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Yo-

First time caller.  My in-laws own a mobile home in a senior citizens community, where my grandparents-in-law lived until my GIL sadly passed away last year.  They're now looking to sell the mobile home (they don't own the land it's on, obviously), and they're searching for the best way to do it.  My MIL found a broker, but his fee is 9%, which seems high.

She really doesn't want to do FSBO since she works full-time+ and the paperwork's a headache.  Any advice?  Many TIA.

-Gumksf

Hmm, the interesting thing here is that in most states, this really isn't even a real estate deal.

Mobile homes are considered just that - mobile. DMV/MVA for each state usually record them (auto departments), not land records. If you think about it, that makes sense. No land is sold here - so there is no "real estate".

I'm not ducking the question though.

What state are we talking about? How old / young is the mobile?

Often selling a mobile home can be done best by owner financing a note and selling the note. Basically, let's say you wanted $10,000 for the mobile home.

You get a buyer to give you $2,000 for it down and you will take $350 a month for five years so they can pay it off.

NOTE - Typically you want to price the payment ($350) plus the ground rent (from the MH park) to be about equal to the price of renting a 2 bedroom apartment in the area. Just a guide there.

Back to the math.

$350 a month for 5 years is a $15,000 note at 12%. So you're selling the mobile for $17,000 at face value - but you're selling it to the buyer as a home for $350 a month. MH's and lease options are sold like cars - you sell the payments, not the price.

So Ira Investor comes along and has $8,000 that he wants to invest. He sees that you have a note, secured by a mobile home. You sell him that "income stream" of $350 a month for 60 months and you walk with $8K.

(You'll notice that Ira gets a sweet deal for his return on investment, but he is taking the biggest risk since he is taking a mobile home note which are often hard to sell, and the face value is bigger than the implied value of the mobile home).

This is just ONE option.

Realtors do exist out there, and there's quite a few investors that are involved in mobile homes. Often parks don't allow tenants, but they will allow owner financed sales. They may have to approve the new buyer.

If you have more questions, post away.

Hope that helps.

Depending on what your cost to file, the path around here is to create an entity, put it in the entity, and sell the entire "business" as a Turn key. Defeated if the Park doesn't allow Renters.

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I posted this in the FSBO thread but got :tumbleweed: -- hoping with the heavier traffic someone in this thread can help...

---

Just finished meeting with my third agent for a market assessment and I have to admit, without putting a hard sell on me, this guy put a fairly good scare into me about the perils of FSBO...

Obviously that's his job, to try to get my business as a listing agent, but he pulled examples of properties that were listed FSBO that sat on the market even with price drop after price drop and ended up netting less profit than they would have with an agent (assuming they sold)...

I even thought I was being very pragmatic, intending to list FSBO for 30 or 45 days and then if I couldn't move the property engaing an agent...but the agent notes that time on the market compresses the price and when an agent is engaged they will want to pull the MLS and relist it (thus not saving me any cost)...and savvy agents will still be able to see the old listing to see the price drops...

He noted that buyers agent who find dealing with a FSBO frustrating will simply stop dealing with the property even if its eventually listed with an agent...

He also explained how buyers use both the price drops and FSBO as justification for low offers...that as a buyer's agent he'll actually say outright "you aren't paying a commission on this one, so we've taken that 2.5% out of the price"...

He also had stats indicating the low percentage of homes that sell FSBO and that they typically sell for like 10%-25% below the market...

I'm a pretty reasonable guy...to me this is all dollars and cents...but I have to admit he made a pretty good argument that trying to save $10,000 going FSBO may not be worth it...can anyone provide some analysis to set me straight on this one?

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I posted this in the FSBO thread but got :tumbleweed: -- hoping with the heavier traffic someone in this thread can help...

---

Just finished meeting with my third agent for a market assessment and I have to admit, without putting a hard sell on me, this guy put a fairly good scare into me about the perils of FSBO...

Obviously that's his job, to try to get my business as a listing agent, but he pulled examples of properties that were listed FSBO that sat on the market even with price drop after price drop and ended up netting less profit than they would have with an agent (assuming they sold)...

I even thought I was being very pragmatic, intending to list FSBO for 30 or 45 days and then if I couldn't move the property engaing an agent...but the agent notes that time on the market compresses the price and when an agent is engaged they will want to pull the MLS and relist it (thus not saving me any cost)...and savvy agents will still be able to see the old listing to see the price drops...

He noted that buyers agent who find dealing with a FSBO frustrating will simply stop dealing with the property even if its eventually listed with an agent...

He also explained how buyers use both the price drops and FSBO as justification for low offers...that as a buyer's agent he'll actually say outright "you aren't paying a commission on this one, so we've taken that 2.5% out of the price"...

He also had stats indicating the low percentage of homes that sell FSBO and that they typically sell for like 10%-25% below the market...

I'm a pretty reasonable guy...to me this is all dollars and cents...but I have to admit he made a pretty good argument that trying to save $10,000 going FSBO may not be worth it...can anyone provide some analysis to set me straight on this one?

Go FSBO for a month, then see what happens. Contact your neighbors and give them the incentive that they get to "choose their neighbors". Many people know someone who wants to live near them. Think college / rooms on same floor.

Happens more often than you think.

Of course I'm assuming houses aren't 1000+ feet apart.

What state / zip code (PM if you feel better that way). I can comp it.

Find the pricing from realtor.com, domania.com, zillow.com, and check the newspaper. Look for recent sales in your area. That gives you an idea as to what the going rate is.

Consider owner financing if (A) you don't need some / all the money right away, (B) want to avoid a capital gains hit from getting lots of $$ all at once, and © if you want to have an "investment" at 8%+ interest or more from your new buyer.

You may even get top dollar for selling with partial owner financing - many people, even today, have issues getting good mortgages.

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General announcement.

Since many now know me from this thread, I'd thought I'd make it known here that I'm changing my name on this site - for the better.

You'll know me now as "Jeff Pasquino", new staff member.

Carry on.

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Go FSBO for a month, then see what happens.

This was my original plan, but instead what I've done is pitch the agent a deal that protects my network of contacts...essentially:If I bring the buyer to the deal he gets 1.5%If the buyer is public with a buyer's agent he gets 2.5% (and buyer's agent gets 2.5%)If the buyer is public without an agent he gets 3.5%And this office has a very solid "out" in the contract if I don't believe he's doing a good job...so if I find him ignoring my buyers to improve his commission I can cut him loose and do the deal on my own...this seems to give me much of the benefit of the agency and protects at least my own network of contacts...He's reviewing it with the office owner right now, we'll see how it goes...In the end I believe my downside with this approach is capped at about $7,000 (considering the FSBO expenses and price compression downside), which for the time and energy saved will likely feel like money well spent...And I appreciate the comp offer...I actually had another kind FBG PM me and do an assessment for me and I used two other big real estate shops who offered free assessments to come up with a price that I'm comfortable with...

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General announcement.

Since many now know me from this thread, I'd thought I'd make it known here that I'm changing my name on this site - for the better.

You'll know me now as "Jeff Pasquino", new staff member.

Carry on.

Hell in a Handbag. I'm just saying. :bye:

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General announcement.

