All Forum Posts by: Account Closed

Mark, I have no issue with that at all. Typically, I like to start close to home and work my way outward.  Conceivably, local would have a better understanding of my market but at the end of the day, numbers are numbers...   PM me if you have any recommendations local or not.

Hello BP, anyone have tried and true recommendations for private money and hard money lenders in the ABE Allentown, PA area? Specifically for BRRR. Seems there are a lot of regional lenders but am looking for people with positive experiences and numbers to use as reference. Any suggestions are much appreciated.

Thanks for the feedback everyone.  Appreciate it. 

@Matt A. I'm always down for some coffee. I'll PM you soon and we can talk shop. 

Hi BP, I am an investor in the Allentown, PA area and am just starting a direct mail campaign. I've listened to many of the BP Podcasts and have heard so much good information on so many topics that it's been hard to retain it all. 

Now it's time to put my knowledge to the test and I'm drawing a blank.  Specifically, I'm looking for the best initial interview questions when taking phone calls from motivated sellers (or just plain weirdos) who are responding to my direct mail marketing campaign.   Any suggestions from the experienced here at BP is much appreciated. 

Hi everyone -  We purchased a foreclosure a month ago and just completed the rehab.  The last step was getting the oil  furnace repaired which is responsible for heating the hot water (coil).  This finally happened yesterday.  When I went to the property today to check things out, I turned on the kitchen sink to run the hot water and it was instantly like I was in a sauna! There was scalding hot water pouring from the tap and steaming up all around the sink!  

This is obviously a great concern for my tenants safety.  She is scheduled to move in next weekend and has 2 young children.  I did some investigation online and from what I read, there doesn't seem to be a way turn down the tap water temperature without it affecting the temp of the water feeding the radiators.  

Does anyone have experience or guidance on how to fix this potentially hazardous situation?  Thanks.

So, my lender offers an escrow for the repairs - not ideal, but certainly a last resort. Now I have a bigger hang-up. There is a one-liner in the SAGE Acquisitions / HUD contract that is requiring a letter of commitment from my lender, in addition to the prequalification letter.

My lender is saying they cannot provide a letter of commitment until post-underwriting.  How do I navigate throughTHIS one?!?

@Percy N. thanks and will keep you posted.

@Greg H. : when utilities are turned off by FSM, is that typically done at the street or at the houses main valve? I'm wondering if on at the street and off at the main would be sufficient to qualify as 'utilities on' until closing

5/2016 is the date of the property report. I don't know right now when it was winterized. I'm using conventional financing since I'm not eligible for an FHA as we closed on another property earlier this year. My lender says the utilities must be on for the appraisal.... I could potentially get my plumber buddy in their to do the work but that rubs we wrong without owning the place first, obviously... Do you know if that is even an option in most cases?

Thanks for the feedback Scott.  

Hi Everyone - I was notified today that HUD accepted our bid. When we looked at the property, it was clearly winterized and documented as such. I noticed the pipes were intentionally disconnected at the meter and other low point to allow the water to be properly drained when winterized.

 The property disclosure states 'Water failed pressure test' as I've seen on most of them.  Does this mean that it legitimately has leaks or is that a boiler plate they put on for winterized properties since they can't actually turn the water on?   Our lender says we need the utilities on for the appraisal, so this could pose problems...  anyone know the best way to approach this?