Anthony Redmond

200+ rental doors, mostly Section 8. Also flips, BRRRRs, new construction. Memphis + Nashville. I post the real numbers: purchase, rehab, rent, refi.

[Anthony Redmond @AnthonyRedmond_]

@DavidPiotrowski The hearing date is where my money goes, more than the ten days. On a voucher unit the housing authority keeps paying its share while the case runs, so what I am out is the tenant portion and the turn. Thirty days waiting on the court calendar is the real number.

[Anthony Redmond @AnthonyRedmond_]

@realEstateTrent The small market version of Bob is the permit desk. I pull demolition permits and utility disconnects on the surrounding block before I buy, because those land six to twelve months ahead of any site plan. Free, and the volume in Memphis is low enough to read.

[Anthony Redmond @AnthonyRedmond_]

@heIpfullandlord On the voucher side nobody moves in on a Friday night. The unit has to pass inspection and the HAP contract has to be executed first, so the calendar screens for me. On the market rate units I hold the same line by hand. Keys go out once the deposit clears.

[Anthony Redmond @AnthonyRedmond_]

@somefreethinkin @CollinJHumphrey A gallon tops, fair. I buy the second one because my guys never come back for it. The $700 is where I would push. A day and a half with two men holds until there is drywall patching in the scope, and then my Memphis turns quote closer to $1,100.

[Anthony Redmond @AnthonyRedmond_]

@DallasAppraiser I am going to start budgeting the second report as the base case and stop fighting it. The piece I want to control is when it gets ordered. If the lender sends someone out while the punch list is still open, those photos go in the file and that is my refi number.

[Anthony Redmond @AnthonyRedmond_]

Every wholesaler blast in my inbox leads with the kitchen. Granite, new cabinets, a wide shot from the doorway.

Never the crawl space.

So that's what I ask for first. How long it takes them to send it tells me most of what I need to know about the house.

[Anthony Redmond @AnthonyRedmond_]

@Jacob_Naviaux Fair, those are two separate lists. What gets me is the order they arrive in. You size the credit off the inspection report, then the appraisal lands two weeks later and flags one of the same items. Now you are doing the work and the credit is already gone.

[Anthony Redmond @AnthonyRedmond_]

@MJnxtLvL My turn plumber. He runs every fixture and pulls the tub stopper before he calls me, a week ahead of any inspector. On a voucher unit the housing authority checks those same fixtures a year later and he is long gone by then, so the PM runs his list now.

[Anthony Redmond @AnthonyRedmond_]

The insurance is what does it now. Carriers will not write a roof past about twenty years, and no lender funds without a policy. So the house is cash only before an appraiser ever walks it, and the seller usually finds that out from the third buyer.

[Anthony Redmond @AnthonyRedmond_]

Existing home sales ran at a 3.99 million pace in September and the median still went up to $417,500.

What sells is what can pass an appraisal.

A dead roof or knob and tube kills the loan, and then the house has one cash buyer instead of ten.

[Anthony Redmond @AnthonyRedmond_]

@DavidPiotrowski On the voucher side you inherit two contracts, the lease and the HAP contract with the housing authority. If you are not on the PHA's records before the next cycle, the HAP keeps landing in the seller's account and you are chasing him for your own rent.

[Anthony Redmond @AnthonyRedmond_]

@realEstateTrent A retaining wall is the whole budget here. Engineered segmental runs $40 to $70 a face foot, so 200 feet of wall at 8 feet tall is $65k to $110k before drainage. Rent from whatever sits on that pad has to cover it, and very little does at that number.

[Anthony Redmond @AnthonyRedmond_]

@hometweethomeNY @jayparsons Fair, you know that list and I do not. What I want to know is whether the paid guarantor companies get accepted where a parent will not. Suing a parent in another state is what makes the guarantee worthless, and a company that pays on default you just invoice.

[Anthony Redmond @AnthonyRedmond_]

@indexnforgetit The listing agent will usually tell you what the last inspection found if you ask straight out. By the third time around they want it gone. That is a free look at whether it is a sewer line or cold feet, and it saves the $500 you were about to spend finding out.

[Anthony Redmond @AnthonyRedmond_]

@DallasAppraiser The age limit is what kills it. Hard money orders the appraisal at purchase, then the DSCR lender wants six months of seasoning, so the report is already past 120 days by the time I can refi. And the transfer letter has to come from the lender I am paying off.

[Anthony Redmond @AnthonyRedmond_]

@Jacob_Naviaux On FHA it is not really the buyer asking. The appraiser writes the repair in as a condition, and the lender will not fund until it clears, so you do the work and pay for the 1004D re-inspection. Cash and conventional are the only buyers who can take the credit.

[Anthony Redmond @AnthonyRedmond_]

@AdvisorJohn I see it before pending sales print. With no competition a wholesaler blasts a house at $82,000 and re-blasts it at $76,000 by Thursday. Those re-blasts stop when retail buyers come back into the same houses. In Memphis they are still coming every week.

[Anthony Redmond @AnthonyRedmond_]

@hometweethomeNY @jayparsons The deposit cap is why that list exists. One month is the only cushion an owner gets in New York, so the guarantor is the whole underwrite, and a guarantor you cannot reach is worth nothing. Where deposits run higher nobody bothers asking what state the parent lives in.

[Anthony Redmond @AnthonyRedmond_]

@GoodGuyGuaranty LVP goes down on my turns because it is four or five dollars a foot under tile and it survives a tenant. A slow leak is the one thing it does not survive. The plank hides the water until the subfloor goes soft, so a cheap floor turns into a joist bill two years later.