Since many now know me from this thread, I'd thought I'd make it known here that I'm changing my name on this site - for the better.

You'll know me now as "Jeff Pasquino", new staff member.

Carry on.

Hell in a Handbag. I'm just saying. :bye:

Ah, the warmth of welcomes.

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I never look at the names, just the member number, WOW what a promotion :eek:

Seriously, this reflects well upon the site as much as it does to you. I am glad to see FBG affiliating serious and valuable members to its staff. Certainly makes the site more than an one-dimensional offering.

Congratulations Mr 42

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I never look at the names, just the member number, WOW what a promotion :eek:

Seriously, this reflects well upon the site as much as it does to you. I am glad to see FBG affiliating serious and valuable members to its staff. Certainly makes the site more than an one-dimensional offering.

Congratulations Mr 42

Thanks. Now how about some more real estate questions?

Or is everyone focused on the CBA?

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Jeff, I would like to revisit options. I am looking at a neighboring three acres with a small one room house on it. It is assessed at $42,000 but the only real value to me is the land, which I would like to pick up at no more than $9,000 an acre. On the other hand, if it sold for $15,000 an acre and some less than desireable neighbors moved in, it would kill me to have let it go.

Questions - What type of attorney is necessary to write up an option or is one totally necessary (online form, etc)?

Do I need to register the option somewhere to ensure it is binding?

Do I need to consider the value of the structure, I am guessing yes, but we would tear it down?

What is a reasonable down payment, if that is the term? One percent ($420) of current assessed value?

I am most concerned about the half nearest us, can I offer a second condition of being able to offer on just half of the property if I do not want to offer assessed value for the portion with the structure on it?

Is there any way to get a feel for whether they are interested? Are they obligated to accept an option (guessing not).

Also, would it be acceptable to most to offer fair market value by a third party minus 3-5% since a realtor would not be involved?

Thanks.

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Jeff, I would like to revisit options. I am looking at a neighboring three acres with a small one room house on it. It is assessed at $42,000 but the only real value to me is the land, which I would like to pick up at no more than $9,000 an acre. On the other hand, if it sold for $15,000 an acre and some less than desireable neighbors moved in, it would kill me to have let it go.

Questions - What type of attorney is necessary to write up an option or is one totally necessary (online form, etc)?

Do I need to register the option somewhere to ensure it is binding?

Do I need to consider the value of the structure, I am guessing yes, but we would tear it down?

What is a reasonable down payment, if that is the term? One percent ($420) of current assessed value?

I am most concerned about the half nearest us, can I offer a second condition of being able to offer on just half of the property if I do not want to offer assessed value for the portion with the structure on it?

Is there any way to get a feel for whether they are interested? Are they obligated to accept an option (guessing not).

Also, would it be acceptable to most to offer fair market value by a third party minus 3-5% since a realtor would not be involved?

Thanks.

Generally speaking, I'd just contact the owner and see if they'd be interested in selling. You need not explain why you're interested in it other than you are.

Is the house abandoned?

You might want to check with the city / county to see if the taxes were paid. If not, you might be able to go to the city and pick it up at tax sale.

Try and contact the owner otherwise and just tell them you'd be interested in the property SHOULD THEY DECIDE TO SELL. Let them come to the conclusion that you are the answer to their problem property and would love for you to make an offer.

I have other techniques to get lowball numbers, but if you shoot straight with them they'll probably understand that the house is of no value (except it is).

The reason the house has "value" is that the county likely will "rubber stamp" you building on top of the lot right away. No approvals really needed (but do check with the county). Utilities? check. Water / septic? Likely.

So it is better than just raw land.

So - try it a few ways. If you know that the place has been empty for a while, check the bills with the city. Otherwise hunt down the owners (city / county tax record will help - if it was paid they have the address the $ came from). Make them an offer, but see if they'll give a price first.

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I thought this was valuable to add....

I'd be cautious about relying on this website for now. Take a look at this article.

Site's Alluring Facade Is Built on Shaky Foundation

By Leslie Walker

The Washington Post, February 16, 2006

When I saw a demo of the Zillow.com real estate service last month, it struck me as so obvious I wondered why no one had done it before.

Then when Zillow launched on the Web last week, I realized why.

Offering automated property valuations via the Internet turns out to be much harder than it seems — especially if you expect them to be accurate. But after running extensive tests on this ambitious national real estate service, I found it to be so inaccurate that it's not useful.

It's hard to quibble with the company's goal —"free, instant valuations and data for 60,000,000+ homes." You type in any address, and in most cases Zillow will spit out a free estimate of the property's market value.

But appraisers questioned whether consumers will have any idea how off-base Zillow's free valuations can be.

"What scares me is the consumer who goes out there and makes a decision based on that data," said Richard Powers, president of the Appraisal Institute, the nation's largest appraiser association with 21,000 members. "Consumers really have no way to judge the accuracy of the estimate — that really is the problem."

Powers said his board members have had mixed results on tests they've been running since Zillow's public beta test went live. "In some areas, we found the results were fairly accurate to the value of the home. In others, we found results that were at least 40 percent wrong."

Zillow president and co-founder Lloyd Frink said the free, advertising-supported site doesn't aim to replace home appraisers or real estate agents. "It is meant as something to help buyers and sellers start a conversation."

How does Zillow work? It starts by buying massive amounts of real estate information from commercial data collectors — home addresses, tax assessments, square footage, lot sizes, number of bedrooms, prior sales prices and the like. Then its computers identify similar homes that recently sold in the same neighborhoods and use mathematical models to compare their traits and create a "Zestimate," or "estimated market value."

Below its estimate, Zillow shows a mesmerizing array of other data, including features describing the house, a chart of estimated value over the past year and list of similar houses sold recently. You can call up scrollable neighborhood maps with images of the homes, with their values superimposed.

So far, Zillow has identified about 60 million homes and collected enough data to offer estimates on slightly more than 40 million, with more being added daily. Coverage is spotty to nonexistent for the District, Alexandria and Arlington, but plentiful for the Maryland suburbs and Fairfax, Loudoun and Prince William counties.

Trouble is, because Zillow is loaded with dirty data in some places and missing key factoids in others, its Zestimates often miss the mark — sometimes so widely that I fear that anyone trying to buy or sell a home could get burned by relying on Zillow.

In my own random tests of dozens of local properties, I found about half of the estimates to be sharply off — more than 10 percent off the actual recent sales price or what someone knowledgeable about the property deemed its market value to be. Many were off by 20 percent or more.

I asked a Virginia title company to randomly pick houses that went to settlement in the past week — too soon for Zillow to have picked up those market prices — and asked an agent to identify recently listed homes, along with comparable recent transactions, using the multiple listing system run by the Washington area's Metropolitan Regional Information System.

I found Zillow sharply undervalued one home in Fairfax Station that had sold twice in the past two years, first for $560,000 and then for $630,000. Zillow pegged its value at $499,206. Oddly, Zillow not only had the first sales price in its database but also showed it right below the flawed estimate. Zillow made the same error on a Lorton home, pegging its value at $784,793 while noting it had sold last summer for $900,000.

Those estimates were likely due to a glitch in Zillow's valuation formula, which has been overriding actual sales data too frequently, according to Stan Humphries, Zillow's director of advanced analytics. He said the formula is being adjusted to give greater weight to sale prices.

