All Forum Posts by: Naga A.

I tried to post pictures but could not figure it out. I tried to follow the instruction in the link. I saved my pictures on my desktop (the format is jpeg) but could not paste them.

http://www.biggerpockets.com/forums/25/topics/68721-pictures

One of the links did not work.

https://mail.google.com/mail/?ui=2&ik=09b5dda1d9&view=att&th=139ef839510c38cc&attid=0.1&disp=inline&realattid=1413840180946263171-1&safe=1&zw

Ok. I put a property under contract from a wholesaler "as is" and no inspection contingency (but no major defect warranty) and paid $1000 EMD. When I walked the property with my contractor the second time, we found a serious termite issue in the walls. We did not find this when we walked for the first time and before paying the EMD.

Attached are the links of the termite pictures.

It's behind the wall paper in the kitchen, all long the base board trim throughout the house, & on the built in cabinets in the back room.

With this much damage we don't know what we'll find once we start demoing things. They could still be in the walls and behind the cabinets. I did not budget this. This is supposed to be a rental property so I cannot afford to go over budget too much.

The wholesaler did not disclose any termite problem.

What are my options? As much as I hate backing out of deal and hurting my reputation as a buyer, with this much extent of damages, I would think backing out of a deal is the best course of action. I am not a rehabber and my experience in RE is limited.

What are my options? If I back out of the contract, can I claim my $1000 EMD back using the no defect warranty?

With this much damage we don't know what we'll find once we start demoing things. They could still be in the walls and behind the cabinets. Getting a termite guy out there would be the best bet.

[/url]https://mail.google.com/mail/?ui=2&ik=09b5dda1d9&view=att&th=139ef839510c38cc&attid=0.1&disp=inline&realattid=1413840180946263171-1&safe=1&zw[url]

https://mail.google.com/mail/?ui=2&ik=09b5dda1d9&view=att&th=139ef839510c38cc&attid=0.2&disp=inline&realattid=1413840180946263171-2&safe=1&zw

https://mail.google.com/mail/?ui=2&ik=09b5dda1d9&view=att&th=139ef839510c38cc&attid=0.3&disp=inline&realattid=1413840180946263171-3&safe=1&zw

Tew,

I accepted your colleague's request. I actively invest in your market and hopefully we can do some business together in the near future (though I just bought a property so my cash is a bit thin now.).

The problem with wholesallers to me is I usually get approached by So Many wholesalers. So, it is difficult for me to figure out who is a quality wholesaler and who is not.

I usually buy from wholesalers that I got referrals from other investors. But, what you can do to add credibility, I think, is to (i) create your homepage, post your deals and write a blog if possible and (ii) videotape the properties and post it on you tube, which helps an out-of-state investor like me.

The big turn off for me is some wholesaler tries to sell me a property listed on MLS and add a couple of thousands dollars to it. I have access to MLS. Once I find out what he is doing, I usually do not deal with him.

Hope this helps.

Naga

Great job!

I invest in the Atlanta market too, though as a buy and hold buyer, not as a rehabber. Hopefully we can connect (I sent you a colleague request)

Frank,

On your situation with your dog, I would send a letter to the landlord, demanding your security deposit back, attaching a copy of portion of the lease where it says dogs were allowed in the house and LL initialed it. If they refuse, you might consider taking them to a small claim court or consult with a lawyer.

Regarding LL showing the property to prospective tenants without your consent or presence, check the lease. Usually, the lease says whether LL needs your prior consent to show the house to prospective tenants.

Good luck

Joel Owens

I inspected the house before and know that she lives in the house nice and clean. The house is detached and sitting in cul-de-sac. Neighboring properties seem to be in a decent shape.

Yeah, I am aware of the particular issue with section 8 tenants. I intend to take care of this problem as fast as possible.

Melissa W Yes, I will get multiple estimates. $900 is the estimate that my PM got for me. I wanted to have a rough idea about how much it will cost to exclude rodents.

Rob K Haha, does his service come with a warranty?

Kyle J. yup, investing out of state is sometimes frustrating.
Will Browm Thanks for your comments. I do not know what kind of rats they are. I do not think my PM knows as well. There are so much to learn about these rats. lol