All Forum Posts by: Account Closed

Basically stating I am completing repairs out of my own pocket, seller is not responsible if I get hurt on the property while doing repairs ect ect. 

That is correct. 

Sign a hold harmless agreement for the seller, scrape and paint and put up a hand railing so you can close the deal. I was doing this in the dead cold winter in NY on my first FHA deal.

These minor "setbacks" shouldn't hold you back from closing a good deal. 

Shouldn't be tricky. The appraiser will use like sq footage 4 unit's in the area. I'd double confirm with your lender- maybe if it's zoned residential it is fine. I don't remember the specifics of my deal as it was years ago, maybe the other structure was zoned commercial. 

Good luck.   

Are the properties on the same deed? I don't believe FHA will lend on 2 structures as a primary. I could be wrong but I remember I tried to do something similar and was unable.

I had one of these.. Inherited tenant was a 30 year tenant that lived with her caretaker. She unfortunately passed and I made a deal with her caretaker to stay in the unit. It would cost me 10k+ to turn the unit but makes no economic sense. The caretaker has been a fine tenant and agreed to take the unit as is (Care taker has been living there for the past 5+ years). 

Keep him. 

The craftsmanship when it comes to flipping is sub par and these contractors are putting lipstick on pigs. Far too common in my area. The work is Sh*t. 

No state is great for retrieving your money. Cut your L's and move on. You won't see a dime of the money you're entitled to. You stated your age in an earlier post and I have to say..Listen to the older folks on the site, They have much more experience than you and I. Also, stop going all "oK BoOmEr" on the people trying to help. 

If it is your first property a pre approval would be a good idea. Although, I am going to go against what most people have said. When you build a relationship with a realtor and have closed a few deals pre approvals aren't as necessary imo. You've proved you can close deals. I don't need to give my agent a pre approval because she know I am serious and can close any deal I ask her to look at. Credibility and a proven track record of closing deals goes a long way. 

You look to be a recent college grad (Seeing your profile photo). For an FHA they will consider schooling "work experience" so find a job related to what you went to school for and this would qualify you.

3 partners on a flip? Hard pass.