Other flawed Zestimates may have been caused by stale data on the size, age and other characteristics of houses, several of which had been remodeled. For instance, a new Lorton home on the market for $899,900 was valued by Zillow at only $394,240. I'm guessing it was because Zillow's description was missing one bathroom and two bedrooms.

Zillow offers a tweaking tool called My Zestimator that allows you to fine-tune estimates by adding data about a home, such as the size and cost of renovation work — and then view, but not save, the modified value. I was able to boost the value of remodeled homes that way, though not enough to match the sale prices.

Zillow runs extensive analyses to calculate its own accuracy rate by comparing actual transactions as they occur with the automated estimates provided by its computerized valuation system. Nationwide, 62 percent of all Zestimates fall within 10 percent of the selling price, according to Zillow. That means 38 percent are more than 10 percent off the mark, which strikes me as significant.

Accuracy runs higher in urban areas where Zillow has more sales data and drops in rural areas where the data tends to be sparser. But the company's track record can be dismal in some metro areas, such as Baltimore, where the company's own accuracy chart shows more than half its Zestimates are 17.7 percent or more off the selling price.

Frink said he considers Zillow's national accuracy rate strong and isn't troubled by its misses. Zestimates, he said, shouldn't be considered replacements for appraisals, which are created by trained, certified professionals who go to a home to verify its traits and physically view comparable homes.

Frink predicted that Zillow, which received plenty of media hoopla when it debuted, will improve gradually as the company adds housing data and tweaks its algorithm for automated value calls.

But until Zillow gets a lot smarter, I don't recommend making it a trusted bookmark.

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I thought this was valuable to add....

I'd be cautious about relying on this website for now. Take a look at this article.

Site's Alluring Facade Is Built on Shaky Foundation

By Leslie Walker

The Washington Post, February 16, 2006

When I saw a demo of the Zillow.com real estate service last month, it struck me as so obvious I wondered why no one had done it before.

Then when Zillow launched on the Web last week, I realized why.

Offering automated property valuations via the Internet turns out to be much harder than it seems — especially if you expect them to be accurate. But after running extensive tests on this ambitious national real estate service, I found it to be so inaccurate that it's not useful.

It's hard to quibble with the company's goal —"free, instant valuations and data for 60,000,000+ homes." You type in any address, and in most cases Zillow will spit out a free estimate of the property's market value.

But appraisers questioned whether consumers will have any idea how off-base Zillow's free valuations can be.

"What scares me is the consumer who goes out there and makes a decision based on that data," said Richard Powers, president of the Appraisal Institute, the nation's largest appraiser association with 21,000 members. "Consumers really have no way to judge the accuracy of the estimate — that really is the problem."

Powers said his board members have had mixed results on tests they've been running since Zillow's public beta test went live. "In some areas, we found the results were fairly accurate to the value of the home. In others, we found results that were at least 40 percent wrong."

Zillow president and co-founder Lloyd Frink said the free, advertising-supported site doesn't aim to replace home appraisers or real estate agents. "It is meant as something to help buyers and sellers start a conversation."

How does Zillow work? It starts by buying massive amounts of real estate information from commercial data collectors — home addresses, tax assessments, square footage, lot sizes, number of bedrooms, prior sales prices and the like. Then its computers identify similar homes that recently sold in the same neighborhoods and use mathematical models to compare their traits and create a "Zestimate," or "estimated market value."

Below its estimate, Zillow shows a mesmerizing array of other data, including features describing the house, a chart of estimated value over the past year and list of similar houses sold recently. You can call up scrollable neighborhood maps with images of the homes, with their values superimposed.

So far, Zillow has identified about 60 million homes and collected enough data to offer estimates on slightly more than 40 million, with more being added daily. Coverage is spotty to nonexistent for the District, Alexandria and Arlington, but plentiful for the Maryland suburbs and Fairfax, Loudoun and Prince William counties.

Trouble is, because Zillow is loaded with dirty data in some places and missing key factoids in others, its Zestimates often miss the mark — sometimes so widely that I fear that anyone trying to buy or sell a home could get burned by relying on Zillow.

In my own random tests of dozens of local properties, I found about half of the estimates to be sharply off — more than 10 percent off the actual recent sales price or what someone knowledgeable about the property deemed its market value to be. Many were off by 20 percent or more.

I asked a Virginia title company to randomly pick houses that went to settlement in the past week — too soon for Zillow to have picked up those market prices — and asked an agent to identify recently listed homes, along with comparable recent transactions, using the multiple listing system run by the Washington area's Metropolitan Regional Information System.

I found Zillow sharply undervalued one home in Fairfax Station that had sold twice in the past two years, first for $560,000 and then for $630,000. Zillow pegged its value at $499,206. Oddly, Zillow not only had the first sales price in its database but also showed it right below the flawed estimate. Zillow made the same error on a Lorton home, pegging its value at $784,793 while noting it had sold last summer for $900,000.

Those estimates were likely due to a glitch in Zillow's valuation formula, which has been overriding actual sales data too frequently, according to Stan Humphries, Zillow's director of advanced analytics. He said the formula is being adjusted to give greater weight to sale prices.

Other flawed Zestimates may have been caused by stale data on the size, age and other characteristics of houses, several of which had been remodeled. For instance, a new Lorton home on the market for $899,900 was valued by Zillow at only $394,240. I'm guessing it was because Zillow's description was missing one bathroom and two bedrooms.

Zillow offers a tweaking tool called My Zestimator that allows you to fine-tune estimates by adding data about a home, such as the size and cost of renovation work — and then view, but not save, the modified value. I was able to boost the value of remodeled homes that way, though not enough to match the sale prices.

Zillow runs extensive analyses to calculate its own accuracy rate by comparing actual transactions as they occur with the automated estimates provided by its computerized valuation system. Nationwide, 62 percent of all Zestimates fall within 10 percent of the selling price, according to Zillow. That means 38 percent are more than 10 percent off the mark, which strikes me as significant.

Accuracy runs higher in urban areas where Zillow has more sales data and drops in rural areas where the data tends to be sparser. But the company's track record can be dismal in some metro areas, such as Baltimore, where the company's own accuracy chart shows more than half its Zestimates are 17.7 percent or more off the selling price.

Frink said he considers Zillow's national accuracy rate strong and isn't troubled by its misses. Zestimates, he said, shouldn't be considered replacements for appraisals, which are created by trained, certified professionals who go to a home to verify its traits and physically view comparable homes.

Frink predicted that Zillow, which received plenty of media hoopla when it debuted, will improve gradually as the company adds housing data and tweaks its algorithm for automated value calls.

But until Zillow gets a lot smarter, I don't recommend making it a trusted bookmark.

Disagree,it's a start.

Nothing is word.

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General announcement.

Since many now know me from this thread, I'd thought I'd make it known here that I'm changing my name on this site - for the better.

You'll know me now as "Jeff Pasquino", new staff member.

Carry on.

Congrats! :thumbup:

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We have $20,000 on a 1031 exchange that needs to be parked within the month - Or We need to come up with some money for the tax man.

Any suggestions... We'll "settle" for breakeven - No 10% or 7% rule or whatever needed here.

