All Forum Posts by: Jason Richards

I just sold my primary residence and have the inspection next week. Is it typical to be there when the inspector is going through the house or should we not be home?  My realtor said not to be home, but I have heard that it's a good idea to be there and watch what he/she does. I would think it valuable to be there in case the inspector has questions or wants clarification on something.

I just sold my home and found a great fixer-upper but it turns out it’s on Auction.com and the auction starts in 3 days.  This is intended to be my primary residence but they will only accept a cash offer.  I’m okay with that since I can find some private money.  However, I don’t know what the process is for an online auction. The selling realtor told my realtor that it’s sealed bids.  Does this mean that anyone can submit a bid and when it’s over the highest bid wins? Or is it like eBay where the highest bid is showing?  I would like to get an idea of how the process goes so that I can prepare for the auction. Also, if I go to the town assessors office and do a title search, will that show me all of the lines on the property?  Can I then safely assume that there are no more encumbrances on the property if nothing but the first mortgage is showing?  Any help in understanding the process, especially as it goes in Connecticut would be appreciated.

Does anyone know a contractor in the New Haven area that has experience with a complete rehab? I have a property in mind for a flip but admittedly am very inexperienced at estimating rehab costs. I would like to find a contractor that could walk the property with me.

@David Robertson I estimated $15k per bathroom, $30-40k for kitchen, $5k for roof, and the rest for misc like siding, drywall, paint, garage, etc. I have not even begun to learn about estimating rehabs, yet, so it may be way off.  I would certainly get contractors in to give me estimates. It’s an old property (built in 1790) so there would be surprises, I’m sure.

@Jaysen Medhurst and @David Robertson Thanks for the input. I have never done a flip and don’t know what a good profit margin would be. I also need to learn to estimate rehab costs! I’ll keep that 15% in mind.

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*This link comes directly from our calculators, based on information input by the member who posted.

@Braden Downs $5k in rehab was just a number I threw in there. I am still trying to get more information on the state of the property. I drove by it tonight and saw that it needs some siding and soffit repair. It’s a short sale so it may need a lot more money for repairs.  When it’s listed as a short sale, does that mean the agent is looking for multiple offers over a certain amount of time or if a full price offer is made it will generally be accepted?  I’m new to this and don’t know what to expect. Thanks for looking at my analysis!

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*This link comes directly from our calculators, based on information input by the member who posted.

@Scott Hollister Thanks for the advice, Scott.  Something that never seemed possible before BP is now within the realm of possibility! I will start by looking into the SBA for financing. I'm due for an upgrade in office space in the next year, anyway. I may as well own the building and reap the benefits!

@Scott Hollister  Thanks for the welcome. I’m looking forward to the journey. No I don’t own the building I’m in, although I have thought a bit about looking for one.