All Forum Posts by: Aaron Desimone

@Felipe Ocampo

Interest is market rate plus an extra point or more over that I believe. I have yet to use it as we have found the banks, especially portfolio lenders, willing to lend us their money.

I was able to get a HELOC on an investment property through TD Bank, I think it was 75% (don't quote me on that). I have refinanced, but use a small local bank that does portfolio loans. I almost use them exclusively for loans. You can call around and ask who has a portfolio loan product, and if they will refinance an investment property.

@Matthew Paul

That's what I thought, although the water line is on the other side of the house, and the main is actually across the street with only a 3/4 in pipe feed lines to the properties on my side.

@Jacob Workman

Thank you, I will definitely be upgrading the gutters.

@Larry Turowski

Thank you for the response.  I have scheduled several more contractors to come out and take a look, to include some other excavation companies, concrete contractors, and basement remediation contractors. 

I was attempting to keep the costs down, however I can see this turning into a bigger, and possibly more costly issue in the future so we are trying to find the more permanent solution rather than the cheaper, which is what you have validated. Thank you again!

Good evening Biggerpockets!

I am reaching out for some help/advice. I purchased a foreclosed SFH to rehab and use as a rental. There was standing water in the basement; I removed it, and to my surprise found that it was almost like a stream/crick flowing through the basement. I can only summarize after having talked to several contractors/drainage professionals that it is due to the water table being so high, the house sitting in a small bowl, possibility of terrible to no drainage around the house, and the basement being so low.

It seems the previous owners saw that there was water seeping up through the concrete, and decided to channel that water to a sump pump (which are common in the area) by chipping out the basement floor from one side to the other where the sump pump basin was. This has allowed free access for water to come up through the chipped away spots and flow through the basement handmade channel creating a stream/crick.  It does not always run, and does go dry, although with the wet year seems to not be for long.  I calculated that the sump pump I put in was discharging 3-6 gallons of water every minute and a half/ 24 hours a day/everyday.

Things I have done to help mitigate:

-expanded the sump pump basin, and put in a proper basin with 2 sump pumps with their own separate breaker and outlet.

-I did have the water tested that was coming up through the basement floor and flowing to the sump pump.  It tested positive for chlorine. Town was contacted and they came out and said that it did test positive for chlorine but not an amount that would warrant coming from them. I spoke to the neighbor in the back of the house about her swimming pool, she stated she has no leaks and has not had to fill it for awhile.  She is on a well (cause we are on the line of village amenities, I have town water) but says her sump pump runs 3-4 times a day not all day (her house sits much higher than mine). 

I have played with the idea of filling the basement (8ft tall) with concrete or something.

The problem I have ran into is that the basement, although parts of it are dry on the floor, is now rife with mold spots that where not there before.  I can not figure out a way to stop the flow of water forever, or how to prevent mold form continuing to grow since it will always be wet.

ANY suggestions or advice anyone could offer would be appreciated.  I have been doing research online, and talked to some companies that specialize in mold remediation/control.  I spoke with a few contractors, and every town department about how to permanently stop the water but was told that because of where the house sits in conjunction to the neighbors, how low the basement is to how low the town culvert is (which is the lowest spot on my property and my 2 neighbors) that we still have a 6ft+ difference that can not be made up to daylight a pipe to just drain the water naturally from the house.

Please if you have a suggestion or advice i would love to hear it.

Interested as well.

Great advice. I really appreciate it. Just to update anyone following. The neighbors house doesn't share a septic, as it is set to far back. I am going to have a survey done as soon as I can, and have a recommendation to a gentleman who installs septics to come out an see what the costs would be, and to identify exactly where the current one is, and how damaged. The neighbors property that is adjacent was bought as a separate lot to his own, so I am going to check if there are any easements on it for the septic to this house (long shot but who knows). It's a bit of footwork but it'll give me a good idea of the scope of the issue and costs. Plus I want all my ducks in a row when I do approach the neighbor and try to find an amicable solution. I will have two estimates, 1 - for how much to replace the current septic system (and salvage anything that can be), and the second to see how much (and if it is possible) to put a new septic on the narrow lot that I own. As for selling the property an cutting my losses, that is not something I am against; however the offer I have (from the neighbor) is less than half of what I paid. That is something I will consider once I get all the estimates, and options, laid out in front of me to determine the best course of action. Hey I really appreciate everyone giving me great advice, and taking the time to post! I will keep you updated when I know more.

I recently bought a foreclosure house. It is on a narrow lot with a garage on it. While the house was vacant the neighbor came and dug up the leach fields for the house I just bought. He told me it was to detour people from purchasing it because he wanted to. I had thought that there was public sewer so I never thought anything if it (very close to the city). I am starting the process of identifying where the actual septic tank is (probably on the neighbors property from how narrow the lot is, and the angle the pipe is running in the basement). The county health department has no records of there being a septic at all (i assume due to the age of the house, or possibly just not getting a permit). I guess I don't really even know my questions at this point until I find the septic and talk to the neighbor (who has made it clear that they don't want the septic on their property) Any advice?

I would be interested as well in hard or private money for long term buy and hold deals (short term then refinance) or for flips. Following discussion.

Fuel oil. At least by my home owners insurance.