<p>I want to make sure that everyone can get to the Flickr photo group without having to register or sign up for Flickr. I would like to see if someone could access the original flip project group:</p>
<p><a href=“Flickr: The CC Flip Project Pool”>http://www.■■■■■■■■■■/groups/cc_flip_project/</a></p>
<p>and then see if you can go to ‘groups’ or ‘communities’ above and then get to the other CC Flip Project 2??</p>
<p>Let me know</p>
<p>What is “western region exception”?</p>
<p>cb, when I click on your link I see the pix from Flip #1. Then I clicked on “Communities.” Then I clicked on “Groups List,” and up popped the CC Flip #2. Not intuitive, but I got there.</p>
<p>cb, the link comes up for last project. There is no flickr ‘groups’ or ‘communities’ link that comes up for me.</p>
<p>Maybe you can get to Flip #2 when you are registered, but if not registered you cannot see the Communities tab on top of page? Oh well, that’s the best I can do.</p>
<p>I cannot remember exactly what the issue was with ‘Western Regional Exceptions’, but if at all possible you want to write your offer that Title Insurance cannot include ‘Western Regional Exceptions’ and you want to purchase a title binder at buyer’s cost. The title binder allows you to transfer the title insurance to your future buyer with only a cost of the difference in property value. </p>
<p>Example:
Buying Title Insurance (paid by seller) for $250,000 purchase (cost about $1,000)
Title Binder (paid by buyer) is 10% of Seller’s Title Insurance cost, say $100
Selling Title Insurance for future sale = $0
Title Insurance Difference (paid by Seller) = difference between $250,000 let’s say $350,000 as example = $238</p>
<p>So, for $338 you have provided Seller Title Insurance in your future sale, versus $1,300 if you buy it again</p>
<p>Basically including Western Regional Exceptions in title insurance is a way to get cut rate title insurance. It is very rare but the Banks are using cut rate title insurance companies that have this in their title policies. Ask detailed questions and make sure you know whether you are getting it or not.</p>
<p>Smart real estate agents that are helping buyers purchase flipped homes or REOs are specifically stating NO Western Regional Exceptions in their purchase contracts. This bit me on a sale a couple of years ago when I didn’t realize it was in the purchase contract. At the last minute in the sale escrow I had to go out and purchase new title insurance for the buyer, even though I had a binder with the crappy LPS company. </p>
<p>BTW, do not ever use LPS Title Insurance even if their cost is lower. They made huge errors on several Prelim Title Reports during transactions, to the point of attaching the wrong parcel map to the Prelim. I had to point out all of their errors and they honestly didn’t even care. For example, they listed a neighbor easement that scared me to death on a purchase I was making. After much research (and assistance from my regular title company Fidelity National), I determined that the easement didn’t even have anything to do with the property I was purchasing. It was several parcels away from me.</p>
<p>In commercial deals we use lawyers to review the title and you cannot even think how many errors the title company could make even with first America however that is very costly. You get what you pay for, nevertheless.</p>
<p>DAY 6 AND MORE</p>
<p>As you recall, on Day 2 about noon we discovered that all of the sewer and drain lines under the house were rotten. That required pulling out toilet and ripping the bathroom out. While ripping the bathroom out we discovered that the base plates on concrete stem wall foundation, floor joists and structure surrounding the bathroom was termite-ridden and rotten.</p>
<p>Well, I am happy to report that my lead understands how important a toilet is to the boss He was on a mission to get a toilet installed. He ripped everything out from the house, installed a full 4” sewer line and all new copper plumbing out to the main lines in the front yard. He has re-built the entire bathroom structure. We installed pressure-treated floor joists and base plates (overkill, but really good under a bathroom). We installed special pressure-treated ¾” plywood sub floor. </p>
<p>As of noon Tuesday we have a toilet! That was 4 days of work X 2 guys for the plumbing and significant structure repairs. It is a wondrous thing. I even splurged and bought a fancy single tank toilet with the soft closing seat. I figured since there is only one bathroom, I can buy high quality fixtures. So, there is a small piece of plywood sub floor (remainder of bathroom is still open floor joists), one water line and one sewer line. Door on bathroom and a roll of toilet paper </p>
<p>Meanwhile, there is a huge development coming that has kept me occupied for days. More to come.</p>
<p>
</p>
<p>You big tease.</p>
<p>BIG NEWS #1</p>
<p>I have been overwhelmed and have something else bigger to share as soon as I know it is final. But, this was discussed in the earlier thread and I thought you would all like to know that I did find a way to do something that doesn’t involve buying properties in this competitive market.</p>
<p>During January when I was between projects my agent took a listing in a coastal beach town - $900k to $1mil. The Sellers have owned the house for 30 yrs and decided they wanted to do major renovations to update the house and get top dollar. She showed them some of my remodels and recommended that they might want to have me manage their project. Her intention was that it would give me something to do while I was out shopping for the next property. Sounds good on paper </p>
