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All Forum Posts by: Lisa Wright

Lisa Wright has started 9 posts and replied 66 times.

Post: PEX Protection Ideas - Rodents in crawlspace with galvanized pipe

Lisa WrightPosted
  • Real Estate Agent
  • Metro Detroit
  • Posts 66
  • Votes 28

I didn't even consider that rodents might chew it.    A quick google says that it can get chewed through.  I wonder about doing copper under the home and pex inside the walls.  Or doing regular treatments down there with ammonia or moth balls so no one sets up house if there is an issue in the area.  
If there is no issue I'd make sure it's secure and watch for activity.  

hmmm.  I can't wait to see what the pros say. 

Post: Buying with a home equity loan

Lisa WrightPosted
  • Real Estate Agent
  • Metro Detroit
  • Posts 66
  • Votes 28

I feel like I'm doing way too much due diligence before its even under contract.  Sometimes you meet a house and you gotta have it.  I'm going to drop the ball are hard negotiations here.  I want it to much. :(

Post: Cash-Out Refinance For 2nd Home

Lisa WrightPosted
  • Real Estate Agent
  • Metro Detroit
  • Posts 66
  • Votes 28

After 30 phone calls I found Discover loans.

im pulling a home equity to use as a bridge.  

i have extenuating circumstances so basically start calling around and see what will work.

Post: How to find Condos that you can rent out?

Lisa WrightPosted
  • Real Estate Agent
  • Metro Detroit
  • Posts 66
  • Votes 28

I havent worked w a lot of condos but in Michigan, so far, ive found HOA rules like:

only 10% of community can be rentals. And owner but have lived there for 2 years prior to renting.

Plus they limit signage and open houses and charge that monthly fee. 

Post: Buying with a home equity loan

Lisa WrightPosted
  • Real Estate Agent
  • Metro Detroit
  • Posts 66
  • Votes 28

Only what I don't use to pay off?  So what I walk away with in my pocket.  That seems fair if I understand correctly. 

Post: Negotiating while under contract (after offer accepted)

Lisa WrightPosted
  • Real Estate Agent
  • Metro Detroit
  • Posts 66
  • Votes 28

This is true.  But the house should be priced accordingly.  If everything is dated I'm not going to list at the same price point and a renovated home.  So if I've already marked it down $20,000 I wouldn't offer a concession on something that was evident or disclosed.  If its something we missed, then yeah.  

But that avocado fridge is gonna work for another hundred years. 

Post: Buying with a home equity loan

Lisa WrightPosted
  • Real Estate Agent
  • Metro Detroit
  • Posts 66
  • Votes 28

Hiya,

I'm waiting for approval for an equity loan to purchase a house.  It's pretty beat up so I need the gap before moving in. My plan is to sell this in Spring when the market kicks back in.  

Am I going to get tagged with capital gains because I'm not immediately rolling sale proceeds into the new property?  I've been here 5 years, and plan to pay off the loans in full when I sell my current.  (probably obvious but so you have the info).

I could go on about the loan and how annoying that process is.  No pre approval letter so I can't put an offer in, but that is a whole rant...

Thank you- Lisa 

Post: How to encourage hoarder to sell while they drag their feet?

Lisa WrightPosted
  • Real Estate Agent
  • Metro Detroit
  • Posts 66
  • Votes 28

Hoarders wont part with their stuff. They think its valuable.

Try offering the have movers pack everything up and throw in a 6 months of storage near their home.

I've run into it a few times and its been not productive. 

Post: best smart locks for multifamily properties ?

Lisa WrightPosted
  • Real Estate Agent
  • Metro Detroit
  • Posts 66
  • Votes 28

https://www.homedepot.com/p/Sc...
The Camelot Schlage is electronice with a key bypass.  You need to make sure you get the one without the deadbolt option so they can't leave it unlocked.  (the deadbolt one is the one that pops up most often.  Link is to the one without). 
It's easy to install, easy to change the code and locks automatically.

Also works left or right swing door.  

Quote from @Raven Starr:

Would you go through with a deal if the sellers counter offer states that they will not provide a disclosure statement? (According to their counter, it's not mandatory since its over 4 units). I'm interested to know if you've ever accepted an offer like that and if your own due diligence was suffice. Mahalo

Ive been seeing a lot of homes where an investor buys to quick flip an so the disclosure is blank- never lived there.
Hire a great inspector.