All Forum Posts by: Phil Z.

Bad idea.  Very rare a bank will negotiate inspections, they are AS IS.   That's not a strategy to buy property, but as great strategy to get well known as a flake.

The only time I'm aware that you would assume liens in the Court House Foreclosure Auction.  Once the bank takes title they should clear those up.

I wouldn't recommend it unless your seasoned. 

I have had listings with $45k foundation issues that look like a run-of-the-mill ranch from the exterior.  It is definitely a gamble. 

In other cases I have had investors buy an occupied property and make BIG $$$ ($60k+) without doing any repairs.  

It's something where you if you do it a lot you will win some and lose some, but hopefully overall make a profit.

In most cases it will not affect your offer, but in some cases it might.  The seller is primarily looking at the highest offer price.

- Real Estate License for MLS Access and looking at distressed properties

Hi Rob.

- You need to know 2 things:  After Repair Value, and Repair Costs.

- MLS access is going to be important to assess ARV values.

- Estimating repairs will take experience dealing with contractors

- Bandit signs are mostly illegal.  But you can check the towns local Sign Orandances.  In general, I think they are all similar to:  Friday after 5pm to Sunday night only.  Then they have to come down.  I'm not sure if posting on telephone poles is legal, it probably is not.  Also main roads and highway access points are often state property.

What kind of partner are you looking for?  Contractor?  Realtor?

Stratford, Bridgeport, West Haven, and New Haven are reasonably close and have some attractive prices

I would start with the Department of Banking and Dept of Consumer Protection.

If you don't have experience with construction and looking for repairs, then go ahead with the home inspector until your more seasoned.  I would also suggest the plumber pressure test/inspection.  In most cases a bank will turn on the utilities unless there is damages.