All Forum Posts by: Andy Bailey

Sorry I was not clear. Than doing a traditional mortgage on the new rental.

Hi all, I have a duplex which has about 250k in equity, and based on the 70% rule I have more than enough to use a cash out refi- and pay cash for a rental property. Both I would pay 25% down out of pocket. 

My thought it would be better to do the cash-out refi, because that will keep one less Mortgage on the books. Thoughts? 

I’m going through the same thing right now with my duplexes. Right next to each other on a flag lot. There is a storage shed on the property and I can split it into 3 storage units. Getting estimates right now. Any update?

Hi Russell, Thank you for your insight. It is appreciated. 

The issues with listing date, was that was the day they told me it would be listed. 

I will keep listing day of the week in mind for future listings. 

Hi all, I have a question. 

TLDR: Agent had only two showings in 6 weeks, was too drunk (puking) and listed our property 4 days late, my business partner and I had to constantly follow up with agent, constantly told us we were priced correctly so we rejected a lower than asking offer, now saying we should have taken that offer. We fired this person after 6 weeks and went with a different agent. 

To start it off, I've known this agent since High School (Mistake on my part, I know). I've done 5 transactions with them totaling $1.7 Mil and have not had any issues before this. The agent introduced us to a couple of contractors that I've used. One bad contractor, one medium and one great. 

We completed an extensive remodel on two houses and got it listed with this person.

The property was supposed to be listed on a Monday, unknown to us the agent went out to state to party with some friends and was too drunk to list it until Thursday or Friday. (Was puking on the phone with my business partner). 

Only two showings in 6 weeks, Had one offer 55k below asking. Was advised we were priced right and after negotiations the offer fell through. 

Agent was not giving all the information upfront. On a prior sale, the buyers agent was shady AF and I was not told this until after the deal fell through, almost cost a friendship with my neighbor who was selling their house as well.  

Asked me and my business partner and I if we had any ideas as to get the current home sold. I thought I as paying the agent for their expertise to sell the home. 

Finally, does not take ownership for mistakes and blames others a lot. Also has a C'est la vie attitude when it comes to selling.  

My business partner and I had "The" difficult conversation with the agent yesterday and that was the only time we've seen "fire" from this person. We told the agent that this is not personal and was 100% a business decision. We also told the agent we would pay for any outlays that were incurred in listing the property. Photos etc. We also said we wanted to use them for future purchases. 

I guess my questions is where would you have severed contract?

Looking back, I think listing the property 4 days late, because they were too drunk should have been it. However, I wanted to give the benefit of the doubt because who does not go all out once in a while.  

I will take any constructive criticism but if you are rude or mean, don't bother. 

I have put offers in site-unseen, but I always have a contingency period where I can have an inspector check it out. I make sure to tell them the inspection is for my own purposes and I would not ask for repairs. I then use the inspection to make a list of items needed for repairs other than cosmetic.  

Maybe he increased the items to cover holding costs? 

Hey Ross, Thanks for the Reply. My concern is the 50-70k price tag to convert a garage into a studio. I'm not familiar with Charleston, but I've worked insurance claims all over the country and the south was usually a lot less expensive than where I I am located, Oregon. How many estimates have you received?  

Also I know it is not ideal, but you could build a raised portion for the bath and kitchen. It would save you some money on cost, but look kinda weird. 

I know it is not an exact match, but I just had a concrete footing cut, framed, and poured in a slab for $1200. That was 26 LF of footing. 

Hi Jordan, 

Are you looking hard money, construction, or a traditional loan? 

Hi, I flip in Eugene and am doing a full gut remodel. PM me if you would like some leads.