All Forum Posts by: John Moore

Shop around you will find an insurance company that will provide builders risk.

We require the sub contractor to provide proof of liability insurance, workmans comp or exemption, waiver of liens and a warranty. In your area I believe they may be required to have a license or be registered as a Home Improvement Contractor.

I would suggest you speak directly to a local Appraiser and see what rocks their boat. In my area often times you can put in a high grade window and get no financial credit for it. Granite in this my area you just about recover the actual cost; Architectural Shingles you gain a little ground. If the jetted tub works I would leave it in place, why incur additional expense. Jetted tubs are a turn on even though they are not utilized as much as people imagine although they set the mood for some prospects. Attractive kitchen cabinets, lighting and stainless steel appliances seem to get more bang for the buck Garage door opener you will recover the cost and it will help you with potential prospects, improving the garage may get you some additional consideration from the appraiser and the prospect. Laundry facilities are important to most families, closet and storage space. My suggestion is to make the home as attractive as possible within the budget you allocated. Sorry I wasn't specific on what would give you the most bang for the buck you will find that the appraiser will use his experience in the neighborhood and bring your property in at a level reflected by the quality of improvement over similiar properties.

The process is slow and difficult to get answers, when your bid is accepted it takes time to get the transaction closed. From acceptance to closing, all done through emails, lots of duplication and requests for documents that were already submitted. You will not change the system. My last transaction from acceptance to close was 45 days. Stressful experience but it seems to work for them, as many people participate in the process which keeps them in business.
It appears there is no urgency to close transactions and we on the other hand are anxious to move on and consequently, frustration.

Welcome to BP; jump in the waters fine. You will find that you will always be adding to your check list. Ge starte on the job traininging is ok and you can get a lot of help on these pages.

Keep up the good work and well deserved recognition.

Welcome to bigger pockets, sounds like you have quite an adventure going on and I am sure Bigger Pockets will make you're learning experience a lot easier. Again welcome aboard.

When flipping houses how do you avoid the objections that pop up regarding the low acquisition price and a much higher selling price? And the appraisal comes in at the asking price. How can you flip the house as soon as possible at market value and have lenders approve the mortgage? Is there a percentage of mark up that they feel is acceptable?

Many lenders wish to see 2 years of tax returns, if you are a Independent Contractor; Others, if you're income is sufficient and your prospects to continue at a level to support the loan you should not have too much difficulty. I believe if you supplied them with a business plan, insurance certificates, etc. to show them you are for real it would assit you in the process. It seems to me most loan providers and underwriters are still walking on eggs and would like as much a paper trail as the can get.

Welcome to BP; this is an excellent arena to gain any type information you seek. This forumn is like having a team of experts on you're staff waiting for you to present a question and obtaing
information that's right on. Again, welcome aboard.