All Forum Posts by: Marc Desrosiers

There are deals around. When I was looking for my next project I tried to use comps before this Covid stuff. Took a little longer but I was able to get one under contract for a price that I felt was bought right.

Try looking at what comps would have been q4 2019- q1 2020.

I like taking advantage of the 0% interest that the orange home store has on their credit card on purchases over $299 for 6 months. 
You can even buy gift cards. I do it all the time. If I’m $20 short I’ll add a $20 gift card and use that first the next time. 

@Daniel P Buteau

There should be contact info at the tax assessors office. Then give them a call.

Might be vacant so long because the family is trying to settle the estate. 

City/Town Hall either at the tax assessor’s office or for a more detailed look go to the clerk’s office and look at the book/page records. 
While your there go to the building inspector’s office and see if any work had been done. Sometimes they have the blueprints, location of the septic system or sewer line or a bunch of other helpful info. 

Like said above you could waive inspection contingencies. No doubt that’s what cash buyers are doing. That’s what I do as a buyer with a 4 week close.

As a seller I would take a slightly lower offer if no contingencies.

With that said I’m talking about inspection contingencies and not mortgage contingency.

With the mortgage contingency you are kind of sort of getting an inspection since the lender will want to protect their investment. If the lender does the appraisal and sees something you could back out of the deal if they won’t give you a mortgage commitment letter.

You said it’s sold as is. You cancelled the contract. Then the buyer waived inspection. 

An FHA inspection isn't the same as a home inspection. I did the same BS with a condo. Waived inspection on the P&S but bank still wants to protect their investment. So it gets appraised or essentially inspected to a basic point. Waived mortgage contingency is a different story.

I’ve asked for a copy of a second appraisal I have personally paid. Was told no

With the amount of multi families in my area I've always thought about buying one, creating an HOA, and flipping each unit separately.

I got started by buying my first house while working full time. Took a little over a year to get it done while living in it. Went 6 months without a kitchen haha

That orange Home store funded the whole thing with a consumer credit card. Just gotta make sure you take full advantage of the 0% interest if over $299 for 6 months.

Seller financing for sure. If they'd go for that. Offer them 2 points up front, get a contract at a price that works for everyone. If the owner is cash strapped maybe that deposit up front could sway them and you'd avoid the high interest of a HML with the same up front costs.

But it seems to me your emotionally invested in this place. That’s a bad place to be investing in real estate.

I’d want to know if I was subbing the work out so it could be addressed and not happen on future projects.

On a side note when you said reseal the toilet you mean pulled the toilet and installed a new wax ring and not just caulking the bottom right? 
Wrong wax ring would be likely for if they didn’t know what they were doing. They go to tile the floor, pull the toilet, lay tile, then use the standard wax ring....it’s not tall enough.