All Forum Posts by: Account Closed

Looking to fund an Atlanta rehab / update property by end of next week on a quick cash close.  No Rental properties.  No listed properties.  No properties with an ask price of what the same houses on the block is selling retail for.  Looking for a decent deal that needs work and a quick fund.  Thank you.

I'm with most others here.  You have a tenant that you state is a clean freak and didn't bring cockroaches with her.  I'd oblige her and replace the oven.  Not asking too much for a clean freak that pays on time.  Or she could move and you could rent to those missing cockroaches.   BUT I would do a stringent internet search to find a scratch and dent (dents or scratches are normally on the sides where they can't be seen) or discontinued stoves.  You can find a $900 stove for $350 bucks, I've done it many times.   I have a built in oven / microwave combo, dumbest thing I've ever seen.  $3,000 to $5,000 new.  I found a discontinued (new old stock) for $1,100 that was originally $3,800.  A nice stove you can find cheap if you look and it would solve all problems.

Chris,  if it was 3 or 4 inch like it should be, then the camera would have gotten through.   Should be doesn't mean it was installed correctly.  Being in Detroit, we have a lot of old houses here, never seen one that didn't have an access to snake the main.  If it's behind drywall then you have to open the wall to do the job correctly, you don't leave a leaking pipe leaking because it's behind drywall and finding it's very easy.

Bring in cats.  Let them pee on rugs.

On a serious note.  Get a hand pump yard sprayer, fill it with straight white vinegar and spray every bit of the carpet.    This will neutralize the smells along with killing bacteria.  A cheap sure way to get the stink out.    But, unless your renting to meth heads, why wouldn't you replace the carpet?  Sounds like it's old trash and needs to be replaced.

Whether he's screwing you or not who knows but he doesn't sound like he knows what he's doing.  All houses have capped access pipes to the main sewer, going through the toilet sounds like blowing air into the glove box in order to fill up the tires.   How can he say it's scaled if he can't get around the toilet pipe bend?  Of course that will be, what matters is how much blockage the main sewage pipe has going to the sewer line out back, that's the only thing that matters.  Bite the bullet and get a reputable contractor out there so you know factually what your dealing with.

As to paying him up front, contractors get screwed all the time so a deposit is in my opinion necessary but I'd surely never pay a guy in full before starting because homeowners get screwed by stupid complacent contractors all the time.

Derrick,  I've experienced this in the past and is why I've never dealt with realtors since.  You can and do very well but know that you need to find that one agent that will work with you.  Being a cash buyer with fast closings will help.  I'd suggest dealing with an reo agent as they get paid X no matter what it sells for if they are listing agent and have no problems calling agents to place offers for you.

The big issue here is its literally against the law for an agent to refuse to place an offer for you, they must submit ALL offers to the seller.  One that won't is subject to fines and losing license if they are regular at doing this.

Looking for a data service company that can provide national (or individual statewide) data on commercial mortgage notes that include Lis Pendens, Notice of Default, Tax Forfeiture notices prior to losing in tax sale and foreclosure notices on "Private Companies".  Foreclosure notices being the least important.

I've spoken to Trepp, CoreLogic, national title companies and many others, all of these companies provide at least some type of data on publicly traded companies which is about 10% of the market and one we don't want because these are normally in a CMBS that cannot be broken out.

If you know of one please let me know.

Why do you care?  I buy lots of dflt notes with rolling 90s and 120s but they pay.  With the late fee they pay more.  Late or not I still get it.  Predicated on your bldg location and condition maybe this isn't such a bad thing.  You could evict, re-rent and find the new tenant has a meth lab.  Take the rolling lates with the late fee and focus on improvements that'll demand higher rents in the future.

Too vague.  Detroit isn't zip code run, it's block by block, literally.  Only exception to that rule is if the property is in one of the college districts or edison district etc., or downtown which unless you have $50mm your not touching.  Outside of that you need to know this market or you will absolutely be screwed.  I have people email properties in Detroit for $70,000, Great Deal they say.  I comp it out and the house next door in much better condition just sold for $12,000.  Or the "Rented for $900 a Month" approach.  Sure, just rented to a homeless guy last week and the first payment won't be made and google earth will not help you here, you have to know what sold in the last 6 months and physically drive the property yourself.  If you don't know Detroit or if your relying on some "experienced" eyes, the only experience your going to get is watching your money be gone forever.   Yes Detroit is coming back (Downtown) and if your not hands on here in the city you are going to lose.  

I've taken paint off the wall by cutting a 1 inch by 1 inch piece of drywall out, a patch job was easier than repainting the entire thing.  HD matched the paint perfectly.  But, fact is, if you want a "technical" job done properly, you can't go to home depot where a kid was just hired in hopes the computer get's it right, it normally doesn't.   Go to a long standing independent paint store where they know what they are doing all the time.  Any paint, no matter who makes it can be matched to any color even if the original was Bob's Slap It On from 1972, it can be matched by a professional.   Unfortunately for you, you hired the kid that just got fired for taking a bath in the kitchen sink at burger king.