All Forum Posts by: Minna Reid

How?..With a regular bank loan, when the people called my ad. My bank appraised the house at 190 as-is at the time, if that makes any difference.

I'm with ya!!! LOFL.
Hey wakefield, forget about your realtor finding you any real deals cause its probably just not gonna happen, and find a way to find your own deals.

I am not keeping the property, just selling it. I bought for 162 2 weeks ago, will be marketing for 250 range in 2-3 weeks. Will prospect buyers have a problem with their banks lending on my property due to seasoning issues, or is this not something to worry about ?

r2 - how did I know thats exactly what you'd say?...lol.
wexeter - ouch thats not good news. The 1031 was in the back of my mind, but havent dealt with my taxation issues yet as I'm pretty busy with my rehab, and haven't dealt with tax planning yet. It's getting to be high on my agenda though. I need to work it out. I kind of thought that as long as trade to another propery I'm on my way to the 1031. I haven yet lined up an accountant or anything though. I suppose I should get on that ball pretty soon. You don't mind me picking your brain for abit?
enjoi - I have two. They're much more handful than any apt building could ever dream of being.

Ok so I'm in week 2 of my first rehab, about 30% finished, and I'm trying to think of the best way to move forward after. I'm thinking a good plan would be to take some of the profit and put it towards a cash flowing rental to hold onto, putting some back in the pot towards my next rehab which I'm actively looking for, and keeping a little for my personal use. I'm trying to satisfy a 1031 exchange, and delegate this money the best I can to keep moving along here. Sound like a good way to go?

well handiness isnt a concern but it is 5 rooms, 2 hallways and stairs. Maybe 1100 sq ft or so. Plus I'll be done painting and cleaning windows etc, so I was concerned about dust. Maybe this would be one to hire out. I dont have 5 days and the floors really need to be WOW to sell that house. Have you had this done professionally? How long do they need to be there? I thought this might cost about $2500?

Would you consider this a do it yourself job? We've never tried it, but as I have an entire house full of wood floors to be done, I'm wondering if this would be simple enough to take on...or not?

Literally. When I bought the place I had the water checked out - tested fine. I also had the septic checked out which is almost new and also tested fine. So why does my water smell like ****? I dont know. I'm surely not gonna taste test it. But it needs to be straight for prospect buyers.Last thing I need is for them to wash their hands or (god forbid) have a glass of water, and be turned off to my house. How do I solve this? Do you think a simple filter installed in the main water line would take care of it? I don't think it's a safety issue, just a funky smell.

If the home needs lots of work, a traditional lender may not work. Generally, if it's not inhabitable, they won't lend on it. You could get a hard money loan, or if you're moving in theres an FHA 203k (?) loan that lends the money for purchase and repair. I believe they may even go to 100%.

And I got almost a whole house left....what kind of person paints their entire house in dark red and green, and lime green? Primer alone for ONE (larger) room took me 4 hours today...I'm in for it!