Updated about 14 years ago on . Most recent reply
Someone made a BOO BOO
I sold a property to someone who just started out in real estate. I did all I could to help educate this person, but his pride was always in the way. I don't have all the answers, but I do have some! I would try to explain differ things to him about the market & property and he would alway say I KNOW,aUH I KNOW,and Yea. I was done with it. I get a phone call Friday night and its the newbie INVESTOR. He is trying to pick my brain on how to solve differ problems that I tried to tell him about. His crew (brothers) was doing some reno work to save money. They demoed several walls in the house with electrical outlits, started on flooring before painting and so on. The real problem is that the house needs an electrical inspection. :cry: That is why you hire someone that is actively in the market and can help you from these pitfalls until you learn.Now it will cost you twice to fix what could have been prevented. In memphis under certain conditions the lastest codes past to the new owners, if you do not rehab homes you will not know to add this to your rehab cost or that it even apply.. Also you have to get a electrical inspection on any property that has not had power for 12months. I hate to say it, but I can see the inspector face now.
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Your newbie investor probably watched an entire season of Flip this House. What more could there be to learn??? :wink: