All Forum Posts by: Don Hines

I said I was anxious to post on the "Success" forum. While it is not a complete success story yet, I finally have one under contract; after 18 offers.
It is a FNMA
ARV $130k, rehab $30k, purchase $61600. We were $15k opposite when the negotiating started. We should close around the first of the month.
Don

I think Mitch nailed it with his reply. On the other hand, I have increased my farm area by visiting areas that were in my mind previously off limits. Increased farm area has also increased the number of offers I make.
Don

Welcome
Only advise I can give is from my own experiences.
My very first flip caused some female problems; a mad wife. It took two years to get her calmed down and to try it again. Let your significant other share in some decisions and the success or failures.
Learn your market well.
Use Contractors for "guestimates" if you don't know cost.
All of the advise you could ever use is here in BP.
Good luck
Don

I use a commercial officer in a state wide bank. I have a broker lined up in the event I need a long term loan. I have also been through the wife thing too. Good luck with that!!!! Mine has finally came around after two years. I figure it has cost me a few thousand$$$$$.
Don

I rehabbed a house across the street from a house that had tennants that constantly bickered with neighbors or themselves. I gotta say; it was entertaining. I let the guy borrow (have) $10 every week. Cheapest security I could have ever bought. He would pay me back on Friday and borrow it back on Monday or Tuesday. He would never pay the whole sum back. He was always a dollar or two short.
It seemed like this household would always "show out" on the two open houses I did. It could have been because I finally sold it to one of their kin.
Don

'baccer juice makes worms more lively too. Makes the fish see them better.
Don

I have a FNMA adddendum in front of me now. It sez the purchaser will find the closing/title company.
Don

It has been my experience that they can't visualize the final product either. But, I remember a guy looking at one in progress and offered me $10,000 less than what I was going to list for. Boy was I stupid in not taking that. It cost me $5k more to finish than I thought it would, and sold for $3k less than I wanted. I could have been out of that deal a month or two sooner for just $2000 difference.
Don

Thanks for the quick responses. I just couldn't see how a home warrantee would be honored in this case. The house has buckeled floors, rotten press bord, etc. The AC and water heater look fairly new. All of the kitchen appliances are gone. I was just hoping the warrantee might cover something like a roof if we find out it is bad (appears to be OK). All of the water damage looks like it was caused by carelessness to me. I was thinking I could maybe tell the seller i don't want the warrantee and get a little closer to an agreement on price.
Thanks again
Don

I know a home warrantee is just an insurance policy.
I am going back and forth on a FNMA property. They countered back that the property is sold as is. But, they are offering a home warrantee.
The house has some foundation sill plate rot, plus uneven floors from water damage. I would never dream of asking for a warrantee specially since it kind of counters the "as is" clause.
What can I expect this warrantee to cover?
Thanks
Don