All Forum Posts by: Megan Phillips

I think I've found what it is: International Paper Masonite Omniwood - the bad part is there was a class action lawsuit against this siding type, I think because of poor quality and not being able to stand up to the 30-year warranty. It's no longer made (no wonder I can't find it) as far as I can tell.

I'll have to find a "close enough" size and just put it on even if it's different. Oh well.

I know someone on here will know this: I'm trying to find siding online  to replace some old and rotting siding,  but I'm not sure exactly what it is. I'm assuming it's fiber cement, but I've never had fiber cement siding before, so who knows. It's brown and reminds me of finer pieces of OSB board.

It's smooth (no fake grain lines) and measures around 8.75inches, maybe a touch wider. 

When I look online, the widest I see is 8.25 inches (hardie). I checked Home Depot, they had only an even smaller width in store. 

If I can figure out how to add a picture from my phone I will, or I'll definitely add tomorrow. 

Is there wider fiber cement siding available online somewhere? 

Also, someone at BP should start a DIY forum. 

Agree - tons of free info on here/youtube. There are several webinars/videos going through deal analysis.

Once you know how to use the calculators on here,  practice on zillow prices.

I don't agree that it's a bait and switch - a complete PITA and frustrating - totally.

The owner can initialize sale of the property during any point of the pre-foreclosure/default process up until a certain date, as I understand it. They set their price, and accept an offer. The bank still has the final say in what the final acceptable price is. It's completely standard for a bank to potentially give a counter offer. 

I would call the bank personally and ask about the comps and BPO information. They want some money instead of no money, they may work with you on price - unless their price is actually correct and other buyers will go for it.

Just wondering: Is the bank price fair? Was the offer of 175k low? How much does the owner still have on the lien? Short sales are interesting and the ability to maneuver through them seems like it can be tricky.

During a short sale, the banks are allowed to conduct market analysis and get an appraisal to determine if your offer should be countered with a higher price. 

On one of the podcasts someone mentioned that they actually pay the PM company a higher fee when they get tenants to renew rather than turn over the units, it's an incentive to keep tenants as opposed to having a vacancy period and all that. Not a bad idea because everyone gets more money.

I'm sure you are aware that if you refinance into a conventional loan - you're then able to re-use an FHA loan and put 3.5% down again for the next property. For what you want to do (another rehab/flip), I think that may be work better for you than a HELOC, as you'd have to put down 20-25% on another property if you've already got an FHA. As someone mentioned though, you need to verify if you've had the loan long enough to be able to refi it out of FHA... I don't know what those rules/regs are though, maybe you'd just have to speak to multiple banks.

It won't let me tag Joseph the lender above - but I'd be interested in knowing more about the FHA refi regs and why you can't refi into a conventional mortgage??

Top 10 BP podcast

All right - it's been about 6 months since the meet up at 14th Star in St. Albans --- this time we can do it in Burlington. 

Barnyard has great beer selections and good food also (specialize in wood fired pizza), and I'm assuming we should be able to reserve an area for ourselves when it's early in the week, if the weather's nice they also have an outdoor seating area.

Just meeting up and having some introductions and making some connections. 

If you're looking for a contractor, let people know. If you've got a property to sell, want to buy, etc, let people know. We'll make introductions and talk about what we've done and where we want to go and what we need help with, and what we can help others with.

All levels of real estate experience (or lack thereof) welcome... realtors, investors, contractors, lenders, handymen/women, painters,  etc etc

Also bring ideas for the next meet up local.

Please invite anyone else on BP that I'm not connected with as well as anyone else that has any RE interest or skills!

@Samantha Hiscock  @Blair Knowles @Ben Granja @Eva Morel @Steven Gruner 

@Amy Paradis @Matt Vezina @Shane Brown @Tom S.

What's the quote? "Banks only lend you money once you convince them that you don't need it."