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We have $20,000 on a 1031 exchange that needs to be parked within the month - Or We need to come up with some money for the tax man.

Any suggestions... We'll "settle" for breakeven - No 10% or 7% rule or whatever needed here.

Buy another house.

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We have $20,000 on a 1031 exchange that needs to be parked within the month - Or We need to come up with some money for the tax man.

Any suggestions... We'll "settle" for breakeven - No 10% or 7% rule or whatever needed here.

Where are you?

You should be able find SOMETHING using a local real estate club.

I do not know if you can use it to buy a mortgage or a partial interest in a property - I would ask your 1031 exchange attorney about what your options are.

However - I thought that you had to identify the properties long before this point - or are you still in the "identify a property for exchange" window?

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We have $20,000 on a 1031 exchange that needs to be parked within the month - Or We need to come up with some money for the tax man.

Any suggestions... We'll "settle" for breakeven - No 10% or 7% rule or whatever needed here.

Where are you?

You should be able find SOMETHING using a local real estate club.

I do not know if you can use it to buy a mortgage or a partial interest in a property - I would ask your 1031 exchange attorney about what your options are.

However - I thought that you had to identify the properties long before this point - or are you still in the "identify a property for exchange" window?

We're in NY.

We have about 3 weeks left to Identify a Property.....

The Real Estate Club I tried and posted a few pages ago how they want me to knock on doors but, I am posting on their board.

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We have $20,000 on a 1031 exchange that needs to be parked within the month - Or We need to come up with some money for the tax man.

Any suggestions... We'll "settle" for breakeven - No 10% or 7% rule or whatever needed here.

Where are you?

You should be able find SOMETHING using a local real estate club.

I do not know if you can use it to buy a mortgage or a partial interest in a property - I would ask your 1031 exchange attorney about what your options are.

However - I thought that you had to identify the properties long before this point - or are you still in the "identify a property for exchange" window?

We're in NY.

We have about 3 weeks left to Identify a Property.....

The Real Estate Club I tried and posted a few pages ago how they want me to knock on doors but, I am posting on their board.

Keep trying.

Sometimes $6K of tax is worth it to NOT get stuck in a bad deal.

$20K seems like an odd number to have to put into a deal - you don't have much to work with - talk to whomever handled your 1031 and get contact info for others that (s)/he has helped previously. You may be able to network with them to buy something.

Philadelphia too far? PA in general? Upstate NY?

flippinghomes.com and creonline.com may have other contacts / suggestions.

Good luck.

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We have $20,000 on a 1031 exchange that needs to be parked within the month - Or We need to come up with some money for the tax man.

Any suggestions... We'll "settle" for breakeven - No 10% or 7% rule or whatever needed here.

Buy another house.

If your talking a 15% capital gains tax, I'd be paying it before that option expires.

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Good article about real estate growth in the next 20-25 year timeframe.

Real Estate in 2030

Interesting in that I liked the different bullet points described in each instance, making his arguments clear.

I was a bit disappointed in the I-35 point, in that it did not explain why KC was included.

Personally, I would like to see this on the more local scale, and may use these point to try to find neighborhoods or small towns along I-70 (KC - Columbia - St Louis) that might be worth buying into.

Jeff, have you seen the Homesteps site from Freddie Mac? Thoughts? Homesteps

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Good article about real estate growth in the next 20-25 year timeframe.

Real Estate in 2030

Interesting in that I liked the different bullet points described in each instance, making his arguments clear.

I was a bit disappointed in the I-35 point, in that it did not explain why KC was included.

Personally, I would like to see this on the more local scale, and may use these point to try to find neighborhoods or small towns along I-70 (KC - Columbia - St Louis) that might be worth buying into.

Jeff, have you seen the Homesteps site from Freddie Mac? Thoughts? Homesteps

I checked it out. Basically foreclosed / Fannie Mae owned homes. Nothing too radical or special.

If someone else has comments, feel free.

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I’ve got a question about lender ratios for home sales. When I bought my first house about 4 years ago, I pretty much held fast to the 28/36 ratio that most lenders use. Now it appears the mortgage lending industry is switching to less stringent ratios or even no ratios. Has anyone used this type of loan for a mortgage? I feel confident that I can use a higher housing ratio than industry standards….say 40-45% total debt. My question is, with no other debt beside a mortgage payment, what type of loan should I apply for? No ratio? Are there more fees involved with theses?

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I'm buying a condo with an equity loan from my primary residence. Since there will be no specific mortgage related to the condo, how do I go about a title search and title insurance? Every other time I have refy'd or bought I used the mortgage company's lawyer and they did all the necessary research. This condo is owned by 2 couples so I definitely want to make sure there are no liens since 1 of the couples is going through a divorce. TIA.

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I’ve got a question about lender ratios for home sales. When I bought my first house about 4 years ago, I pretty much held fast to the 28/36 ratio that most lenders use. Now it appears the mortgage lending industry is switching to less stringent ratios or even no ratios. Has anyone used this type of loan for a mortgage? I feel confident that I can use a higher housing ratio than industry standards….say 40-45% total debt. My question is, with no other debt beside a mortgage payment, what type of loan should I apply for? No ratio? Are there more fees involved with theses?

Paging proninja.....

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I'm buying a condo with an equity loan from my primary residence. Since there will be no specific mortgage related to the condo, how do I go about a title search and title insurance? Every other time I have refy'd or bought I used the mortgage company's lawyer and they did all the necessary research. This condo is owned by 2 couples so I definitely want to make sure there are no liens since 1 of the couples is going through a divorce. TIA.

You'll still need a closing agent.

A title company or an attorney can do this.

If you have a favorite one of either option, call them and ask them to do the transaction.

Do them a favor and try not to close the last day or 2 of the month - everyone closes then and it is hectic.

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The weather is finally breaking, and real estate markets are warming up again.

If you're a buyer, now's the time to buy before prices escalate if you're in a hot market.

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Hey Jeff,

Can we talk a minute about easements? On the three acres of wooded land we have, a surveyor called and wanted to talk about putting a sewer line in that would require a 20 foot wide cutdown that could not be replanted for tree growth.

Obviously, if we ever developed the land, having the sewer in place would be a positive, but the downside is the clearing would take away a lot of the visual and noise barrier the trees provide from a main street located on its East side.

Do we have to allow the easement? I was told the property could be declared condemned if we don't. Are we provided any compensation for the loss (to us)?

Thanks

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Hey Jeff,

Can we talk a minute about easements? On the three acres of wooded land we have, a surveyor called and wanted to talk about putting a sewer line in that would require a 20 foot wide cutdown that could not be replanted for tree growth.

Obviously, if we ever developed the land, having the sewer in place would be a positive, but the downside is the clearing would take away a lot of the visual and noise barrier the trees provide from a main street located on its East side.

Do we have to allow the easement? I was told the property could be declared condemned if we don't. Are we provided any compensation for the loss (to us)?

Thanks

Easements are basically a documented permitted use.

I don't know who this surveyor represented, but I would call the city / county / township to see if there has been any thoughts about running sewer line through that area. If there is, you'll have to talk to the municipality in question to see what can be done regarding the right of way.

