14 May 2018 | 34 replies
I have a borrower (self-employed) who is purchasing a 640k property in Orlando area who has had to clear up unexpected conditions in order to obtain a loan commitment, but he has done what was needed and we're back on track.However, we need a few days closing extension and the Listing Agent is difficult, likely because from what I hear, she has a buyer ready and she would get the entire 6% Points real estate commission.I'm trying to be nice, but the listing agent and her title agent refuse to surrender the seller's contact info.
30 July 2018 | 11 replies
We have obtained estimates for complete upstairs remodel including paint, flooring, all new bathroom, windows, appliances, central air for $13,100.Numbers:85000 for duplex + ~1400 closing (after split 50/50 per agent recs), + 13,100 remodel = $99,500 total25500 (down payment at 30%) + 13100 = ~38600 required up front 395.85 (P&I at 7%) + 180.36 (CapEx after remodel) + 222 (tax, insurance, vacancy monthly) = 798.21/month expensesAnticipated rent: Unit A = ~450 (hoping for section 8 revaluation if become owners), Unit B (after remodel) ~600 = $1050/monthFinal Numbers: ~250/month cash flow, 8% cash on cash, 3% cap rateMy questions:1.
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6 July 2015 | 21 replies
I hope everything goes well for obtaining your agent license, be sure to study well for the exam as the law portion can definitely be tricky!
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8 July 2015 | 10 replies
We also used the opportunity provided by the extend of the demolition to do the following:Install a free-floating, insulated (R10) subfloor (a first for us) over the slab on the main level;move the laundry under the stairs to the second level - a better use of space than the deep sloped ceiling closet that was there;resize kitchen - we made the kitchen 42" longer, but this necessitated moving the electrical panel into an 18" upper cabinet;reconfigure the bathroom - with the laundry not moved out of the bathroom, we made the bathroom a little deeper (about 6"); moved the toilet slightly; shifted the tub about 18" and moved the vanity to the other side of the room;reduce the size of the living room window to an 18" transom window giving much more usable wall space;replace the broken windows with Energy Star certified windows tuned for their exposure;build an entertainment feature wall on the living room side of the stairwell.open-up both sides of the stair well (living room and hall by bathroom) - this allows for better air circulation - a necessity when we install the heat pump.Here are a few select shots of the process:Demolition begins:Repairing sections of wall:All electrical and data network runs were installed, then next came the insulation:We finished shifting our plumbing and patching the slab.Next we "leveled" the slab ... ok, we made it better ... and laid the subfloor:Note that we installed 4" high, plywood spacers around the perimeter to keep the floor ~1/2" away from the external walls.
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12 August 2015 | 11 replies
I am 20 years old, live in NYC, and am about to obtain my Real Estate License (hopefully within a month).
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18 August 2015 | 14 replies
It is educational and entertaining at the same time.
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20 March 2018 | 20 replies
I could see how it'd be a challenge to get folks down there.If you do the residential conversion, looks like you have a flat roof - could you put an entertaining space up there -- area with some lounge chairs, some planters, maybe a grille or something?
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11 November 2014 | 18 replies
If you want some tenant to obtain an equitable interest in your house, just let them do the maintenance and make repairs.
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3 December 2014 | 16 replies
I too could only think of driving around as the only method to obtain vacant properties.
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9 December 2014 | 3 replies
How are you going to administer contracting for repairs or improvements, building permits may require the owner of record, in title to obtain permits.