All Forum Posts by: Atul Kaushal

@Atul Kaushal

Update: We got a generator and pumped out the water. It took a few hours. There were 2 sump pumps and one was dead so we replaced it.

Then I had to get ComEd to turn on the power….. we turned off the mains at the box and waited. And waited. And waited.

Finally we got the power on and flipped on the breakers for the pumps only.

Need to wait a few weeks for the court to confirm the sale at auction before spending too much. We figured the pumping and the power was a worthwhile investment.

Found a remediation team through another investor but it’s not going to be cheap. House was vacant for over a year with no power since winter 2019 so the basement need to be totally gutted. Would also like to have experienced professionals check the integrity of the structure and major systems. Then I’ll have my GC go in for the finishing work.

Thank you for all the great suggestions! I’ll keep the group updated on the work!

@Dell Schlabach. Thank you for the advice!

Thank you Scott & Caroline!    These are great recommendations!   Love this community!

Great ideas, Isaac!  Much appreciated!

Thank you for your insight, Andy!

Much Appreciated!

Dear BP,

I recently won a house at auction, the power is off, and there is water & mold in the basement.  Once I get the deed in about 30 days, I'd like to go in and fix the place up.  What is the best way to approach getting the water out, doing the demo on the walls & flooring, cleaning the mold, and rebuilding the basement?  I've heard that "remediation" companies can cost a fortune and wondering if anyone has faced this situation, what are the ways to get it done properly but also not having to sell a kidney to cover costs.

Many Thanks,

AK

Good afternoon, BP!

Been following a home that has been vacant since 2018. It is (was) a beautiful home in s nice area. Owner was foreclosed and the house is going to sheriffs auction. I have the owner’s permission to enter the house for inspection, so I know the situation before bidding at auction.

Over the past couple of months, I stopped by a few times to look in the windows. Back door is open. There are empty liquor bottles, clutter and evidence that someone has been in the house. Not sure if it’s local kids partying there or squatters.

I’d like to go with my contractor to estimate the repairs needed. Any tactical guidance on how to enter the house to conduct the inspection is greatly appreciated.

Many Thanks,

AK

Thanks Jon!

Completed the deal about a year back and was able to use the 1031 exchange.  Thank you for your input!

Kind Regards,

AK

OK, so my last post looked a bit....strange.  Was sitting on the tarmac before takeoff, feverishly typing on my phone and it just didn't come out right.  

I guess I'd just like to know what KINDS of things can go into an operating agreement that would incentivize my contractor, yet not offend him.  I want it to be fair, and I want everyone's interested protected at the same time.

Would be grateful for any guidance on the above.

Kind Regards,

AK

Thank you for the feedback!  In a waterfall arrangement, my investment would be cash (doenpayment and materials for rehab).  

Would the contractors time be considered his investment?  

I really like the idea of constructing the agreement incentivize Jim to keep costs low and work quickly.  Would an attorney know how to write that?  What kind of things would go into a contract to drive this behavior from the contractor?

Would it be some kind of incentives if the work is done in the first month, with decreasing incentive every month after?

I really appreciate all the guidance as I’ve never worked in a partnership before.

Many Thanks 

AK