All Forum Posts by: Lilly Fang

 The solar power costs $200 a month, it's about 1000 kwh output. A home of size probably only uses 300 kwh (my house is 2000 SF and we use about 500 kwh a month in average, which is about $160 a month). I would rather the solar company remove it.

If we buy a foreclosed house from the bank, but the house has a solar lease on it, do we have to take over the lease?

I was planning to buy the house to prevent it from foreclosure but decided to pass it after reading its solar lease term carefully.

The term says that the owner must pay for all the electricity the panel produces. This is an 1190 s.f. house. and the panels produce about 1000kwh a month. sell is paying $200 a month no matter whether he uses the power or not! I can't take over this lease as a rental. I will pass on the house and let it go foreclosure, but not sure what happen to the solar lease after it's foreclosed.

I hope the foreclosure will get rid of this solar lease, then I can contact the bank directly. I am usually for solar, but this one is excessive. If it produces 400kwh a month and I can pass it to my tenant, but 1000 kwh, no way, unless the tenant has an EV.

Thank you, everyone. I will pass this.

 what may cause the earth movement? I live very close to this house, just hope it's not gonna be a problem for this area. Hope it won't happen to my own house.

I am interested in a house with foundation problems. It's a 1300 s.f house built in 1973, no basement, slab foundation. The document shows that the seller paid $27000 in 2022 for 8 eccentric pier installation, 20 carbon fiber grid stitching, 160 polyurethane injection, and permit, with 25 year warranty. Then in 8/2023, another polyurethane injection for $2000, 11/2023 concrete lifting for $2000, now another bid of $7500 for repair, the note says: Install Carbon Fiber Stitches to repair wall crack. Carbon Fiber stitches are meant to stabilize only. Correction cannot be attempted.

I guess finally the seller had enough of the repair and now put the house on the market for a discounted price.

I don't mind paying for repair, but am concerned about ongoing issues. Do you see any problem with this repair pattern?

It would be a good flip, but I don't want to flip a house then the foundation problems come up in 2 years and drag me to some lawsuit. It can be nice long-term rental as well.

Thank you everyone for those great suggestions! 

I have always liked to give a new life to an ugly house. Flipping is a perfect "career" and "hobby" for me. However, I don't really like always flipping since my goal is to have a passive income flow so that I don't have to work on my full-time job. I have never done a flip, only did a remodeling of my primary residence. The market is tough with such a high-interest rate, but I have to start somewhere. Fortunately, I have a day job to finance the project.

In our area, it's really hard to have positive cash flow for a rental in a B+ area. Well, in California in general. I plan to lose a few hundred a month but hopefully will be balanced out by my other rental's positive cash flow.

I just gave an offer for a 4 bedroom/2.5 bath 2050 s.f SFH house, 450k, 8000 s.f lot, built in 1973. This house needs new paint, floor, popcorn ceiling removal, and a new kitchen and bathroom if a flip. questions:

1. how much is it to replace windows? is it necessary to replace windows? The windows are original, single pane windows, 7 big windows, 3 small bathroom windows, 1 slide door.

2. A house nearby was sold for 420k earlier this year and flipped (3 bedroom, 1600 s.f. 10000 s.f. lot, currently on the market for 649k. I don't think it will sell at that price. I would price this house for 599k for a quick sale. The problem of this area is that this is an older. established area of this town. 4 miles away is a huge new development area with lots of new houses selling for 650k for a 4 bedroom house, 4000 s.f. lot. Will an older, newly flipped house have a market? The new house does have 5k mello roos/year.

3. should I just hold it as a rental? leave the kitchen and bathroom as is, and rent it out. Probably rent is to be $2800/month. Hold it until the market is more clear and then do the flip.

will it be cheaper to buy a manufactured little home to put on your land as an ADU? will it be cheaper than building from scratch?

Thank you, everyone. I will just offer them 400k that I think this house is worth. 

plan is to spend 20k-30k to make it a decent rental.