All Forum Posts by: Ray Widdison

Our home is under contract and we agreed on some home repairs paid for by the seller (me). Work is required to be completed by licensed contractor’s.  One of the repairs needed was a repair of the chimney crown. I asked the chimney contractor for his license # which he gave me  After the work was complete, and closing docs have been signed the buyers agent informs us that the the chimney contract license was a business license not a contractors license and that we now need to pay $5,000 to have the contractor of the buyers choice do the repairs.  The home is located in SC and chimney sweep/repairman are only required to have insurance and a business license.  My question is what due diligence am I responsible for in ensuring someone has a valid contractors license? Does my realtor have any responsibility in ensuring or helping me with finding licensed contractors?  

I'm in the USAF and purchased a home while stationed in SC in 2013.  We moved to OK in 2017 and decided to rent out the home instead of selling it, because we may move back in a few years.  Earlier this year I received a letter in the mail from Richland County, SC stating that we no longer qualify for the 4% assessment rate and we will now be assessed at the 6% rate, because you must own and occupy the home, which resulted in a tax increase of $6k a year.  Does anyone know of a way around this rule to get back to 4% assessment?  We are currently trying to sell the home and it is vacant.  Any advice? 

I have a contract to purchase a home that utilizes well water. The well is about 300 yards from the home.  The home inspector said that is a very long distance but has good water pressure.  That seems to me like it would be a lot of strain on the pump but I have never purchased a home on a well before.  Does anyone know if this could be a potential problem?

You usually don't see bars on the windows in B+ areas. 

If your bank does not allow a transfer to LLC without calling the loan, then I would not do that. It's always best when investing in real estate to play by the rules. Also I don't think refinancing to place the home in an LLC would be a good financial decision. I recommend dissolving the LLC, you can always start another one when the time comes. In the meantime make sure you are carrying a minimum of $1,000,000 liability insurance on the property.

Can you itemize out each of your expenses that make your $891 total?  That way I can better see the numbers you are working with and evaluate the deal better. 

Try setting some financial goals with your husband and then show him how real estate can help achieve those goals. Find a successful local investor that would be willing to meet with you and your husband over coffee (or Diet Coke since your in UT...jk 😊) or lunch.  I think asking questions from someone in the game may help your husband see the possibilities.   I am also originally from Utah  and grew up in West Point.  

Great, I will plan to attend the happy hour in Aug.  I'm currently out of town but will return to OKC the end of July.