All Forum Posts by: Account Closed

I would have gone for metal too, but as P NW said, about 20K. AND, repaint it in about 10 years...
So, for 7K, I got a 30 year roof.
Ofgift

I agree. I read another forum, too. That one has this very question in numerous states and variations, but with the common theme: "My sweetie and I were engaged and bought our house together before we were married. Just before the wedding we broke up. S/He won't pay his share of the mortgage or utilities, and won't sign the sales agreement. What can I do?"
The answer is generally take him/her to court and get a partition decision, where the court requires the property be sold.
That will be much more expensive...

Don't buy with a romantic partner, you run the very real risk of losing the partnership, your money, your house, your everything.
If this is a _business_ venture, protect yourselves legally, BOTH of you--hire different lawyers to look after your own best interests.
Ofgift

You should have been looking for replacement properties before you even listed the one you have under contract. If you haven't started looking yet, start right now.
And if you don't have the 1031 wording as part of your contract, amend the contract immediately, or possibly do an addendum.

You do not have to wait til after closing to search for properties. I don't know the details of reverse exchanges, buying a different property before you sell your property, but do be careful. Besides reading here and the various 1031 sites, call someone (look on the internet for 1031 Exchange services, or Starker services, I think they're called, and talk to people who facilitate them, and consider using one of them. Tell them you're thinking of doing it, so you don't get tied i until you're sure you can, in your situation.
They have different fee schedules, and handle the details a little differently, so ask how much they charge and what you get for that service.

And when someone else replies here, consider they probably have a lot more knowledge than I do. I have never done a reverse exchange, and it's been a long time since I did a standard one.

Ofgift

Have you written the owner to ask if he's interested in selling? If he is, let him know you'd like to talk with him about it. Consider sending a photo of it to him, asking if it is his property, that you're making sure you're taoking of the one he owns. Send a very simple, basic letter. Make sure all of your contact information is included.

While you're waiting for his response, get the comps on the area to send him just in case.
Also get the crime reports, sexual offender map, and anything else you might need to help him think it's in his best interest to sell.
Ofgift

Not all, but most properties that I'm looking at (3/2, working middle class, entry level, sfr,) are priced, even for reos, from 95K to 150K or more.
Cheaper houses are to be had: there was one listed at 65K that according to the blurb, needed total rehab, and since they said mold, drywall, facia, flooring, hvac, plumbing not working, it might be cheaper/easier to bulldoze and start over. The neighborhood isn't that great. It's deteriorating, and by appearances, low rent. Other houses for even less, are in areas without jobs, schools, public transportation, , shopping, etc.

A little that I've read--you for instance, are buying 22thousand dollar houses for half price.

For my properties to cash flow as a rental, the most I can pay is about 40,000 but it's listed at 132K.
I'm truly confused. I don't want to lose it because of an offer that's way to low, and I don't want to overpay either.

Help me understand.
Ofgift

Help us newbies out!
Brag about your great deals for us.
What was the list price, what did you offer first, what did you pay?
How many such low offers do you make, how many are accepted?

I have a hard time believing that a bank will accept $30,000-50,000 on a house they have listed at 130K.

Ofgift

When considering reos, do you go see them, inside and out, before submitting the offer, or wait until its accepted then inspect?
Are banks really going to consider an offer that is really low, (investor price low) even with a large emd, and maybe cash payment, when they can get a much higher price?
How does one get a POF, if they plan to buy with cash?
Thanks,
Ofgift

Congrats, Josh, and many thanks to you and your family.

Cyber-bubbly all 'round!

:woohoo: :woohoo: :woohoo:
Ofgift

For various reasons, I don't shop often. When I do go, I expect to purchase about 5-6 weeks of vittles, and that, what I generally eat anyway. When I can, I do get fresh fruits and veggies periodically.

Most of what I buy needs cooked, frozen, or refrigerated.
My interest in this thread is because I think it's a good idea to be better prepared with stuff that can be eaten from a can, and is nourishing, and though I should be able to get out for a major shopping at the end of that 5-6 weeks, it isn't always do-able, and some extra supplies could be helpful.

I don't eat corn, but I can see it's value, and did buy some. I'm more inclined to eat peas/carrots, and got some of those, also. I don't like buying food in plastics, but did get some small containers of fruits, that can be eaten immediately, rather than having to find a jar to put the remainder of the can into and refrigerating it.
I hope it will never be needed, but there is always a possibility. I like pork and beans, but have several cans of other kinds.
'Bout time you got around to mentioning the chocolate, :roll: :mrgreen: Didn't think you was ever going to...
Ofgift