All Forum Posts by: Daniel Pinto

@Vince Lucas Sounds good. Doesn't seem like this will be an issue at all. Thank you for the reassurance.

@Tim Johnson that's good to hear. Hiring a roofer to certify it wouldn't be a huge deal. Thanks for your input!

@Russell Brazil I'm glad. Thanks for being so active on the forums! You've replied to all my posts and I appreciate your insight.

Hi all,

I've come to a verbal agreement with a seller on an off-market deal, and am doing my due diligence. I found out he replaced the roof about 7 years ago and he did not pull any permits when doing the roof. I was planning on doing getting FHA financing and I was told by somebody that I am going to have a hard time getting the home inspected, appraised, and with getting an insurance policy afterwards. I figured I could always hire a roofer to inspect the roof on its own. This is a good deal for me and the numbers work well otherwise.

Does anyone know if this will be a problem? If so, what can I do to mitigate this issue?

@Larry Bowers

I ended up finding the location of the tank. Issue was the tank was located under a pad of concrete practically under the back portion of the house. 

The tank itself seemed to be in good shape per the tank inspection that cost $500, but the large issue was the location and it was causing the foundation of the house to lean to one side. I found this out during the normal property inspection. 

All in all, I spent $1,000 in two inspections and decided to exit the contract because the idea of getting a structural engineer was too much for me on top of the other issues. Disappointing result, but that’s how it goes sometimes

@Tim Lovell - The property is in Florida so no basements here. But I agree with what you're saying.

Consensus seems to be go with the camera, it's a large expense upfront without knowing if I'm going to go through with this property but it seems like thats the only viable options witout risking a big surprise.

Thank you everyone!

@Pat L. Sounds like a similar situation. I spoke to neighbors as well and they were helpful but ultimately nobody knew. I think I may ask for concessions to price it in but my understanding is that they more than likely will not negotiate as its fannie mae owned.

@Kelly DeWinterThe septic tank company told me that they did not have a camera and that most of the local companies do not have a camera but a few do. My concern is sinking 1,000 just to idenfify the condition of the septic and I'm out on that money. I'm working on extending the period ASAP, thanks for that info.

@Russell Brazil - I'm fairly certain that it's on a septic because many of the neighboring homes are on septic as well (older neighberhood). I was surprised that they couldn't find it but It was a professional comapny and I saw them personally digging up a bunch of holes trying to find it. Strange situation

Hello

I had an offer accepted on a duplex that I got through Fannie Mae homepath. I am very interested in staying with it but during my due diligence period, I am encountering issues identifying the septic tank. I hired an experienced septic company in my area, and after meeting them at the property they spent one hour digging around and they could not find the tank at all. He told me about hiring a company that has a camera (they do not have one) and they can identify the location. He warned me it's possible that it is located under this cement patio in the yard, and then it becomes a giant construction project to inspect it and that would blow up my budget and make me back out. I called the county/city and could not get any permitting information which is concerning as it appears the previous owners did much of the work themselves and the most recent owner more than likely did no maintenance on the property which is how it fell into its current condition. 

I am thinking about asking fannie for some sort of concessions but I know that will likely be denied. Does anyone have any experience or advice on my situation? Much appreciated, Thanks!

Hello! I currently own a single duplex in Brevard and am looking to further grow in the Orlando area and network with like-minded individuals. I'm glad I found this group, and look forward to attending! 

Hello,

I am interested in purchasing an MFH preferably a duplex in my area. I want to take my time and thoroughly research my options by getting into contact with different agents in my local area and have them send me listings that fit my desires as they become available. My question is what is the best way to go about this?

I've been thinking about just looking them up online, telling them I am an investor looking into a duplex. What are some tips on what to say? I know these types of homes can sometimes be hard to find therefore I am trying to cast a wide net and take my time before making the plunge. Thanks