All Forum Posts by: Adam Olsen

Can't make this one. Looking forward to the next. Thanks for the heads up email @Jeff Greenberg

@Brandon Turner Thanks Brandon, glad to be here. Great podcast!

Hi Jared,

I'm just starting out too. I'm buy and hold investing in Salt Lake. Sounds like you're starting off on the right foot. Good luck on your deal!

Adam

@Bill S. 2 years ago I replaced and repaired all gutters that leaked as far as I can tell they are working properly. At the same time I added flexy pipe to bottom of all downspouts and routed them at least 4 ft from the foundation. The grade seems to have sufficient slope. I thought I had taken care of any drainage problems which is why it was such a surprise to see moisture in the dirt under the old concrete. I hope I don't have a leaking water main. I was thinking of the interior french drain since the floor would be out it seemed an easy route to go.

@Jeff Greenberg I'm going to try to make that happen, I'd definitely like to meet some investors. Thank you for the invite.

@Mehran K. great video. When I bought I thought I was getting a great deal. The only criteria I was looking for was that my monthly rents would cover my monthly costs. I looked for a property for 6 months and 98% of what I saw back then the rents wouldn't even cover the total monthly payment. My duplex definitely didn't meet the 50% rule. I refinanced last year and am now pretty close. With the rents the market currently supports I'll be a little better than break even, about $25 per unit better, not the $100-$200 the video recommends. I wish I had known back then what I am beginning to learn now.

It's necessary that I replace the floor in the basement of my duplex. I'm in the process of breaking out the old concrete and the earth under is wet. I understand that there should be moisture in the dirt but how wet is too wet and how do I figure out if an interior french drain and sump pump is necessary?

A little more information

Located in Salt Lake City.

Evidence of moisture on some of the walls including under a window well.

The old floor was a really bizarre construction. There was about 2 1/2" of concrete poured and 2x4s set directly in the concrete on 16" centers and used as floor joists and a plywood sub floor on top. This was not discovered by me or my home inspector while doing due diligence. When I began tearing out the old floor about half of the wood was moldy and rotted.

With this evidence of moisture I want to make sure I proceed with the rebuild correctly to avoid problems down the road.

Thoughts, advice and recommendations greatly appreciated.

Adam

Thank you for the warm welcome! @Robert Musallam @Account Closed . I'm really excited to have found this resource.

Hello BiggerPockets,

I found the BiggerPockets Ultimate Beginner's Guide to Investing in Real Estate on Amazon recently. I found the sight through the book and I have become addicted to the podcasts.

I jumped in to a duplex 5 years ago with absolutely no idea what I was doing, no investment education and no plan... Oops. I've got a day job that I love which has good earnings potential. I'm not trying to break the bonds of oppression through investing but rather looking to build security and retirement. My goals are to build long term and reinvest all cash flow. At this point, with what limited knowledge and understanding that I have, I want to invest in small multi-family with an end goal being around 25 rental units. Short term, I need to get educated and get my duplex on track. I feel like I have no idea what I'm doing so I'll probably be asking A LOT of questions.

Thanks,

Adam