All Forum Posts by: Kalimah Jenkins

Formerly Cap One Venture because all spending is rewarded at 2 points. Recently, SPG AMEX and MARRIOTT rewards because I was chasing the Southwest Companion pass. Just earned it and now have 2 for 1 travel for the next two years. Have to now think of what's the best card going forward. I don't carry balances so rewards are key.

@Angelo C. and @Wayne Brooks Thank you both. I've had situations where FHA came in slightly lower but it is of no moment. My initial play was to get out NOW. Clean and functional. I just needed you guys to help me convince my business partner. He's on board now and we will move forward with a 2 week timeline.

Thanks.

I would dispute it and get an attorney if necessary. You may also want to get your title company involved. Only parties in the chain of title can create an event that will trigger a lien. I understand that Atlanta tries this all of the time but I don't believe it's legal.

@Angelo C. In my experience, it seems as though FHA appraisals come in lower. Given that there are comps that support a higher price, I thought if we didn't go with an FHA buyer, we may have a better chance of it appraising higher.

In truth though, I just want to finish and get out. I want to assume that the FHA appraisal is what we can get and move on.

@Matthew Paul I agree.  I just want to make a little and move on.

I normally improve a little better than the area because I have a 1/2 price materials source.  That way, the DOM is very low.

@Dana Whicker Thanks. Totally agree.

I purchased a property with a partner two months ago. We estimated that we could turn it in 3 months (still on target), but it had some unknowns that we were aware of (behind the walls). We had a contingency but it wasn't enough. So, we took a hit to our budget. However, we would have come out ok save for a recent comp that is going to kill us. It came in $11k less than our target price. It was an FHA appraisal and while there are other higher prices to support our increased price, this new appraisal is in the same subdivision. Also, the townhouses are almost identical in terms of size, etc. Furthermore, the buyer will most likely be FHA because it is a low income area unless an investor buys it for a hold.

My partner (new to flipping) wants to finish the house as planned. New light fixtures, storm doors, faucets, etc. He thinks that an FHA person is going to come along, love it, and pay the difference. I don't even think FHA will loan in that situation. I say that we should just finish it and get out. Take our losses (we will make a very small profit). In other words, dispense with the storm doors, leave the existing faucets, leave the light fixtures. In other words, save as much as we can on materials. Make it clean, functional, make sure everything works, etc.

The recent comp was not a flip and had similar features.  We are also in a very low price point.

Two questions:

1. Your thoughts on finishes

2. I thought of some other options, can you guys think of others?

   a. Rent it out

b. Don't accept an FHA buyer (longer time on market)?

   c. Lease purchase

   d. Sell and get out

   Any help would be appreciated.

Not to mention that the whole point is to bring an undervalued property to the investor. Getting ridiculous. Greedy and lazy.

Jerry Padilla Let's talk. I have two recently seasoned and need a cash out refinance.

This is not intended as a knock on all wholesalers because I have had good experiences with some. However, when does the greed end? Two days ago, I was emailed a property in my target area. I immediately responded and saw the property the next day. I was the second viewing and made a full price offer with no conditions. Now the wholesaler is saying that he will wait a week or so to see what other offers come in. I have no objection to paying a reasonable wholesale fee but it's getting ridiculous. Why should a wholesaler potentially make more money than me because he sent out a couple of letters when I am taking all of the risk? Isn't the point to make sure that you're passing along a good deal? Just venting, but pissed off.

I personally love Cobb. I live here also. Schools are great, rents are high, decent tenants, low days on market, KSU, SPSU, Chat Tech, Life University. No shortage of tenants.

I would also write all of the emails stating "I am writing to memorialize our phone conversation on". As I have agreed to this and you have stated this....Please only respond to this communication in written form.