All Forum Posts by: Wendell Torrey

This House was to be our third rental property, our second deal of this summer. The appraiser visited earlier in the week and found water in the basement and cracks in the cement block wall foundation. My realtor is suggesting That because this issue was not disclosed that we should proceed with the purchase but require the seller to put the $13,000 that it will cost to repair the issue into escrow.

This home was built in the 50s, it’s in a great part of town it is a three bedroom one bath with lots of deferred maintenance. Our intention is to rehab it and rent it.

We offered $160,000 with 20% down, the house appraised for $165,000.

We own a similar size house in the area and rent it for $1800 a month and anticipate similar rentals on this one.

I think much of the foundation issue can be resolved bye replacing the gutters and maintaining them keeping the water away from the foundation.

I’m nervous about the deal and Wonder if anybody has any thoughts or feedback on it.

@Chris Mason

Great explanation! Thanks.

I have two good tenant candidates. Both are relocating with their company. One is looking for a 12 month lease and the other has asked for a 3 year lease!

All things equal is there a down side to the three year lease?

I am interested.

I am trying to find out if I can somehow use Roth IRA money to some how finance REI activities without all the fees and fines associated with early withdraws. I am not a first time home buyer, the funds would go towards buy and hold or flips. Thanks

Seeking information on utilizing IRA Money to fund Real Estate. I've heard int mentioned on recent podcasts. What are the restrictions? Has anyone done this? Thanks in advance,