600s.. I searched and searched for a property for about 8months, took my time knew what I was going for. In the meantime I did a few things to improve my score to the low 700s and when I finally found a house, not only was my rate way better but the amount I qualified for went way up as well. 

This is a great find! I just added it my bookmarks. Thank you!

Hi, I'm looking for a few opinions and little in-sight on my current situation.. Sorry explaining this all is pretty lengthy but I REALLY need some advice.. thanks in advance =)

So here's the deal: 

The wife and I made an offer on a foreclosed property slightly above asking price (offer: 185K, asking 178K). The home itself was not seemingly distressed, it had been under renovation but wasn't completed. 

There were multiple competing offers above asking (the area is very hot and sought after and has always been that way), so we decided to increase a little more to 195K based on what our budget and we thought was a reasonable estimate of repairs.

Now, here's where the interesting part comes in:

Contract noted it was the seller requirement to have utilities on for inspection. My agent notifies seller that we're planning to schedule our inspection date, and asked to provide when they intended to turn the utilities on. The seller then says, the utilities cannot be turned on because the county won't allow it due to the utilities being off for an extended period of time. The electrical system would need inspected and approval by a licensed electrician and they were not willing to pay for such. 

So we offered to pay for that process and requested that they have the utilities on following. THE SELLING BANK THEN COMES BACK WITH - Well, its not going to pass the electrical inspection because the previous owners did work with proper permits.

So my question to you guys is... Is this grounds to then reduce my offer price due to not being able to properly conduct a full home inspection? Would it be justifiable based on the condition that they were supposed to have the utilities on but we found out all this crap about the impossibility of such after the agreement was made??

Thanks again!!!

@Matthew Porcaro Thanks a lot for your willingness to provide guidance!