All Forum Posts by: Mindy Jensen

Is this the total electric bill or just the bill for the heater? I live in a state where it is legal to grow. Maybe they are growing things they shouldn't be?

I put LP Smartside on my house and it looks fantastic. I would recommend it in a heartbeat. Keep a few extra boards in the attic just in case, but unless a car hits your house, I think you will be fine. 

It will look 1000 times better than vinyl siding and have none of the problems. A house in my area sold last fall for a ridiculous amount of money. The flipper had painted the siding a dark red, and it is now buckling and bowing, even popping out completely in some places thanks to our intense sun. If I were the owners of the house, I would be extremely upset. I don't know why he painted it, and it looks like it was painted. The Smartside just looks beautiful. Good luck!

The best time to make low-ball offers is when it is bank owned. Don't feel guilty, and don't let your agent make you feel bad. Your agent is required, by law, to present the offer you want to make. She can give guidance if she has a buyers agency agreement with you, but if you stick to your guns, she has to make the offer. (At least she does in CO, check with your own state.)

Like @Joe Moore said, if it has been on the market for a while, they will be more agreeable to lower offers.

My own house was a Fannie Mae Homepath property. I made a relatively low-ball offer because it was ugly and had been sitting on the market during a super rush time. 

They did accept my crap offer over another offer because I was going to be owner-occupied. 

Good luck!

I love to share what I know because I know there is a ton I DON'T know, and I can always find an answer on BP.

@Robert Obniski Go to Tile Outlet. You know those cheesy commercials? Tile Outlet. 2444 W. Fullerton in Chicago. Just three blocks west of the Kennedy Expressway. 

They have an absolutely amazing selection of tile, at ridiculous prices. I have since moved from the Chicago area, where I did a ton of flipping. I never bought anywhere else. Worth the trip, but call to check their hours. I can't remember when they are open, but I think I remember weird hours, like closed on weekends or something. Don't quote me.

@Steve Babiak Thanks for the reply. I will let her decide how many installments she would like. Good idea.

@Steve Vaughan Thanks for responding. I would absolutely set this up through an attorney. And the land contract would be a two-day deal, just spread out over two years. Actually probably three day deal because Jan. 1 is a holiday. 

But that is a great point, it only takes a second to die, even if it is a three day deal, she could still pass away in the middle of it. 

I may have the opportunity to purchase a 4-plex in my desired area. When I spoke to the owner on the phone, she expressed a desire to avoid capital gains taxes.

She has owned this place since 1975, when she paid $67,000 for it. I can see it selling easily for $500,000. That is a lot of capital gains taxes to pay.

She is an older woman who owns two 4-plexes in my area, which is ultra super red-hot. I think she wants to get rid of the second 4-plex and just own the one she lives in.

I know a bit about 1031 exchanges, but I don't think this is the route she wants to go.

I am going to offer a land contract, with two payments, December 31 and January 1, to spread out the tax obligations over two years, but thought I would pose the question to the you and see if there are any other ideas. 

This transaction would take place in Colorado.

Thanks!

@Account Closed That is exactly what happened here. Absolutely everything looks thrown together. It is sad, really, and gives flipping a bad name. 

I saw a house today that blew my mind - but not in a good way. The trim looked horrible, the kitchen looked thrown together at the last minute, the bathrooms looked "almost."

This house is a full priced fixer upper. 

I'll throw out a tip, and would love to hear others.

Caulk is your best friend. Make sure you use paintable caulk, and caulk all gaps. The gap between the trim and wall. The gaps between the trim and doorframe. The seams in the trim when one piece isn't long enough for the wall.

Would love to hear what you do to make your flip look complete.