I just received an update that the Buyers for Point Loma property #6 are removing their contingencies and my backup offer probably will not be required. But, the agent says she has something coming up soon from a death, just waiting for the heirs to decide whether they are going to keep it or sell it. She’s going to call me first.
3716 La Cresta, 92107
^^ Does this faucet set looks good? bought a three holes wide spacing sink/vanity close out for $79, thus the purchase.
http://www.ebay.com/itm/201297003883?_trksid=p2057872.m2749.l2649&ssPageName=STRK%3AMEBIDX%3AIT
The problem is this does not have a pos for the drain, another HD run.
Orchard Supply Hardware is a sub of Sears, a large chain, don’t know why SD does not have them.
Very nice, I hope it fits and has all the pieces! I’ll search eBay on my next project. Unfortunately I don’t have a lot of luck with the eBay plumbing stuff. It usually is built to some kind of specifications (Asian) that never matches standard plumbing drain pipes, etc. My carpenter just has a fit every time I walk in with one of those boxes, it results in hours of frustration and lots of creative engineering to find the right parts to put it all together.
Sears sold Orchard Supply to Lowes in 2013
^^ yes the repair kit works. But I could not come up with that, so, I had to take the plumber with me on a $25/hour binge. ;
Property #13
I followed up with the Listing Agent this morning because my offer expired last night. He said that he did everything he could, reduced his commission as much as he could, but the Sellers would not accept the offer. They are stuck on a number for their divorce proceeds. He has one other offer that is about the same as mine but he says he would much rather work with me. He asked if he could keep the offer and revisit with the Sellers next week if they do not get any other offers over the weekend. Not going to hold my breath for this one
9228 Brier Rd 91942
I’ve never seen a listing like Brier Rd that discloses cracked ceilings and walls up front. You may not have a lot of competition for that one (or maybe it’s common there and just new to me.)
No, the listing agent is not doing himself any favors. He strikes me as the lazy type. In our market, this type of information would be disclosed in the ‘confidential remarks’ section for agents to see only. And, it would have been written in a different way.
For now I hope he keeps it there because it is a real ‘DO NOT BUY THIS HOUSE’ type of marketing. And these comments are seen in all the Internet Listings. Not real smart to say ‘Failed property inspection’ right up front in the description.
But, if I do go into contract I am going to ask him to remove the comments from the MLS immediately. When I re sell the property in the future, any smart agent is going to research the history of the property in the MLS and they will see the comments. Once anyone sees ‘foundation’ issues they will demand a Certified Engineering Report and I just do not want to go there. Yes, I will get a foundation company to do the important concrete slab repairs, but we will do the pier replacements ourselves and the French drain landscape stuff. Lots of extra money involved getting ‘certification’ of anything. Companies do not want to be liable for anything, and especially will refuse to be liable for ‘certification’ of someone else’s work.
Without a doubt, that is the ugliest backsplash/surround area around the cook top that I have ever seen in my life.
The cooktop alcove is the weirdest thing. This house was remodeled in the 90s to tan, brown neutrals. But the kitchen was not touched. It has old formica, old appliances, old cabinets and that strange strange blue tile alcove. The alcove would be adorable if this was an old Spanish house with character. The house is a ranch style house with wood siding - everything in the house is totally different from that Spanish tile in kitchen. It all has to go
That kitchen is another thing that is going to keep buyers away. The rest of the house might look OK cosmetically, but most buyers think a kitchen remodel is $40,000 and a nightmare of work. So, they will walk away
“Back on Market due to property inspection. The home has some cracked ceilings and walls due to settlement problems. Seldom is a home in this wonderful area offered for sale.”
This is from Realtor dot com. Holy cow, the realtor must really hate the clients. Or is going out on a limb to CYA.
Yes, marketing description for Property #13 is not doing anyone any favors (except for maybe me!!!). I think that they might be coming back to my offer next week.
Property #8 in La Mesa where I am backup offer. The appraisal did come in yesterday and, as the listing agent predicted, it is not close to the Asking Price of 499,000. It came in at $460,000 but it appears that the buyers are going to make up the difference to get their loan and the escrow will proceed. So, that one fell through. This is the one where original garage was converted to guest house and it only has a car port for cars.
4283 Merritt 91941
The Brier Road place is a lot bigger than your other projects and would therefore likely be an expensive remodel. And it seems like the landscaping and courtyards will be key, which will also add to cost. I don’t know how you do this with so little solid info abt what you are going to find once you get started! Have you made money on every project so far?
Wow, that kitchen alcove is blue…and doesn’t work with anything else in the house…that alcove would be awesome in the right house.
Regarding question on whether I make money on every project… the answer is that it is a law of averages. For the first four years I had to buy properties sight unseen at foreclosure auctions (well, except for driving by and trying to snoop around the front to see if it was vacant) so you win some and you lose some. My only true loss to date was a downtown San Diego condo, but that really didn’t have anything to do with hidden issues. It had to do with the fact that my agent underestimated how much it would be worth at sale. It languished on market a couple of months and I had to take the only offer I could get. Had nothing to do with terrible condition or hidden plumbing surprises or something.
Of course there have been many projects that barely made a profit - Nebo (Flip #1) is an example. Not worth all the hard work, time and money that went into the place. But hopefully it balances out with a home run (Guizot Flip #3). But I didn’t have a home run for several years between projects so Guizot was a real savior.
At least for the Brier Rd house I had my carpenter and a roofing guy go through the place so I know what the big ticket issues are. Of course Seller was completely unaware of the big ticket items - except for the foundation problems. He’s not aware that bathrooms may have to be gutted and sewer lines need to be replaced. But his agent is aware and will probably have to disclose those to next potential buyer.
My personal feeling is that I need to replace all the flooring in the Brier Rd place, so that is going to be a huge expense for 3000+ square feet.
Yes, it is, but the major areas for renovation in this house are kitchen and bath. Everything else seemed ok, you do not need to rip the whole thing apart. In my mind, it sounds like a 50K project.
Property #14
I’m trying to get creative with my search. I went through the MLS and found properties in my target areas where they have been Pending for a really long time. I was able to get a hold of a Listing Agent who was a little confused when I called and started telling me all about a million dollar property on the same street that was about to come back onto the market. After a little bit I was able to explain which property I was really interested in! Turns out that the Sellers (heirs) had to put in a whole new sewer connection to the City line and that just got completed. However, the Buyer that is in contract has gone AWOL.
She is issuing a Notice to Perform to the Buyer this weekend and, if they do not respond (I have no idea what they need to do to ‘perform’) then she will call me and I can go view the property. It used to be occupied by Tenant but it is now vacant, but I can’t get access to the house because there is a locked gate to the property. She doesn’t want to show it to me until there really is a chance that the escrow will cancel.
Great, CB, that sounds like a creative choice and one that could turn out well for you! Good luck!
“a Notice to Perform”
is a written demand that the buyers close the deal by a specified date, otherwise they lose their deposit and the contract is cancelled.