All Forum Posts by: Greg H.

This will never happen.  A sales tax would lessen the control the government has over it's citizens of which politicians on both sides would ultimately not be in favor of

Impossible to give a blanket answer. I can think of dozens of questions that would need to be answered. Seller? Days on market? Did the seller list for 100% of appraised value? Listed in MLS? After repaired value? Current value? These would be among the questions

Personally, I live in a home that is just now a year old and have a summer home that is 102.  Both are solid as can be.  I have flipped and rented houses in between those numbers for 30+ years.  The most important thing to me is no water penetration.  Water is the devil to homes by destroying anything from foundations to framing to subfloors

My guess is the PM is offering you a change to relocate and not planning on paying you $10,000 to do so.  Not knowing your location, any relocation assistance is most likely based on being a forced relocation.  

For $10,000, I would move in a heartbeat if offered and continue to move monthly if offered :)

So the tenant used the Pauper's Affidavit to appeal claiming they had no money correct?  They still are required to deposit one month's rent to the court within 5 days and continue to pay rent to the court monthly.  Has this been done?

From a buyer’s perspective, I would want the deposit transferred to me. As long as the tenant is still in possession of the property at closing, the new owner would be responsible for accounting of the deposit and the liability of not doing so within the state required timeframe. 

If you desire to keep the deposit, I would delay closing until you can deliver the property vacant 

 So I only go with what I know and I fully acknowledge the laws are different in different states and in Canada.  So with the hourly rate scenario, if they don't pay you would seek a judgement.  However judgement do not attach to one's homestead in Texas.  I can own a million dollar home with many judgement and decide to sell and the judgments will not be collected.  So as you can now see this is a no go in my world

Several points but no this is not the future of home flipping:

-With your presentation, you pointed out all of the costs of selling with the conventional way of flipping but omitted them with your method.  Those costs still exist

- Your scenario was a 250k property that with light reno which became a 100k reno was worth 500k.  Not a realistic model but I will take all the 250k properties that are worth 500k

-Now to the legal part. How is one to protect themselves when a seller changes their mind after the reno? Your "building relationships" answer does not work when things go south. I flip primarily in Texas where a seller/owner has strong homestead protections. Unless one goes the lien route, it would be very difficult and costly to recoup your costs if the seller refuses to sell. Just add you to the title? Other issues arise there such a holding times with certain types of financing as title has changed hands(FHA Anti-flip rule comes to mind). Go the lien route, one would have to foreclose which fortunately is not difficult in Texas but may take a year or so in other judicial states. What if the owner declares bankruptcy?

The bottom line is not taking title and having full control is loaded with pitfalls.  I would be surprised if any experienced flipper would go this route and no inexperienced flipper should even consider it

I have been at this for 30+ years now and I have taken a couple of breaks over the years mostly due to the market.  2009 was a slow one mostly due to the market and somewhat due to a divorce.  The best advice I can give any investor is not to force a deal just to have a deal.  Only lost money on 1 deal in my career and it was less than $2000 and I would say it was a successful deal considering the situation

Am I on a break now?  Probably.  2017-2022 were fantastic years for me.  30+ deals per year in 24 states.  I enjoyed the heck out of jumping on a plane several times a month.  However most deals I come across currently they are still wanting last years prices in today's market.  Not going to happen with me.  Playing a lot of golf and travelling is fun but I will admit to being a little bored.  The market will turn again and I will be ready.  In the meantime I am just trying to keep my contractor busy

What benefit is that to them?  Most contractors work project to project and do not have the ability nor desire to float the cost of materials or labor