If the city / county / state has a plan for the land, they may be able to use the "imminent domain" and indeed condemn some of the land for what they think is a greater good for their populous.

If this is just a neighbor who contracted the surveyor, he may have been blowing smoke up your ... to try and get you to give them the easement.

Once you find out who is who and what is what, then you may see about what can be done if anything.

This ultimately may require an attorney, unfortunately.

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The weather is finally breaking, and real estate markets are warming up again.

If you're a buyer, now's the time to buy before prices escalate if you're in a hot market.

:goodposting:

Neighbor's house that comps out almost exactly to mine just sold for 6.5% more than I got mine for in December. It's starting, people.

Yes, it was 77 degrees here today and everyone's thoughts were of Springtime.

Warm weather spawns outdoors, which leads to people wanting bigger and better front and back yards.

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I've got a Property where SOMEWHERE the Toilet Drain Pipe was leaking in the wall, and eroding the Foundation on a corner of the house. I noticed it in the Basement and knew it had to be somewhere up the line.

Went to open it up today. Told the Downstairs tenant (Who has been there for some 7 years) that they would be without a Kitchen for Today and Tomorrow while this happened, gave them Gift Certs for Pizza and the Local Chinese Delivery place.

I knew that there was leaking right above the Kitchen sink as you can see the damage. There is a Sofit above the Cabinets, so I punched a few holes. Nothing. After thinking a little bit, I noticed that this damage is directly below the upstairs bathroom sink that I fixed maybe 5 years ago. Grrrr. Now I have two drywall repairs to make.

Pulled the Kitchen cabinets off, pulled out the counter top, and broke away a good amount of Tile. NOTHING.

FINALLY took my screw gun, removed 4 wood screws and a piece of tile board down at the bottom that was beside the Stove. BINGO.

If I could just turn back time and just do the very easiest thing first.....

Serious lesson learned today.

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We have $20,000 on a 1031 exchange that needs to be parked within the month - Or We need to come up with some money for the tax man.

Any suggestions... We'll "settle" for breakeven - No 10% or 7% rule or whatever needed here.

Where are you?

You should be able find SOMETHING using a local real estate club.

I do not know if you can use it to buy a mortgage or a partial interest in a property - I would ask your 1031 exchange attorney about what your options are.

However - I thought that you had to identify the properties long before this point - or are you still in the "identify a property for exchange" window?

We're in NY.

We have about 3 weeks left to Identify a Property.....

The Real Estate Club I tried and posted a few pages ago how they want me to knock on doors but, I am posting on their board.

Blue,

Please take this Comment from Mike Anderson general citizen, and not Mike Anderson, representative of FBGs. In no way am I making an official endorsement here.

That said, if you are just looking at a Break even position in your own market, you should consider other markets as long as you could trust someone to run it for you, and it is a better financial position.

Posting in this thread is Bass. Although I do not know Bass personally, nor do I understand his business ability, I can say that I have "known" him on this message board for years, and he is worth recommending as Common citizen Mike Anderson. By the virtue of being a Full time Property Manager for years now, he must be doing something right.

I might "Suggest" that a single path of research in your overall plan would be to contact a PM in a different market, and at least speak with them. A simple PM on this site might start the process of understanding the Property Management game in other markets. Perhaps something in AZ where you could write off your Vacatio.... Errr Business trip to check on it every year. Perhaps the market that Bass operates in would be more able to buy well with $20K which I assume is difficult (Impossible) in NY.

Although I know nothing about it, I do know that 1031 buying groups exist, where say 20 investors put in $20K to purchase a $400K building, and run it like a Corporation.

Anyway, trying to help you look outside the box.

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We have $20,000 on a 1031 exchange that needs to be parked within the month - Or We need to come up with some money for the tax man.

Any suggestions... We'll "settle" for breakeven - No 10% or 7% rule or whatever needed here.

Where are you?

You should be able find SOMETHING using a local real estate club.

I do not know if you can use it to buy a mortgage or a partial interest in a property - I would ask your 1031 exchange attorney about what your options are.

However - I thought that you had to identify the properties long before this point - or are you still in the "identify a property for exchange" window?

We're in NY.

We have about 3 weeks left to Identify a Property.....

The Real Estate Club I tried and posted a few pages ago how they want me to knock on doors but, I am posting on their board.

Blue,

Please take this Comment from Mike Anderson general citizen, and not Mike Anderson, representative of FBGs. In no way am I making an official endorsement here.

That said, if you are just looking at a Break even position in your own market, you should consider other markets as long as you could trust someone to run it for you, and it is a better financial position.

Posting in this thread is Bass. Although I do not know Bass personally, nor do I understand his business ability, I can say that I have "known" him on this message board for years, and he is worth recommending as Common citizen Mike Anderson. By the virtue of being a Full time Property Manager for years now, he must be doing something right.

I might "Suggest" that a single path of research in your overall plan would be to contact a PM in a different market, and at least speak with them. A simple PM on this site might start the process of understanding the Property Management game in other markets. Perhaps something in AZ where you could write off your Vacatio.... Errr Business trip to check on it every year. Perhaps the market that Bass operates in would be more able to buy well with $20K which I assume is difficult (Impossible) in NY.

Although I know nothing about it, I do know that 1031 buying groups exist, where say 20 investors put in $20K to purchase a $400K building, and run it like a Corporation.

Anyway, trying to help you look outside the box.

:goodposting: , Citizen Mike.

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I'm buying a condo with an equity loan from my primary residence.  Since there will be no specific mortgage related to the condo, how do I go about a title search and title insurance? Every other time I have refy'd or bought I used the mortgage company's lawyer and they did all the necessary research.  This condo is owned by 2 couples so I definitely want to make sure there are no liens since 1 of the couples is going through a divorce. TIA.

You'll still need a closing agent.

A title company or an attorney can do this.

If you have a favorite one of either option, call them and ask them to do the transaction.

Do them a favor and try not to close the last day or 2 of the month - everyone closes then and it is hectic.

Got an attorney int the state I'm purchasing(maine). He has dealt with this condo complex several times and he stated that I didn't need title insurance. He would get it for me but said it would just add to his pocket and he didn't think it was necessary. Honest and lawyers don't go together(kidding). I know that there is a problem with the old management co. Apparently he kept some deposits for rentals but he came forward and is going to repay-or so they say. What do you think-title insurance or not? Thanks again.

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I'm buying a condo with an equity loan from my primary residence. Since there will be no specific mortgage related to the condo, how do I go about a title search and title insurance? Every other time I have refy'd or bought I used the mortgage company's lawyer and they did all the necessary research. This condo is owned by 2 couples so I definitely want to make sure there are no liens since 1 of the couples is going through a divorce. TIA.

You'll still need a closing agent.

A title company or an attorney can do this.

If you have a favorite one of either option, call them and ask them to do the transaction.

Do them a favor and try not to close the last day or 2 of the month - everyone closes then and it is hectic.

Got an attorney int the state I'm purchasing(maine). He has dealt with this condo complex several times and he stated that I didn't need title insurance. He would get it for me but said it would just add to his pocket and he didn't think it was necessary. Honest and lawyers don't go together(kidding). I know that there is a problem with the old management co. Apparently he kept some deposits for rentals but he came forward and is going to repay-or so they say. What do you think-title insurance or not? Thanks again.

