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All Forum Posts by: Lauren B.

Lauren B. has started 9 posts and replied 159 times.

Post: Closing on the house without keys from Seller

Lauren B.Posted
  • Asheville, NC
  • Posts 170
  • Votes 242
“This relative actually bought the house in the owner's name” So you know the seller is cutting out the relative “who bought the house” (your words) , yes? Did he/she pay the mortgage, and put money down? and the seller is cutting him out and you know this? Bad karma. I’d fight tooth and nail also. Is it occupied? (I’d love to hear what happens when you close and try to evict them - the relative. )
First day on the market and my flip (20yr old doublewide) has an offer $10k over asking. Yeay! The clincher - it’s an FHA loan. Does anyone have experience with FHA and mobile homes? It’s on a permanent foundation. I don’t want to be saddled with repairs or have it possibly go back on the market, especially since it’s priced on the high end (most comps are original and not renovated ). Should I hold out for a conventional loan? It’s not even been a day. The buyer wants an answer tomorrow.

Post: should I rent to a family with 4 dogs?

Lauren B.Posted
  • Asheville, NC
  • Posts 170
  • Votes 242
One very popular dog bite website (sponsored by a dog bite lawyer) will convince you pit bulls are man eaters. Actual facts prove BSL is founded in fear without fact based evidence. https://www.avma.org/KB/Resources/LiteratureReviews/Pages/The-Role-of-Breed-in-Dog-Bite-Risk-and-Prevention.aspx “Pit bulls will destroy your house” Animals in general will destroy your house more than having no animals. There is zero evidence that Pit bulls will destroy your house more than a retriever or similar sized dog. Insurance is another matter entirely. You can’t change the fact that your insurer may prevent you from renting to someone with a pit bull or other breed. I had been involved in animal rescue for a few years in a low income rural community. Before I got to know pit bulls, I too ( mistakenly ) believed pit bulls to be a dangerous breed, but I had no actual facts to base that on - just scary headlines.

Post: Using a Contractor to do Inspection

Lauren B.Posted
  • Asheville, NC
  • Posts 170
  • Votes 242

Inspectors don’t literally write checks. Their insurance companies do.  I’m not saying they hand them out like candy, but that is their job. Just because they say they don’t warrant it, doesn’t mean that in all states that will hold up in a court of law. A Google search will give you plenty of examples. 

The Op asked about hiring an inspector or contractor for a house “he plans to flip”. 

I wasn’t under the impression he was asking about if he should drag a contractor or inspector to 50 properties.  At some point, the investor needs to be able to evaluate properties  on their own and rely on a professional opinion when they feel good about a property.  

It’s my opinion that an inspector will be more thorough and has more at risk to be thorough. It costs more; so that’s a personal decision each individual needs to make. Ideally I would have an inspector for each deal. Realistically that is sometimes not possible. If my margins were thin, I would do both. If I knew the contractor intimately and trusted him 100% I’d be more inclined to forego inspection. If I found the dude on CL and never worked with him before, I wouldn’t even bother.  It’s not a one size fits all solution. 

For Me personally - I have enough room so that any issues or surprises won't kill my deal. I'm not always hiring an inspector before I buy , due to time constraints and some sellers not being so cooperative. My current project was a distressed property and I didn't even have a contract and scheduled closing anyway because she was about to lose her house. I didn't even know til the night before if she would show up for closing. (Closed in 6 days). Getting her to allow an inspector or contractor would have been impossible. I got the house for 30% of ARV so I have some room for the unexpected.

I will pay for an inspector anyway before listing so I am aware of what might come up and so deals don’t fall through when under contract. May as well do it before and just pay for a follow up. Just my $.02. 

Post: Using a Contractor to do Inspection

Lauren B.Posted
  • Asheville, NC
  • Posts 170
  • Votes 242
If you are just looking for a rough estimate of cost the contractor will be fine. If you want an actual inspection, hire an inspector. They will document and note EVERY LITTLE THING. and they have E&O insurance (or something like that ) just in case something catastrophic is missed. If your contractor missed a foundation issue that’s going to cost $50k to fix, your contractor will be excitedly awaiting the check you’re about to write him or her. If an inspector misses that, they could be writing you a check instead.

Post: Foreclosure with equity left in home.

Lauren B.Posted
  • Asheville, NC
  • Posts 170
  • Votes 242
I’m confused - hopefully someone more experienced can weigh in - Why would a bank take less than is owed on the mortgage if the property is worth 10’s of thousands more? Ie, a house is worth $100,000. Seller owes $60k and you want to offer the bank 40-50k... why would they do a short sale? If there are thousands in equity, just bring the note current and buy it subject to the mortgage. something smells fishy. Did you pay for this secret list?

Post: Home owner was willed the home & can't afford to probate the will

Lauren B.Posted
  • Asheville, NC
  • Posts 170
  • Votes 242
You can get under contract with her and pay a lawyer to probate the estate. Just make sure she’s really the only one to inherit ; otherwise you have a contract with just one of the owners.
No one has yet to ask what the year of it is. That’s critical. If it’s a 2017 for $50k that’s pretty good. If it’s 1997 that’s awful. I like mobiles. Buy a newer one that’s repo’ed for 20-30k , put it on your own land and sell it before it’s 20 yrs old. As mentioned above, you could have trouble subletting it and you need to discuss that with the park before you buy it. I would not walk away from a deal like this, although I would not take this deal. Eventually you’ll find an owner Who cannot make lot rent , is facing eviction and absolutely must sell. Then you can find a deal. If they can not afford $500/mo lot rent, they won’t be able to afford to move it. I like newer mobile homes because they came from a factory and you can typically reply on the electrical, plumbing and systems. you don’t have to deal with asbestos, lead pipes, old furnaces, knob and tube etc. They’re cheaper than stick built and get about the same rent in my area.

Post: Bandit Signs and Atlanta Phone Number

Lauren B.Posted
  • Asheville, NC
  • Posts 170
  • Votes 242
I use sideline. Used to be free but now it’s $10/mo.

Post: Auction, Title Insurance, and Quit Claim Deed

Lauren B.Posted
  • Asheville, NC
  • Posts 170
  • Votes 242
You need to hire a lawyer to do a quiet title action - basically asking the court to rule that the current owner is the legal owner. If the prior owner wasn’t properly notified about the foreclosure (in N.C. they send notice certified mail with signature required and the signature card goes in foreclosure file). If an address can’t be found , notice by newspaper publication is also acceptable. Get a lawyer. Or keep the property.