<p>We met several times and I created a mammoth Scope of Work document and a detailed estimate for them. I structured it so they would pay labor and materials and I would charge a weekly Project Management Fee with a cap total on the management fee. Estimate was 6 weeks of work. I was very honest with them that I was out shopping for a property and I could get fully engulfed at any time.</p>
<p>They took their time analyzing the market, analyzing the other properties for sale and their wishes. They were trying to decide between remodeling to sell their property or remodeling for a vacation rental. I kept trying to explain that the remodel would have to be different for the different targets. For example, you would put in a nice wood floor to sell vs. a high grade stylish laminate floor for vacation rental. And their square footage requires about $8,000 investment in flooring alone so you want to get the flooring decision right.</p>
<p>My agent did an analysis for them and there was no clear advantage to spending $65k to $75k for a remodel – they would not gain too much more than that in their sale. After that I assumed that the project would die and became engrossed in my little Spanish bungalow.</p>
<p>Out of the clear blue they called last Friday afternoon and said they want to do the remodel, they are fully committed and let’s get started!! I just swallowed hard and was very honest that I had already bought a property but I was willing to manage their project if they could live with 24 hrs a week management for our previously agreed price.</p>
<p>So, I have had two more meetings with them and we are starting work on Friday. The worst part is that the wife wants to go to Home Depot with me to get all the materials because they can use their 10% military discount. She is a very nice person, but it is very difficult to try to coordinate trips to Home Depot. Hopefully we can limit it to large volume, high ticket purchases. </p>
<p>Just shoot me. I now have two full time jobs.</p>
<p>So, we might have to create two different photo groups to follow 
This house is a 1970s/80s fake Spanish townhouse connected by one wall about 2,100sf. Two story, no yards, highly desireable beach community. Inside is stuck in the 80s with the mauve granite all over, including fireplaces and Pergo flooring. Master bathroom is going to get gutted and he wants a big walk in shower with no dam, sloped down to glass enclosure. </p>
<p>Congrats on the 2nd job!</p>
<p>
I think she should be able to set up an account at HD that will give her the discount on everything, and then authorize you to charge against it.</p>
<p>CB, this should give you some capital to fund other projects after this, though! :)</p>
<p>Update on that large house that I did not get to buy because the listing agent gave it to the ‘experienced’ investor (read… his buddy). That house is still pending and has not closed escrow. There was an elderly messy hoarder living in the house who was one of the heirs to the estate. She had to get a loan to buy a 1 bdr place to move out and it was promised that her purchase escrow was going to close by February 10th and she would be out by February 14th. Meanwhile there has been a Notice of Default posted against the property because the heirs stopped paying the reverse mortgage awhile ago.</p>
<p>Something has definitely gone wrong. </p>
<p>Things all happen for a reason I would have still been sitting stuck in contract waiting for a project</p>
<p>coralbrook, this is excellent news!! </p>
<p>Regarding HD, I would think you can go to HD and pick out the materials, then just have her meet you there to present her credentials and buy the stuff. Don’t let her debate doorknobs with you! But you already knew that.</p>
<p>
Bigger than two full-time jobs??</p>
<p>She called HD and asked whether ‘she’ could do online orders to be scheduled for pickup and use her Military ID to get a discount online. No, she has to be in store and present at the cashier to get the discount. This is seriously going to cramp my style because I have discovered the wonder of being able to sit at night and make a very detailed list of materials needed for the next day. Then I order everything online and schedule a pickup for the next morning. This is a miracle for me because I have a hard time pulling big lumber or toilets or whatever by myself off the shelf and onto the cart. I am able to walk in and pick up the large order (already paid for online). Then the loader boys out front help me load it into the truck. They still won’t ‘tie down’ the load because they are not supposed to. So, I have to try to get up into the back bed of the truck and tie some stupid girlie knots around things. My lead laughs at my knots and tie down skills when I finally arrive at the job.</p>
<p>Great news! Can you order everything in advance and just have her meet you to pay for it?</p>
<p>“Meet me at 11, this is what we are getting. Bring checkbook. K-THX”</p>
<p>
cb may not know what time she is going to be there until 10 minutes before she got there. And if something can’t be worked out with HD, she loses the ability to have the order picked and waiting for her ahead of time. Huge waste of time.</p>
<p>And it assumes the homeowner is available at a moment’s notice, which isn’t going to happen.</p>
<p>cb - if you haven’t already, talk to someone at the contractor desk at HD. I have found them pretty willing to be flexible.</p>