All Forum Posts by: William Avery

I agree with Greg Behan, I can fix almost anything except a bad neighborhood. 

I misjudged repairs on my first flip (surprised?) and ended up with a $50,000 house in a $35,000 neighborhood. 

What I misjudged was the sewer system, which the seller disclosed as "sinks drain a little slow", which was code for "the cast iron sewer pipes are almost completely blocked. And, that piece of scrap wood behind the house? It actually covered an open hole in the ground where the cast iron pipes from the house met the clay pipes from the street. No couplings or connections. Cast iron into the hole, clay out of the hole and a board for a lid.

Welcome, Ryan! And congratulations on your RE license.

Are you licensed in PA or TX? And, are you looking to invest in PA or TX or both?

William Avery

Thanks Ryan.

Wayne, the reason I'm looking to refi is that the hard money loan expires in 6 months (3 now). Just looking ahead for options in case it hasn't sold by then.  I don't to be running around looking for options at the last minute.

I understand that banks are not interested in making 20 year loans on a loan that will be paid off quickly, but it seems odd that if I had refi'ed and THEN listed it for sale there would not have been a problem.

Jay, can I get a HE loan if it is listed for sale?

William

I have a flip that I recently completed the rehab on and then listed for sale. I talked to my lender about a cash-out refi and they said I have to take the house off the market for 6 months before I can refi. Is this normal?

@Andy Thompson Joe was not any of the previous owners. Still looking for him. :)

@Corey Hajduk 60 day rehab. Yes, the house sat like this for at least 7 months waiting for title to clear. The refrigerator was full of food, there was a half eaten piece of pizza on the stove. And, did I mention the presents from several cats and dogs? I tried to post a picture of the smell but I couldn't make it work.

@Jerome Charles I'll see if I can get some more posted.

@Kathleen Leary Thank you. Any condition! Preferably disgusting and smelly. It really reduces the competition.

@Marie Shaug Thank you.

Thanks for the insight.

Here is my latest rehab. One of my real estate agents called me out of the blue one day and said she had a property I might be interested in buying. I was out looking at properties 60 miles away from Killeen but I made a u-turn and drove up to take a look. Upon arriving I found a house that was 7-8 years old and looked to be in good shape from the outside.  The agent said the buyer was asking $99k. I offered $73k and was accepted. Then the waiting began while the title company spent 7 months to get a clear title. During this time we updated the contract twice to keep it current. The second time I changed the offer to $68k and was countered at $71k.  We finally closed on May 23, 2014 and the rehab completed July 22, 2014. The house will be listed tomorrow for $145k. Repair budget was $12k and came in about $13k. 

Lessons learned - If there are window air conditioner units in an eight year old house with central air then your evaporator coil is full of cat/dog hair and your compressor is bad. Adjust repair estimate accordingly.

I buy houses in any condition! This is why.

It depends on whether or not you wish to remain married. If yes, then I'm not sure why you are asking.  ;-)

It looks like a pressure wash and staining would do wonders and extend its life.

But, I tend to look at things from a technical/functional point of view, which is why I never pick colors, textures or fabrics for my projects. 

Andy,

2-3 weeks late. Land is leased and I make monthly payments (on time). It is a smaller advertising company with a casino for a client. The lease was in place when I purchased the board and does allow for the late charge (good) but does not require monthly payment in advance (not so good). It also allows for the removal of ad copy for non-payment.

Jermaine,

My first board. Maybe my second will have a mouse.

Curt,

Thanks for the info. Having the tenant leave would really not be a good thing.

If you buy the Harbor Freight trailer then how long before you start hauling heavier and heavier loads? As you drive around look at other trailers and you will notice some with the wheels sticking out at an angle on each side. Those are examples of 'I think it will be ok' loads. Overloaded trailers (and trucks) are hazardous to you and the people around you. 

Another option is to have the items delivered. 

Good luck!