HVAC - air conditioning and heat
Electrical - breaker box, wiring, lighting
Plumbing - copper tubes, PVC, and C-PVC
Roof - 3-tab, architectural, flat, membrane
Tuesday, April 22, 2014
4 point inspection? Why should I care?
A four point inspection is an inspection not only done for the future homebuyer's satisfaction and peace of mind but also for an insurance company. The insurance company will look at a four point inspection and give you better rates on your homeowner's insurance based on updates to the FOUR parts:
HVAC - air conditioning and heat
Electrical - breaker box, wiring, lighting
Plumbing - copper tubes, PVC, and C-PVC
Roof - 3-tab, architectural, flat, membrane
HVAC - air conditioning and heat
Electrical - breaker box, wiring, lighting
Plumbing - copper tubes, PVC, and C-PVC
Roof - 3-tab, architectural, flat, membrane
http://troywalseth.com/
http://troywalseth.com/
Natasha Hitchrick has done a fantastic job building the Troy Walseth Team's new website!
Please share these two great sites!
www.troywalseth.com
http://chase.findclearwaterhomes.com
Natasha Hitchrick has done a fantastic job building the Troy Walseth Team's new website!
Please share these two great sites!
www.troywalseth.com
http://chase.findclearwaterhomes.com
Monday, April 21, 2014
Cool article on Yahoo: downpayment alternatives
https://homes.yahoo.com/news/alternatives-to-putting-20--down-on-a-home-003554316.html
Especially the last section. Most states have a first time homebuyer program that will either grant you or loan you up to $10,000 at 0% over the life of the loan!
Especially the last section. Most states have a first time homebuyer program that will either grant you or loan you up to $10,000 at 0% over the life of the loan!
Thursday, April 17, 2014
Wednesday, April 9, 2014
FLIP house example
4 bedroom 2 bathroom house in Clearwater. 1800 square feet. Pool with large enclosure.
This makes the almost perfect flip house because of it's size, number of bedrooms, and pool (amenities). I say "almost perfect" because we generally would like it in a hands down gorgeous neighborhood and this element is missing. It needs lots of work, including a roof, new flooring, paint inside, siding and repairs on the exterior walls (because they are wooden). Our team came up with a ARV (After Repaired Value) of $125,000 based on sales in the exact neighborhood. This is a purposefully low estimate to account for $5k in negotiations.
Right now, the house is listed at $75,000 but can be purchased for less given the lengthy time on the market.
We want to make $20,000 profit on this so you take the $125k ARV - $20k profit to get $105,000. Next we need the cost of repairs which we determined would amount to a conservative $25k. We're now at $80k and we still need to account for cost of sale (realtor and closing fees) and interest on money being used to purchase it: $15k. While it almost never works out to be the exact asking price, this house works with a reasonable offer. To give ourselves even more cushion, we would want to offer close to $60k to start and hope to end around $65k to cover incidentals.
Check the house out here:
http://www.movoto.com/clearwater-fl/2130-catalina-dr-clearwater-fl-33764-431_u7615425/
This makes the almost perfect flip house because of it's size, number of bedrooms, and pool (amenities). I say "almost perfect" because we generally would like it in a hands down gorgeous neighborhood and this element is missing. It needs lots of work, including a roof, new flooring, paint inside, siding and repairs on the exterior walls (because they are wooden). Our team came up with a ARV (After Repaired Value) of $125,000 based on sales in the exact neighborhood. This is a purposefully low estimate to account for $5k in negotiations.
Right now, the house is listed at $75,000 but can be purchased for less given the lengthy time on the market.
We want to make $20,000 profit on this so you take the $125k ARV - $20k profit to get $105,000. Next we need the cost of repairs which we determined would amount to a conservative $25k. We're now at $80k and we still need to account for cost of sale (realtor and closing fees) and interest on money being used to purchase it: $15k. While it almost never works out to be the exact asking price, this house works with a reasonable offer. To give ourselves even more cushion, we would want to offer close to $60k to start and hope to end around $65k to cover incidentals.
Check the house out here:
http://www.movoto.com/clearwater-fl/2130-catalina-dr-clearwater-fl-33764-431_u7615425/
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