All Forum Posts by: Erin K.

@Brian Garrett - yes, MLS

Definitely some good deals in the REO realm. I bought an REO duplex last year - got offer accepted just days after it was opened to investor buyers. Paid $32k and it appraised for $58k when we did financing. We put about $4k into it and it cash flows about $600 a month now. I am looking at several other REOs right now too. In my experience, REOs tend to scare off a lot of buyers because there isn't much info given about issues with the property like there would be from a typical seller, and you also are looking at the property without utilities on, using a flashlight, and I think the unknowns scare some people (non-investors) off.

I usually browse realtor.com and a few other similar sites, but would like to branch out into 4+ unit properties and never see them on there. Just wondering if anyone has a good resource for such listings for multifamilies?  

Thanks!

No - I don't notice any unusual smells.  I almost wish I could so I would have an explanation for it.  LOL

Here are 2 pics of the worst of it.  The more I think about it, I think it is something the tenant did rather than a crawlspace problem. There was no mold before this guy moved in 2 months ago.  He's in jail now, so can't ask him what might have caused it.  That a whole 'nother story......

I have a one story house with a crawl space below it. Tenant moved out and in the bedroom corner, a little in the closet corner and a corner in the kitchen, there is mold growing on the wood. He had a dog. Has anyone seen urine cause mold like this? I'm not sure how to post a pic. I don't know if moisture in the crawl space could cause it, but it seems odd that it is just in the corners. Thoughts?

I use Jim Neumann at Chicago Title in Mansfield.  He is an attorney, which is a huge help when there is any unusual issue, which slows down a lot of other non-attorney run title companies in my experience.    

Thanks for the suggestions. I talked to the HVAC guy who put the ventless units in this before we purchased and he seemed like there weren't a lot of options without getting into some crazy expensive systems since there is no ductwork.  Maybe I just need to get another opinion.  

As far as insulation, this is a historical building from the mid-1800's, so we have brick with plaster right up against it, so not sure there is really a place to even put insulation.  At least, that is what was behind the one kitchen wall we had to repair.  

We have a small one-story (~900 sq ft) *uninsulated* brick house we purchased recently as a buy and hold; it was part of a package. It is one story and the current heat is 2 ventless wall heaters. No ducts, no baseboard heat, small crawlspace but not even sure it goes under entire house. I do not like the smell these heaters give off, and I think this heating source turns off potential renters. House is very nice inside otherwise. There is a fireplace. I am considering some type of pellet stove that vents out the chimney. Any other suggestions? One of the wall heaters has a broken ignitor button right now that needs repaired, so I have had an Edenpure electric heater in there this past month to supplement the one wall heater and of course that increased electric bill a lot. I need some creative ideas for heat here. Anyone??

We have a small one-story (~900 sq ft) *uninsulated* brick house we purchased recently.  It is one story and the current heat is 2 ventless wall heaters. No ducts, no baseboard heat, small crawlspace but not even sure it goes under entire house.   I do not like the smell these heaters give off, and I think this heating source turns off potential renters.  House is very nice inside otherwise.  There is a fireplace. I am considering some type of pellet stove that vents out the chimney. Any other suggestions? One of the wall heaters has a broken ignitor button right now that needs repaired, so I have had an Edenpure electric heater in there this past month to supplement the one wall heater and of course that increased electric bill a lot.  I need some creative ideas for heat here.  Anyone??