All Forum Posts by: Andy Hudgins

Make certain that your MM reads at least 14%, less is better. That includes any concrete slab floors also.  Be sure to do air quality tests. If your dehu has a HEPA filter, great. I agree with someone above that the mold paint is only good for the paint salesman. If wood moisture content is right combined with RH near 45-50ish% and existing mold is removed, all good.   

GREAT JOB getting an inspection!!! Next consult with your attorney. Ditto what Andrew said above. Next, renegotiate.

@Brent Coombs

Thank you sir

@JR T. Thanks for having a look.

The terms are as stated and the seller is highly motivated. He's got terminal cancer. My agent and I have got those terms in writing. Plus, he has a few others that are slated for the chopping block.

Yes, month-to-month is not the long-term plan. The new tenant will sign a proper lease and I hope to persuade the existing to convert to a lease.

CapEx ---- I need an additional 10% entry for capex on top of "10% maintenance"? Okay! Great.

I have not priced insurance yet though my agent suggests this amount.

I appreciate you sound off.

@Joshua O.

$15K

Thanks

Greetings all! If you would scrutinize this duplex opportunity I would be very grateful.  I am writing the earnest money check this weekend. Please let me know if other numbers are needed. Thank you very much!

28 Ivy Street, Porterdale, GA 30014

Legal duplex, built in 1918, separately metered, one side currently occupied @$480, month-to-month. Other side vacant, in need of interior paint, water heater, cabinets in situ to be prepped, painted and hung, heart pine floors to be sanded and poly-ed. Most work to be done by me and crew. Electric has been upgraded but will receive a proper inspection. There is no HVAC --- no heat source! Researching ductless, split mini heat pump, one for each side. Current LL requires tenant to provide their own window rattler. All utilities paid by tenant. Exterior in need of a lot of work--- paint, siding repair, porch railing, landscaping, etc.

Goal: Force appreciation up then delayed financing.

Comps; mill town with many identical models. Sales within last 24 months at $21/sq ft. This one is $22.

(I could not get my spreadsheet to copy and paste to BP)

Revenue:

$480 current (will shoot for $600 for other side. WILL have repairs complete in less than one month, begin tenant screening)

Vacancy 10% $108

Projected gross annual revenue = $11,664

Property taxes $446

Insurance $500

Management 7% =$725 annual

Maintenance 10% = $1166

Advertising $100

Sales price = $35000

Down payment = $7000

$500 earnest money

Owner Finance 5% Simple Interest, 10 years, no penalty for early payoff

Monthly payment $245

Closing costs = $1500

Two fantastic quotes I have read today:

"Pioneers get the arrows" above and,

"Don't love the house, love the numbers".

I enjoyed the post.

@David Dachtera

http://parallax.sci.cpp.edu/MSDS/PDF%20Files/White...

Read the above first especially the part about handling instructions. I'm a safety nerd, you may roll your eyes at that suggestion.... :)

It readily mixes with water so if present it will immediately lose strength.  If you are using a low dose product in the first place, then, there you go. Plus, it's not a pH neutral product so you are potentially adding something a bit corrosive to your discharge plumbing.  But waste plumbing piping is designed for an array of nasty products right out the gate. So, does the floor drain accept everything then travel to the sump where the floor drain terminates? Or, is the floor drain connected to the building drain? From my vantage point I can't tell, but would it be more efficient to route the Dehumidifier and the HVAC condensate to a new, independent condensate pump which ejects to the exterior? Then have the floor drain and sump committed to only excess rainwater in leaky basement, burst pipes, etc.? At this point no more condensate slime enters the sump. Are you talking about staining or a buildup of HVAC condensate slime on the bottom or sides of the liner? Nine out of ten sump liners I've opened up were heavily "stained" in both Florida and Georgia from only "ground water".  Or are you talking about actual sediment buildup on the bottom of the liner? Another concern, if you have an open sump liner(bucket) or one with gaping holes which allows you to see the water inside keep in mind that this accumulation of water is emitting vapor into the surrounding air. This moisture affects your wood moisture content. If an HVAC person would pitch in, it would be good to know if slime is best removed by pressurized water, or soap and water, or a specific cleaner??? I hope this helps.

"Cupping" of this product is NOT indicative of a flooring problem. It is indicative of a real and significant moisture problem. The photos are not the best but they may show some cupping, can't say. You may have two very different chores: one, fix the elevated moisture, THEN two, refinish or replace the finish flooring. If the first is overlooked it may prove expensive long-term.  Once the moisture level declines to the correct thresholds this existing flooring product WILL lie flat again (Actually the high quality of this old product is demonstrated by the fact that it has cupped only as much as it has, not more). At that point the existing flooring is ready to be sanded.  If, IF elevated moisture is present and you haul in new finish flooring, allow loads of time for it to acclimate (swell) out of the packaging before installing? How long? How long can you budget?

My fiancée's uncle (carpenter) installed new wood floors for cousin. House is over a crawl. Well, no moisture checks were done. The entire job expanded, cupped, and bowed to the point of trip hazards. Now, no one speaks to each other any longer.

Timothy Gleaton

Extremely conscientious and courteous. Able to follow instructions quite well. 

404 451 5535