All Forum Posts by: Adam Craig

Do you put a home inspection contingency in your offers?

I just switched from bank financing to all cash offers, then I rehab/rent/refinance. I like the idea of all cash for easy closing. 

I am still putting home inspection contingency in my offers which makes my offer inferior to a no contingency offer. 

I own 16 rentals and have walked through 250+ houses so I do have some experience. Should I bail on the home inspection contingency considering I am doing a pretty extensive rehab most times? Or is it perfectly acceptable and expected by the bank/owner.

Mold used to scare me, but now I love when houses have mold -  It scares other buys off.

Mold clean up is not that costly if your doing what sounds like an extensive rehab.

If you find mold, call around and get estimates. I had mold work done from 500-2000 depending on how extensive. 1-2 day job and its all gone.

The lots were smaller and close together. They were short about 300SQ Ft of what is on my street.

So would you say they wont consider something if its not apples to apples? IE - 4Bed 2 Bath needs to be compared to 4Bed 2 Bath? Or would they consider a 3Bed 1 Bath.

Diddo - I consider mine C+ up to B+ - lower cash flow in some B+ areas but I have had to most appreciation.

I wanted to get into Lakewood but the prices have risen considerably compared to our suburbs on the east side. I can buy cheaper houses here and get more rent - thought I am probably missing out on some nice appreciation with the Lakewood boom.

I have a house under contract for 60K that needs 25K in work. The house is on a cul-de-sac street and the last 3 comparables on the same street were 115/135/105. The problem is they are from 2014 - nothing on that street has sold since then.

Here is where I get nervous. There are 3 recent 2016 comps one street over that are 65/55/59. This is a completely different street/vibe but does the appraiser care?

I am buying this thinking after the rehab I will have an appraisal at or over 100K and I will refinance at 80K and keep as a rental. Will the appraiser even look at the old comps on the street?

I spoke with several hard money lenders that seem promising for my buy/rehab/rent/refinance strategy. I wan to explore all options. Are there any national "go to" lenders that you recommend?  I have good income/credit/reserves/assets.

I have been doing my bathroom rentals pretty simple. I buy 60 cent sq/ft beige tile from Lowes and use it for a tube surround and on the floor. I typically do a glass mosaic accent strip in the shower surround 3/4 the way up with the euro style vanity below. Am I behind the times on my bathrooms? Seems everyone is going white and bright now. Any thoughts or pics from your own is appreciated. 

The house is in need of scraping and painting. Do you like this current two tone or would you change it? 

Just got this house in Cleveland Heights. Trying to dress up the front. Looking for color ideas for the porch and possibly the house, the white is pretty dingy.