All Forum Posts by: Jack Srimani

Thanks everyone for the great advises.

Thanks for your advise. I appreciate it. If you have few of the links for discussion of this topic I would appreciate it.

Hi,
Just few moments back I posted a REO question where I got very sound advises. I would like to share with you another thing about this which is slightly nagging me due to my first REO(investment too). This is a duplex which was bought five years back for 55k. Right now at a REO status it is at 25. I have not yet got the inspection of the heating, plumbing etc. However otherwise there are few things to rehab like the kitchen appliances, one room carpet and some paintings. I was told that it was an investment property for some investor that went bust. Now my question to you is that would you buy such a property at a good price knowing that previous investor went bust. In other words my fear is if I cannot rent these two units then I have to pay everything from my pocket which will be a tough sitution for me. How would you research if these will rent and bring money. I know that in a previous post I was advised to look around for rent signs in the neighbourhood. Is there any other way I can research here to have some idea that the duplexes will rent. They are in decent (I would say good) condition after taking care of all the list of issues that is found out in inspection. Your advise will be a big help to my first venture in first realty investment. I hate to spooked in my first try.
Thanks.

Thanks everybody for the fast response with advises. That helps a lot. I appreciate it.

Hi,
I am in the process of buying a REO duplex. The condition of the house apparently is decent. However since I have no experience in buying REO I am wondering that after purchase I am not saddled with hidden expense that the previous owner failed to pay and the burden of that is being transferred to me as a result of purchase of REO. I would like some advise on this as to how to make sure that the kind of hidden costs I described are not there. That is my fear now. I appreciate any help. Thanks

Hi
I am considering expense for a small vacation condo which I plan to rent out most of the time. In such a scenario does the condo expense be shown in the expense category while filing tax. I would appreciate any feedback. Thanks

Thanks Jonny for your help. I would try that.

Hi,
I am looking for foreclosure listing from which I plan to buy a property and start my first house flip project. However sites like realty trac etc. one has to pay membership. I was wondering if there is any free foreclosure site that will help me check out and buy a property at a very modest price and then flip and sell it at a profit. I appreciate any help. Thanks

After visiting the property for second time I found out that the upper floor has kind of curvature in the bathroom area. I am wondering why there is curvature in the bathroom. Is it may be due to structure problem. There are cracks in the ceilings and looks like plastering needs to be done all along the wall. How much is the cost of plastering two units of a two bedroom duplex. The third thing is that there is no air conditioning in the building. I was told that old home of more than one hundred years old this is common. Without air whether the duplex is rent worthy or not. I appreciate any feedback
Thanks

Thanks Mark and Steve for answering the questions I had with regard to the separation of heating, flooring and windows.
Regards