All Forum Posts by: Andrew Brink

Thanks Stuart for the insight. I am getting into a 50/50 partnership where I am purchasing the land with my personal cash upfront. Then my partner is the construction piece. He will provide all the construct knowledge and build a new home. We will use hard money for the construction cost under both LLC's (JV Agreement). I will receive my initial capital investment back for the land upon sale. We will pay off the hard money and from there we will split profits 50/50.

Pretty straight forward JV agreement I am looking for.

Good Morning BP World! I am reaching out to see if anyone has a good, but basic, JV agreement they would be willing to share in a word document?

All your help is much appreicated! 

Thanks

Andrew 

Good point Scott. I will be using hard money so not sure it the "bank" will have that in their report especially since they won't have to see the inspection report. 

Another good point, i assume its going to be worth the investment to get a couple of opinons on the structure and go from there. 

Thanks for the input! Very sightful. 

Benjamin - This is really helpful. Thank you for your response. I am thinking I can ask for some credit towards the issue but I won't know the extent until an engineer comes out to see it. I am thinking I put a continguency in the contract for the structural component. From your experience, is it reasonable to ask for 15k toward fixing the structure? I think that'll help repair most of the issue. 

Good morning BP Nation, 

I have a great opporunity to purchase a cashflowing duplex in an appreicating market however we were just informed that there are structural issues. Here is what the agent told us " There are some foundation issues. The hous is from the 1900s and it was built on old fieldstone foundation. Over the years that has shifted. It's not going to fall over however the foundation is not in great shape." 

The house is in great shape but the bones sounds questionable. 

Does anyone have experience with fieldstone foundations or dealt with a similar issue? What is the estimated cost to repair (NY)? Any tips will help! 

Thank you!

Good Morning Biggerpockets,

I am reaching out on how to create a documents that will be signed by myself (buyer) and the previous owner (seller). I recently bought a house in Baltimore so I could get my feet wet in real estate. I have owned the house for about two months now. In month one, I had an issue with the HVAC system in which the air ducts are leaking and coming through the wall. The seller has agreed to fix the issue but will not be able to re create the situation until it is hot out again. The seller has agreed to fix the problem when it in summer time. I want to create a document that he signs and I sign to hold him accountable for fixing the issue. How should this be done/what language should be used in this doc? Any advise/ templates will help!

Thank you BP!

@Account Closed @M Marie M @James Miller: Thank you for your guys input on this situation. I am currently going speak with the seller and see if we can come to an agreement "off the books". If not, from what you guys are saying it seems to me it would be more out of pocket for a legal battle/ headache than what the repairs would cost. I will keep you guys posted on what the outcome was. As always thank you BP world!

Good Morning Biggerpockets World!

I have recently purchased a house as my first investment/home. It was a newly renovated house with new hardwoods, appliance and so on. I have been in the house for less than a month, househacking with some friends. I discovered a leak in the basement coming from the crown molding. After calling the home warranty company and having a specialist come out, he discovered that the airducts are leaking from condensation. It is a 2 story house with a basement and each level of the house is sufficiently hotter as you go up. The upstairs is about 40 degree hotter than the basement. The HVAC specialist discovered that the return vents on the first floor and the second floor as barely working. We cut into the wall to discover pile wood underneath the airducts collecting water. The seller said he put the pile wood there to attach the drywall (which you never should do/need to do) to me it seems as he discovered an issue and tried to fix it an easy way and have it hold up enough to sell the house. I am turning to my friends in bigger pockets for advise on what to do in this situation? Can I go after the seller? The estimated work is about 3000.

Thank you all in advance for you advise!!!

@Ozzy Sirimsi Thank you for the input. I know there is a lot of "landmarks" in Remington which makes it attractive but for the location, it seems that 265k is pricey from your remarks.

Thank you

Thanks for the welcome everyone. I am looking currently into buying a home in Remington, Baltimore Maryland that was just a 3bd, 3ba that is full renovated. As I mentioned in my intro post I am looking to househack to get into the real estate journey. Anyone have some insight on investing in Remington?  Speculation of the market? Rent Roll? Anything helps!