All Forum Posts by: Justin C.

Hi Chris, what is your total repair costs projected to be?  just curious... thanks!

Looks great Chris!  

Wowsa!  Well done!

$17,500 purchase in cash

$1145 closing costs

About to put $5-7k or approx. $25k invested

ARV about $40-45k conservatively

Rents $600-650

holding costs are approx. $330 p/m

BP rocks!

 Hi Eddie, check out the update I just posted.  Closed about 2 hours ago and was able to get the details of the mechanics lien waver.  Thanks again

Ok, just got back from closing and heres the scoop... its a mechanics lien waiver.  Because I have renovations to perform in this house AND I plan on flipping it, the mechanics lien waver is for protection and allows a clear paper trail into a sales/finance agreement.  

My wife is on the title and I am the general contractor.  At least in the state of PA a homeowner cannot also be a general contractor.  By splitting us like this, I am able to be the GC.  The waiver prevents any suppliers that my subs hire from putting a lien on my property if the sub doesn't pay them.  ADDITIONALLY, If/when I sell this property within the next 60-90 days, anyone using a bank for financing will have to provide proof of a mechanics waiver or proof of the work done.  And by proof of the work done, I mean I would have to present a signed waiver from all my subs AND their suppliers in order to justify the increase in price and provide disclosure that all/any debts have been paid.  a $75 mechanics lien waiver was a no-brainer at this point.

I really hope I explained that properly...

cheers

Again, I think we're getting away from the real reason this is in play and that is for title protection when/if I flip the property.  I don't mind on bit paying up front under contract.

I'll find out more very shortly.  Thanks Eddie

Wow!  Great information Isaac.  I think my situation has more to do with protecting my interest with the title when it comes to flipping the property.  I'll find out more in about an hour : )