As with any insurance, it depends on what you believe the risk vs. liability is.

You obviously think there's a potential problem here (or down the road). Spending a few hundred bucks to save tens of thousands of an investment in both time, effort and aggravation - sounds like a bargain to me.

I ALWAYS get title insurance. ALWAYS. I will burn $500 easy just to make sure I don't have an issue with a house.

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Man, busy day today.

I visited 2 potential sites to buy, a house we're working on, a new purchase, and talked about two more potential houses to buy.

Unreal this time of year. And tiring.

Now I have to catch up on 50 players changing teams....

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I'm buying a condo with an equity loan from my primary residence.  Since there will be no specific mortgage related to the condo, how do I go about a title search and title insurance? Every other time I have refy'd or bought I used the mortgage company's lawyer and they did all the necessary research.  This condo is owned by 2 couples so I definitely want to make sure there are no liens since 1 of the couples is going through a divorce. TIA.

You'll still need a closing agent.

A title company or an attorney can do this.

If you have a favorite one of either option, call them and ask them to do the transaction.

Do them a favor and try not to close the last day or 2 of the month - everyone closes then and it is hectic.

Got an attorney int the state I'm purchasing(maine). He has dealt with this condo complex several times and he stated that I didn't need title insurance. He would get it for me but said it would just add to his pocket and he didn't think it was necessary. Honest and lawyers don't go together(kidding). I know that there is a problem with the old management co. Apparently he kept some deposits for rentals but he came forward and is going to repay-or so they say. What do you think-title insurance or not? Thanks again.

I know an investor with 20 years experience in my area that only gets title insurance for high end commmercial property because his lenders require it. Otherwise, he doesn't bother.

Here's an old thread with some discussion on the topic:

LINK

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I'm buying a condo with an equity loan from my primary residence.  Since there will be no specific mortgage related to the condo, how do I go about a title search and title insurance? Every other time I have refy'd or bought I used the mortgage company's lawyer and they did all the necessary research.  This condo is owned by 2 couples so I definitely want to make sure there are no liens since 1 of the couples is going through a divorce. TIA.

You'll still need a closing agent.

A title company or an attorney can do this.

If you have a favorite one of either option, call them and ask them to do the transaction.

Do them a favor and try not to close the last day or 2 of the month - everyone closes then and it is hectic.

Got an attorney int the state I'm purchasing(maine). He has dealt with this condo complex several times and he stated that I didn't need title insurance. He would get it for me but said it would just add to his pocket and he didn't think it was necessary. Honest and lawyers don't go together(kidding). I know that there is a problem with the old management co. Apparently he kept some deposits for rentals but he came forward and is going to repay-or so they say. What do you think-title insurance or not? Thanks again.

Do I think Title Insurance is needed? No, not really. I don't think Life insurance is needed either. I haven't been in an Accident in my entire life, to me, Auto insurance isn't needed either. However it works, just one time with a serious problem will pay for that Title Policy in spades. Get it, get it every-time. The cost is minimal when compared to the repercussions.

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So after tearing apart everything but the problem... OR SO I THOUGHT, everything ballooned out of Control all day, and I learned a new way of doing things.

What I THOUGHT was a simple cut out the 4 Inch Cast and replace with PVC and rubber boots, turned into much more.

The Cast was cracked down the side big enough to put fingers inside of it for about 5 feet. This was the biggest, worst pipe I have ever seen. On top of that, it went into a 90 degree turn, and then another 90 degree turn to get into the basement inside the wall. I didn't want to replace all the 90 degree turns, and the cast was good at the Bell below.

I go to a Local Hardware store where their thing is that a Retired General Contractor is on Duty all hours that they are open. I explain what I have, and he recommends a way of doing this that I would have never thought of.

I put the PVC down into the Bell, packed it with Oakum and then an Epoxy Putty that you can work in your hand. Neat way of doing it, I wish I had known for my last plumbing disaster, it would have saved a TON of effort.

So the bottom is packed, about 5 feet of PVC with a Boot at the top. All is right with the world.

Until the toilet was flushed and it leaked from above.

Turns out that there is an entirely separate break in the cast some 5 feet up at the connection for the Toilet. When I grabbed the Lead Toilet line (That went into Copper, that went into Lead, that went into the cast - ####### weird)it came out in my hands with just a slight tug. 3 inch lead to cast at the bell, and it was held together by maybe 2 inches at the top.

Of course this involved tearing out the sofit for the Cabinets below, tearing out the ceiling, tearing out the Floor in the bathroom above. At this point, you can see the basement floor from the second floor bathroom.

BEST PART: In cutting away the floor around the Toilet flange, it turns out that the Water supply lines for the Toilet, Tub, and sink was the flexible Copper and was butted up exactly right beside the Toilet Flange. Cut right through the Hot water line, spraying everywhere, and resulting in no water to the entire house all day. There is not a good system of cutoffs in the house.

So at this point, There is a hole from the second floor to the basement. The upstairs has no Toilet, and the downstairs has no kitchen.

I was really shocked that there were two difficult issues in the line some 5 feet apart from each other.

Very cool to see/do the Oakum and Epoxy deal to connect PVC and a Cast bell in good shape. REALLY wish I knew about that one job ago.

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Man, busy day today.

I visited 2 potential sites to buy, a house we're working on, a new purchase, and talked about two more potential houses to buy.

Unreal this time of year. And tiring.

Now I have to catch up on 50 players changing teams....

Are there links to these properties? MLS?

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So after tearing apart everything but the problem... OR SO I THOUGHT, everything ballooned out of Control all day, and I learned a new way of doing things.

What I THOUGHT was a simple cut out the 4 Inch Cast and replace with PVC and rubber boots, turned into much more.

The Cast was cracked down the side big enough to put fingers inside of it for about 5 feet. This was the biggest, worst pipe I have ever seen. On top of that, it went into a 90 degree turn, and then another 90 degree turn to get into the basement inside the wall. I didn't want to replace all the 90 degree turns, and the cast was good at the Bell below.

I go to a Local Hardware store where their thing is that a Retired General Contractor is on Duty all hours that they are open. I explain what I have, and he recommends a way of doing this that I would have never thought of.

I put the PVC down into the Bell, packed it with Oakum and then an Epoxy Putty that you can work in your hand. Neat way of doing it, I wish I had known for my last plumbing disaster, it would have saved a TON of effort.

So the bottom is packed, about 5 feet of PVC with a Boot at the top. All is right with the world.

Until the toilet was flushed and it leaked from above.

Turns out that there is an entirely separate break in the cast some 5 feet up at the connection for the Toilet. When I grabbed the Lead Toilet line (That went into Copper, that went into Lead, that went into the cast - ####### weird)it came out in my hands with just a slight tug. 3 inch lead to cast at the bell, and it was held together by maybe 2 inches at the top.

Of course this involved tearing out the sofit for the Cabinets below, tearing out the ceiling, tearing out the Floor in the bathroom above. At this point, you can see the basement floor from the second floor bathroom.

