All Forum Posts by: Jimmy Dudley

It can be used for business occupied real estate purchases. So perhaps a mixed use building. SBA has a lender match tool that can connect you to lenders in your community. 

Thanks for sharing your nightmare. I always try and explain to clients what may be involved when the property is controlled by hysterical preservation office; I mean historical. I call these properties landmines; because they sit on the market for years and wait for some unsuspecting victim to put their foot down. 

I have seen it dozens of times. Like Jay Hinrichs said, often it is the guys on the crew who steal form the job site. Some may say that it is part of the cost of doing business, but I had a friend who had the copper wires stripped from his $2 million dollar house during construction. Will something like Simpli Safe help? Maybe but odds are if they work on the site they will know you have it and cover their faces, they might even steal the cameras too. Jay was right if you are in a bad area don't install until you have somebody living there. 

Talk to an attorney, especially if you have a friend who is an attorney who will chat about it over a cup of coffee. Look you have a couple options none of them are great. I would contact the manufacturer and ensure you got the whole story, odds are you didn't. I have done plenty of kitchens and you are probably not going to able to "buff it out." So take the total cost of the counter tops add removal add new counter tops and new install and you have your loss. Now with that in mind try to go to your contractor and convince him to make it right. Even if you win in court you haven't really won anything, so your best option is to get the contractor to help you out. 

Wait all those hours spent watching HGTV were wasted? 

At least there are a lot of homes for sale mid "flip." The sellers are broke and desperate. So like everything in a market economy some people have opportunities from others mistakes. 

Wait a minute guys. This is a one bed one bath apartment we are talking about here. She is willing to give you the money up front because nobody in their right mind would consider it any other way. Could she blow her savings, sure do you care NO. You have her money up front. Now if you live in an area where evictions are a nightmare that is a factor to consider. But so is a years worth of rent up front (think about the boost to your balance sheet). It is only a one bed one bath not a house that could be trashed. 

Home Run! People often overlook the larger lots with multiple dwellings and the multi lot offerings. 

Have a clause putting the onus on the tenant to be insured, then make sure YOU are properly insured. I would speak with an insurance broker you trust and look at how you are currently insured and where you want to be. 

You can peek in windows. Is it trespassing? Maybe, you may find yourself in a very dangerous situation. But the better question is what are you learning? I have been to many houses where the windows are papered over. The thing about betting, whether in Vegas or down the street, is you have to have deep pockets and system. If you have the cash to deal with:  A house that has had too many animals, either pets or infestation, Mold / Grow operation, Squatters/ human waste/ house stripped of all copper plumbing and wire, Caveats/ liens against the property that have to be paid prior to change of title, and afterwards not be financially ruined then go for it. 

I like the point Cara Lonsdale makes, buy properties with tenants already in place. It buys you 75% of the rental income for consideration.