All Forum Posts by: Amer Swid

@Benjamin Aaker

Thank you for the reply!!

We are sending an electrician to see what % is knob and tube in those properties. I asked the seller to take care of knob and tube and ill take care of chimney flue and furnaces. I agree with you I dont have to replace furnace right away. Chimney flue installation wont be that expensive. I agree with you regarding the insurance but my question is should i tell the insurance about knob and tube if they did not ask me?

@Alex Wesling

so actually I'm planning to move and live there since one of the tenants moved out so I'll go and live there so one of the properties will be only 5% down payment the other property is just 20%. So basically I'm putting 12.5% overall.

I'm planning to move there for multiple reasons, first I'll get 5% down payment perk. 2nd I'll do very minimal renovation on the apartment I'm living so I can't rent it for more once I leave. So it has potential to reach 3k after renovation I'll make. 

@Alex Wesling

so, now the purchase price after the counter offer we put will be 272500 a d they will take care of the knob and tube!! So basically I have to take care of chimney and plumbing which is total will be like 8k maximum so the total. So 272500 +8k= will be around 280500.

and the rent is 2900. So there will be cash flow. 

Let me know if I'm missing something

Hello,

So the inspection report came back with these red flags, the offer for the house was 300k, then i asked for 25k reduction and they take care of all the hazardous stuff but they said IT ok for 25k but you take care of everything. I countered offer with that I will take care of everything except knob and tube (they will take care of that after the electrician go and check the place). Its a two properties (in 1900s) and the offer now is 275k and they will take care of knob and tube.

Anyone know how would approximate be to:

1) put chimney flue ( I asked and it will be 2.5k each)

2)do knob and tube rewireing (i heard it will be costly around 30k, but I asked the seller to take care of this otherwise ill walk away)

3) change furnace (4.5k$)

4)pluming (I checked its around 3k$)and asbestos (not sure if I should do anything for the asbestor) ( will take 5k max), all houses here has asbestos, so as long as its stay and no one touched then we are good and if the fixes is easy by putting just tape.

What do you guys think about this deal.

Overall rent will be around 2900/month

@David M. that is smart q.

So this is what i think. Im buying 2 properties (1 as multi unit family  where there are 2 tenant, and one as single family house ) the total purchase was in 300k, now I dropped to 270k and I will let them address the knob and tube thing.
Well, there is still other issues needs to be addressed, such as chimney flue liner(2.5k$ each) and plumbing which it will cost me around 3k. changing furnace is 4.5k . So, im running the numbers here and I think it would be a good investment all in all if they address knob and tube and they dropped 30k from the original offer. right? or am i missing something else here.

The rental income will be in like 2900/month so not bad

Here is the inspection report with red flags all other stuff are just minor.

Thank you @KC 

@KC Pakeundefined

Im thinking to ask for another 5k reduction which will be total 30k reduction form the purchase price since there will be some other minor cosmetics and renovation thing Im planning to do on the units. Addition to that, i will let them do the Knob and tube issue. I think that would be fair. Right? or im missing something here. I asked my realtor about the asbestos, and she told me that this is a common here in this area where all the house are old and its common thing, and we can fix that by covering with tape, so it wont be expensive but she agrees about the Knob and tube thing. Regarding plummbing I check and it will cost 3k-4k. Chminey flue liner will cost as you said 2.5k each. so I feel this would be fair.

Hello,

So the inspection report came back with these red flags, the offer for the house was 300k, then i asked for 25k reduction and they take care of all the hazardous stuff but they said ok for 25k but you take care of everything.

Anyone know how would approximate be to:

1) put chimney flue

2)do knob and tube rewireing (i heard it will be costly around 30k)

3) change furnace

4)pluming and asbestos (not sure if I should do anything for the asbestor)

any help will be much

Do anyone knows what is the estimate price for those two things came up in the inspection report!! How much credit should I ask from the seller

@Steve K. thank you so much for your reply!! another issues will be such as missing chimney flue, but i dont think will be so costly and install rain cap

@Bruce WoodruffYes there is an attic and basement for the building.