BEST PART: In cutting away the floor around the Toilet flange, it turns out that the Water supply lines for the Toilet, Tub, and sink was the flexible Copper and was butted up exactly right beside the Toilet Flange. Cut right through the Hot water line, spraying everywhere, and resulting in no water to the entire house all day. There is not a good system of cutoffs in the house.

So at this point, There is a hole from the second floor to the basement. The upstairs has no Toilet, and the downstairs has no kitchen.

I was really shocked that there were two difficult issues in the line some 5 feet apart from each other.

Very cool to see/do the Oakum and Epoxy deal to connect PVC and a Cast bell in good shape. REALLY wish I knew about that one job ago.

God I hate rental properties.

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I'm buying a condo with an equity loan from my primary residence.  Since there will be no specific mortgage related to the condo, how do I go about a title search and title insurance? Every other time I have refy'd or bought I used the mortgage company's lawyer and they did all the necessary research.  This condo is owned by 2 couples so I definitely want to make sure there are no liens since 1 of the couples is going through a divorce. TIA.

You'll still need a closing agent.

A title company or an attorney can do this.

If you have a favorite one of either option, call them and ask them to do the transaction.

Do them a favor and try not to close the last day or 2 of the month - everyone closes then and it is hectic.

Got an attorney int the state I'm purchasing(maine). He has dealt with this condo complex several times and he stated that I didn't need title insurance. He would get it for me but said it would just add to his pocket and he didn't think it was necessary. Honest and lawyers don't go together(kidding). I know that there is a problem with the old management co. Apparently he kept some deposits for rentals but he came forward and is going to repay-or so they say. What do you think-title insurance or not? Thanks again.

As with any insurance, it depends on what you believe the risk vs. liability is.

You obviously think there's a potential problem here (or down the road). Spending a few hundred bucks to save tens of thousands of an investment in both time, effort and aggravation - sounds like a bargain to me.

I ALWAYS get title insurance. ALWAYS. I will burn $500 easy just to make sure I don't have an issue with a house.

Thanks. Reading all the replies helps too. I going to get it to stay on the safe side. Thanks again for all your help. Great thread. :thumbup:

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I'm buying a condo with an equity loan from my primary residence.  Since there will be no specific mortgage related to the condo, how do I go about a title search and title insurance? Every other time I have refy'd or bought I used the mortgage company's lawyer and they did all the necessary research.  This condo is owned by 2 couples so I definitely want to make sure there are no liens since 1 of the couples is going through a divorce. TIA.

You'll still need a closing agent.

A title company or an attorney can do this.

If you have a favorite one of either option, call them and ask them to do the transaction.

Do them a favor and try not to close the last day or 2 of the month - everyone closes then and it is hectic.

Got an attorney int the state I'm purchasing(maine). He has dealt with this condo complex several times and he stated that I didn't need title insurance. He would get it for me but said it would just add to his pocket and he didn't think it was necessary. Honest and lawyers don't go together(kidding). I know that there is a problem with the old management co. Apparently he kept some deposits for rentals but he came forward and is going to repay-or so they say. What do you think-title insurance or not? Thanks again.

Pass on the title insurance, but get the attorney to put in writing that you don't need it. Also make sure the attorney won't be retiring before you sell the property and actually has a license. Might want to check and see if his E&O policy is up to date too.

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So after tearing apart everything but the problem... OR SO I THOUGHT, everything ballooned out of Control all day, and I learned a new way of doing things.

What I THOUGHT was a simple cut out the 4 Inch Cast and replace with PVC and rubber boots, turned into much more.

The Cast was cracked down the side big enough to put fingers inside of it for about 5 feet. This was the biggest, worst pipe I have ever seen. On top of that, it went into a 90 degree turn, and then another 90 degree turn to get into the basement inside the wall. I didn't want to replace all the 90 degree turns, and the cast was good at the Bell below.

I go to a Local Hardware store where their thing is that a Retired General Contractor is on Duty all hours that they are open. I explain what I have, and he recommends a way of doing this that I would have never thought of.

I put the PVC down into the Bell, packed it with Oakum and then an Epoxy Putty that you can work in your hand. Neat way of doing it, I wish I had known for my last plumbing disaster, it would have saved a TON of effort.

So the bottom is packed, about 5 feet of PVC with a Boot at the top. All is right with the world.

Until the toilet was flushed and it leaked from above.

Turns out that there is an entirely separate break in the cast some 5 feet up at the connection for the Toilet. When I grabbed the Lead Toilet line (That went into Copper, that went into Lead, that went into the cast - ####### weird)it came out in my hands with just a slight tug. 3 inch lead to cast at the bell, and it was held together by maybe 2 inches at the top.

Of course this involved tearing out the sofit for the Cabinets below, tearing out the ceiling, tearing out the Floor in the bathroom above. At this point, you can see the basement floor from the second floor bathroom.

BEST PART: In cutting away the floor around the Toilet flange, it turns out that the Water supply lines for the Toilet, Tub, and sink was the flexible Copper and was butted up exactly right beside the Toilet Flange. Cut right through the Hot water line, spraying everywhere, and resulting in no water to the entire house all day. There is not a good system of cutoffs in the house.

So at this point, There is a hole from the second floor to the basement. The upstairs has no Toilet, and the downstairs has no kitchen.

I was really shocked that there were two difficult issues in the line some 5 feet apart from each other.

Very cool to see/do the Oakum and Epoxy deal to connect PVC and a Cast bell in good shape. REALLY wish I knew about that one job ago.

God I hate rental properties.

Note to self...post 1970's properties only.

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So after tearing apart everything but the problem... OR SO I THOUGHT, everything ballooned out of Control all day, and I learned a new way of doing things.

What I THOUGHT was a simple cut out the 4 Inch Cast and replace with PVC and rubber boots, turned into much more.

The Cast was cracked down the side big enough to put fingers inside of it for about 5 feet. This was the biggest, worst pipe I have ever seen. On top of that, it went into a 90 degree turn, and then another 90 degree turn to get into the basement inside the wall. I didn't want to replace all the 90 degree turns, and the cast was good at the Bell below.

I go to a Local Hardware store where their thing is that a Retired General Contractor is on Duty all hours that they are open. I explain what I have, and he recommends a way of doing this that I would have never thought of.

I put the PVC down into the Bell, packed it with Oakum and then an Epoxy Putty that you can work in your hand. Neat way of doing it, I wish I had known for my last plumbing disaster, it would have saved a TON of effort.

So the bottom is packed, about 5 feet of PVC with a Boot at the top. All is right with the world.

Until the toilet was flushed and it leaked from above.

Turns out that there is an entirely separate break in the cast some 5 feet up at the connection for the Toilet. When I grabbed the Lead Toilet line (That went into Copper, that went into Lead, that went into the cast - ####### weird)it came out in my hands with just a slight tug. 3 inch lead to cast at the bell, and it was held together by maybe 2 inches at the top.

Of course this involved tearing out the sofit for the Cabinets below, tearing out the ceiling, tearing out the Floor in the bathroom above. At this point, you can see the basement floor from the second floor bathroom.

BEST PART: In cutting away the floor around the Toilet flange, it turns out that the Water supply lines for the Toilet, Tub, and sink was the flexible Copper and was butted up exactly right beside the Toilet Flange. Cut right through the Hot water line, spraying everywhere, and resulting in no water to the entire house all day. There is not a good system of cutoffs in the house.

