All Forum Posts by: Thurman Schweitzer

Good point, buying turnkey may not appeal to those looking to add value.  

Originally, I was going to build a duplex to rent, but I keep hearing about the house hacking community and realized the duplex I have under construction would work great, close to employment centers, quick commute to shopping.  So my question is do I upgrade one side a little nicer finishes?  Rent out the one side so the end buyer has day one cash flow?  Need thoughts from the community.  

Thanks all the feedback, I spoke the lender she said she has seen this before and I thanked for taking my call and talking about. 

Today, the seller came back and said they are no longer going FHA, switching to conventional and moving forward.

Background purchased a house from a wholesaler in town, did large rehab, put it on market accepted FHA offer. Now they are requiring 2nd appraisal as they say contract price is 100% more than our purchase price. Not too worried overall but hoping some one can offer some feedback..

Wholesaler Contract Price $74,400

Assignment Fee $ 8800

Sale Price $161,000

My belief is my purchase price was 83,200 so 100% is 166,400 so under the 100% rule?

Any feedback if I am right or should I just learn my lessons here and move forward

glad to help.  I am active investor in SW and west Fort Worth.  

For a first time investment stick to what is proven is my two cents, River Oakes, West Side of Ft Worth, near TCU all great options.  Samson Park and Stockyards will come around and be great areas, but I would be less inclined as a rookie investor, too many other good options to spend your money right now

Welcome!  My wife is O&G too, got to love Texas! 

I invest in Ft Worth it's a great market for rentals and getting nice appreciation too

Thanks that makes sense, sounds like I should go ahead and provide the documentation and more on

Thanks, I am over the 7k , I still did ok just not good! They asked for HUD form from when I bought it from the wholesaler, they said word is fine on construction costs. My question is if the 2nd appraisal comes in low then I refuse to drop again and find new buyer, maybe cash one next time...

Ok so my 2nd flip has had issues in the sales process. I wrapped up the construction late and ended up able to got with FHA buyers....

So the FHA guy appraised it 7k lower than the agreed on price. Now 2 days before closing they either want to 2nd appraisal or documentation on what I purchased it for and list of all repairs completed (budget breakdown). Am I under any obligation to share my purchase price or construction costs?

I am in TX property is in TX and they put a 3rd party finance contingency, saying they can walk if doesn't appraise or close by expected close date. 

So the way I see it is don't disclose and then let them decide to buy it per contract or bail.  I then re list and hope for better price or B turn it into rental property.

Feedback????