All Forum Posts by: Ryan K.

I'm seeing the same with HUD listings now - basically anything that is a decent value and maybe a potential fix and flip is going to O/O only. The listings that get to the "extended" period for investors don't make sense numbers wise for a flip. Maybe a buy and hold.

Wish I could help more but the foreclosure listings just keep getting more sparse in my area and I don't see anything improving in terms of finding potential properties any time soon. With that said, keep trying and something is bound to show up.

Congrats Dawn, a true inspiration. I love reading about successes like these.

Ask around in the local area. I bet there are plenty of skilled handymen that would work on the side or weekends to get $20 per hr or so. You can get a lot of work accomplished by those guys in an 8 hr day for under $200 in labor. ($10 per hr is probably too low to lure them into side work or you will get unskilled guys that in the long run with case you stress and more money IMO)

@Stuart Birdsong

@Chris Martin@Wayne Brooks

Thanks for the help and information!

@Stuart Birdsong

Its through Homesearch.com. I doubt the title closer has dealt with many auction properties, but i can ask to get their advice and opinion. From my searches  and reading about the homesearch auctions I haven't heard of any issues with title, but you never know so I'm just trying to cover all bases so no surprises pop up if I'm a high bidder.

@Stuart Birdsong

Its an auction property. US Bank foreclosed about 30 days ago.

@Stuart Birdsong

Thanks Stuart. A little more info - the owners apparently passed away recently (both of them), and the bank foreclosed , which was recorded. Deed of trust was with Chevy Chase Bank in 1995. I assume the title closer can get in touch with the bank, or predecessor, to get the release then and clear the title? I'm somewhat of a newbie to this area of titles/deeds but learning as I go along.

Got a question on a title search I had done on a property - a deed of trust (for $15400) dated 1995 does not have a recorded release. How big a problem is this, can a title company typically get this cleared with it being so old, and will title insurance be available for the property? I think it was a 10-year note, due in 2005, so perhaps there might even be a 10 year limitation on any claims? Any opinions appreciated.

Thanks everyone. A quick update, my info source was incorrect, he had it confused with another house that does if fact still have the knob and tube. 

The subject house is from the 1950s but it still has a 60 amp fuse box and ungrounded outlets. So I assume it's still a total rewire of the entire house, unless there is a way to leave the basic room outlets and switches and just upgrade to a 200 amp breaker box. Bath and kitchen would obviously get new wiring with gfci outlets. 

@Art Allen Thanks for the insight. Electrical cost is one area I dont have much experience, and I dont have time to get an electrical contractor to give me an estimate prior to making an offer so I'm torn on how to approach this house. I've heard very wide ranges for a total re-wire of a house, anywhere from $3k to $30k depending on size and complexity. This one is a small ranch with good access in attic and crawl space so I assume its fairly simple, but I'd hate to underestimate the rewire cost. I'd really like to save the plaster walls, the windows have been recently replaced with good vinyl ones, so other than the rewire there is no need to replace them with drywall.