So at this point, There is a hole from the second floor to the basement. The upstairs has no Toilet, and the downstairs has no kitchen.

I was really shocked that there were two difficult issues in the line some 5 feet apart from each other.

Very cool to see/do the Oakum and Epoxy deal to connect PVC and a Cast bell in good shape. REALLY wish I knew about that one job ago.

God I hate rental properties.

Note to self...post 1970's properties only.

That wouldn't fly around most parts.

Older properties are where many "deals" are, but not entirely.

Rentals - another story perhaps (and I don't want to hear about deferred maintenance) - but for rehabs, I'll take a 90 year old Baltimore townhouse in a growth area, gut it, modernize it, and make good coin.

But you have to make it new. Properties with a "skeleton" of 30+ years (pipes, electrical, HVAC, etc.) are a ticking time bomb.

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So after tearing apart everything but the problem... OR SO I THOUGHT, everything ballooned out of Control all day, and I learned a new way of doing things.

What I THOUGHT was a simple cut out the 4 Inch Cast and replace with PVC and rubber boots, turned into much more.

The Cast was cracked down the side big enough to put fingers inside of it for about 5 feet. This was the biggest, worst pipe I have ever seen. On top of that, it went into a 90 degree turn, and then another 90 degree turn to get into the basement inside the wall. I didn't want to replace all the 90 degree turns, and the cast was good at the Bell below.

I go to a Local Hardware store where their thing is that a Retired General Contractor is on Duty all hours that they are open. I explain what I have, and he recommends a way of doing this that I would have never thought of.

I put the PVC down into the Bell, packed it with Oakum and then an Epoxy Putty that you can work in your hand. Neat way of doing it, I wish I had known for my last plumbing disaster, it would have saved a TON of effort.

So the bottom is packed, about 5 feet of PVC with a Boot at the top. All is right with the world.

Until the toilet was flushed and it leaked from above.

Turns out that there is an entirely separate break in the cast some 5 feet up at the connection for the Toilet. When I grabbed the Lead Toilet line (That went into Copper, that went into Lead, that went into the cast - ####### weird)it came out in my hands with just a slight tug. 3 inch lead to cast at the bell, and it was held together by maybe 2 inches at the top.

Of course this involved tearing out the sofit for the Cabinets below, tearing out the ceiling, tearing out the Floor in the bathroom above. At this point, you can see the basement floor from the second floor bathroom.

BEST PART: In cutting away the floor around the Toilet flange, it turns out that the Water supply lines for the Toilet, Tub, and sink was the flexible Copper and was butted up exactly right beside the Toilet Flange. Cut right through the Hot water line, spraying everywhere, and resulting in no water to the entire house all day. There is not a good system of cutoffs in the house.

So at this point, There is a hole from the second floor to the basement. The upstairs has no Toilet, and the downstairs has no kitchen.

I was really shocked that there were two difficult issues in the line some 5 feet apart from each other.

Very cool to see/do the Oakum and Epoxy deal to connect PVC and a Cast bell in good shape. REALLY wish I knew about that one job ago.

God I hate rental properties.

Note to self...post 1970's properties only.

That wouldn't fly around most parts.

Older properties are where many "deals" are, but not entirely.

Rentals - another story perhaps (and I don't want to hear about deferred maintenance) - but for rehabs, I'll take a 90 year old Baltimore townhouse in a growth area, gut it, modernize it, and make good coin.

But you have to make it new. Properties with a "skeleton" of 30+ years (pipes, electrical, HVAC, etc.) are a ticking time bomb.

Working on my first rehab as we speak. Bought it for $14K on the innernets. Quite the learning experience. Going to my first auction next week for a property that I have some history with. Starting to run low on capital.

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So after tearing apart everything but the problem... OR SO I THOUGHT, everything ballooned out of Control all day, and I learned a new way of doing things.

What I THOUGHT was a simple cut out the 4 Inch Cast and replace with PVC and rubber boots, turned into much more.

The Cast was cracked down the side big enough to put fingers inside of it for about 5 feet. This was the biggest, worst pipe I have ever seen. On top of that, it went into a 90 degree turn, and then another 90 degree turn to get into the basement inside the wall. I didn't want to replace all the 90 degree turns, and the cast was good at the Bell below.

I go to a Local Hardware store where their thing is that a Retired General Contractor is on Duty all hours that they are open. I explain what I have, and he recommends a way of doing this that I would have never thought of.

I put the PVC down into the Bell, packed it with Oakum and then an Epoxy Putty that you can work in your hand. Neat way of doing it, I wish I had known for my last plumbing disaster, it would have saved a TON of effort.

So the bottom is packed, about 5 feet of PVC with a Boot at the top. All is right with the world.

Until the toilet was flushed and it leaked from above.

Turns out that there is an entirely separate break in the cast some 5 feet up at the connection for the Toilet. When I grabbed the Lead Toilet line (That went into Copper, that went into Lead, that went into the cast - ####### weird)it came out in my hands with just a slight tug. 3 inch lead to cast at the bell, and it was held together by maybe 2 inches at the top.

Of course this involved tearing out the sofit for the Cabinets below, tearing out the ceiling, tearing out the Floor in the bathroom above. At this point, you can see the basement floor from the second floor bathroom.

BEST PART: In cutting away the floor around the Toilet flange, it turns out that the Water supply lines for the Toilet, Tub, and sink was the flexible Copper and was butted up exactly right beside the Toilet Flange. Cut right through the Hot water line, spraying everywhere, and resulting in no water to the entire house all day. There is not a good system of cutoffs in the house.

So at this point, There is a hole from the second floor to the basement. The upstairs has no Toilet, and the downstairs has no kitchen.

I was really shocked that there were two difficult issues in the line some 5 feet apart from each other.

Very cool to see/do the Oakum and Epoxy deal to connect PVC and a Cast bell in good shape. REALLY wish I knew about that one job ago.

God I hate rental properties.

Note to self...post 1970's properties only.

That wouldn't fly around most parts.

Older properties are where many "deals" are, but not entirely.

Rentals - another story perhaps (and I don't want to hear about deferred maintenance) - but for rehabs, I'll take a 90 year old Baltimore townhouse in a growth area, gut it, modernize it, and make good coin.

But you have to make it new. Properties with a "skeleton" of 30+ years (pipes, electrical, HVAC, etc.) are a ticking time bomb.

Working on my first rehab as we speak. Bought it for $14K on the innernets. Quite the learning experience. Going to my first auction next week for a property that I have some history with. Starting to run low on capital.

Careful BnB. Capital can run low quick as a rehabber. Last thing you want is a 1/2 done rehab on your hands.

I've been there. Seeing all the deals going down in a neighborhood about to explode, you feel like you want to buy EVERYTHING you can. That'd be great if you had 20-30K plus for each one as a fallback position to keep you rolling, but that's rarely the case.

You should have 20K or so per rehab as a just in case fund, on top of 10-15K for fronting money to contractors.

Another word of caution - don't pay more than you need to UP FRONT for contractors. Yes they may need $$, but keep them on a tight leash with your contracts (CONTRACTors). Otherwise they'll skip out on you with your $$ up front.

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