All Forum Posts by: Will R.

This property is near Omaha, Ne. I doubt the single flood cause the foundation to bow. Youre right that it was on us to look at the disclosure and i dont think we have any ground to stand on being that we cant prove he knew the house had flooded before. Its frustrating but definitely learned my lesson. Think what ill do is excavate and seal myself or have my deck and cement patio extended (theyll have to excavate) to cover the area that floosed and then i can seal. 

Thank you for the advice Chris T. Foundation issues happen over time. Last spring when we purchased we didnt get alot of rain. I noticed water coming through the frame of the patio door (kitchen area) during the winter when snow melted but it was minor and i noticed the wood floors in the kitchen were damaged when we looked at the house and thought it was easy fix to get them restained. I didnt think how the water got their i  the first place. Im not a home inspector so the things that did catch my eye didnt seem big and could easily be fixed. Its not until a year later that i realize a big issue with the basement and thats after the flood, pulling up the carpet and tearing down the drywall.

Help! Purchased a home last April. This year we've experienced alot of rain fall and the basement flooded. After having the basement looked at i was told that it didnt look like it was the first time this had happened. Nails on drywall were rusted and after pulling some down you could see discoloration in the cement. Looking at the disclosure theres a statement stating due to seller obtaining prorperty from a foreclosure they are not required to disclose and purchaser accepts deal as is. None of that was highlighted by my realtor when we were looking at the property or closing on the deal. I called the county property appraiser and they stated that they didnt have any records of the property showing it had been foreclosed on. We had a home inspector that was recommended by my realtor who didnt find or tell us there was anything to be concerned about. The sellers agent was with the same realtor company as my agent. I feel they pulled a fast one on us and would like some input on my what actions i should take ... when it first flooded and had an inspector look at the foundation they could see some inward bowing on the foundation in two areas and quoted me $20-30k to excavate and reseal the foundation. They also mentioned that there is the possibility of mold since this wasnt the first time. If i hire a real estate lawyer how much should i expect it to cost? What kind of outcome would i be looking for? Is it worth it to hire a lawyer? How long could the process take? Any insight u may have would be great. Thank you

60/40 works. just would have to find someone out of the area. id be more of a property manager.the other 2 properties are rented out and i claim one on my taxes but the other my sister claims. i just started reporting the income for the 2nd property this year so im hoping by next year if i show a 2year history on both ill get approved for another loan. Right now im living in Nebraska and im itching to buy something now and see 

My situation.... i currently have 2 mortgages in my name. Credit score in/around low 700 but debt-income is too high to purchase a property on my own. I dont want to sell the 2 properties i have nor tap into the equity I would like to try to find other investors for a buy and hold. If i were to find another military member willing to go into a deal like this what do you see as far as the pros/cons of the deal? What would i have to look out for?

Update... going to do a VA Streamline loan at 2.75% on 15yr loan. My payments will increase $10-20 but it will lower my debt-income ratio and pay it off sooner rather than later. I can still use my VA or the wifes when i get to omaha to purchase another house. we will continue this process every time we move

Thank you guys for the information. Ive been thinking about it these past couple of days and I think my first step will be to refinance the house at $70k to a 15yr conforming loan. Im hoping to lock in 3.25 or lower. My mortgage payment will increase by $20-$30 but at least the loan will get paid off faster. Im even thinking about paying an additional $500/month to pay it off in 6 years vs the 15. From there (end of my tour in Omaha/beginning of new tour) ill be 36-37 yrs old with 100k+ to work with. I can continue to rent it out and make 500-600 a month or re-invest somewhere else. Thoughts?

@Brent - thanks for telling me about the shift button. Unfortunately my tablet doesnt have that function and the wife has the laptop with her. Im not sure if i can do the 1031 being that it was purchased using a VA loan as my primary residence. Ill definitelylook into it. @Charles - I also thought about refinancing it at 70k but if i do a conventional loan as an investment property ill be looking at a 5-6% interest rate that will put me in the same position im in now. Not to mention my property tax will increase. I dont understand how you guys do it unless im looking/playing with the numbers the wrong way. My current situation : Townhome foreclosed Fannie for 87,849 @ 5% = 471 PI + 71 county tax and 61 insurance + 270 Hoa (aha! I found the problem!!!) Well now that brings up another question... many of the properties in S. Tampa have an HOA fee. How do you guys feel/think about that?

Great find Brenton! I think you're right Tyler. I looked up duplexes in/around Omaha and found one listed for 330k. I think thats a little more than Id like to invest at one time. What kind of neighborhoods (upper, middle, lower) are you investing in? Do you're  own personal preferences play a factor or is it all about being a good deal?

@Josh Nix - We'll be in the Omaha area. I've already started looking into the bellevue, la vista and papillion areas. Hows the market out there? Prices holding steady, increasing, dropping?