All Forum Posts by: Basu G.

Hello -

We have contract on a 5 unit property which was advertised as 5 X 2BR/1BA. The 2nd BR is technically not a BR - as it doesn't have a closet. This one needs a complete demolition (other than the brick box) and redo. We are planning to convert this to a 4 unit 2 BR/ 2 BA units.

This would be our first undertaking of this size. What are typical internal demolition costs for a 3000 sq ft 2 story building? 

Also we are thinking to add additional floor space in the roof, if the structure allows for it.  Any suggestions for or against this idea?

thank you,

Basu

@Andrew Kerr

@Adam Abdel-Hafez

Thank you for your inputs

Hello,

We are looking at couple of multi family properties that have potential. These are all located in metro atlanta area. How would you go about estimating what it would need for a gut job for a multi family, which has more than 1 floor. All of these need plumbing, electrical, roofing. We want to do builder grade finish and are looking at keeping them for the near future.

For HVAC , would you all suggest mini split ductless systems or central HVAC. With Central HVAC could you still pass on the heating and cooling costs to tenants?

Thank you,

BG

Hi All,

11/07 was the first time we were at auction physically, though we had bid on few properties in the past online . Was wondering what is the best way to get the list of all properties that are going to be auctioned on that day ?  We got the list through auction.com, but that wasn't complete. There were multiple other firms that were auctioning , and we found some of them by searching on google, but it sure wasn't the full list. My contractor who has been in the area for years, suggested getting Marietta Journal on Friday and going through it, but I am thinking there should be a better way to do it online, create a spread sheet.

Also how do you all get the valuations on a given property (assume we shortlist few of them based on the area) - so that we can determine the max value that we could bid upto ? Saw that some people use RealQuestExpress - basic for doing CMA ...

Thank you for your inputs

@Cara Lonsdale - until now I thought they are all the same. I just looked at his profile on Atlanta Communities and he is an agent and not a Realtor. The forms that we have signed for other contracts have had the name of a different person. Just looked her up - she is an Agent and not a Realtor as well. 

@John Thedford , @Cara Lonsdale - thanks for your inputs . Will keep you all posted.

Will write an email to the broker whose forms he used to use when we signed contracts. This was the first time I ever saw an agent using some one else's forms - but who knows, I thought he was part of a team. May be he never was

You know he even offered us to give his login to do the search ourselves. We didn't get there, but he did offer

@Cara Lonsdale - Thanks for your inputs. Yes he is a licensed real estate agent with AC brokerage. I haven't signed any agreement with him. I found him through BP and his BIO on here is pretty impressive (may be he was a hot shot once , doesn't look like that any more). We started interacting around Oct 6 - we have some paper deals come our way - out of which 80% were worthless. I really can't compensate some one for sending across Junk. We did put offer on a couple - with all cash , 5 days closing, but i guess we got outbid. We told him the only way we will do anything is - at the minimum there should be no loss of invested capital - so no speculation. Now this whole auction thing was something we came up with. There was no discussion as to what we would pay to him or any of that prior to going to auction. We had a particular property in mind when we went there - as we had seen the property before hand and we couldn't get it worked out with the bank because of shortage of time.  This property was also something this agent didn't want us to buy as he didn't like it. I live in the area and now how hot it is and every one I talked to went gaga about it. The day we went to the auction - I went to register at auction.com desk and he said he already has registered on our behalf. He said we would pay 5% commission. He probably saw the expression on my face (WTF ??) ... and much against my partners wishes we agreed on 5K for the first deal as commission. I do recognize he needs money to keep himself afloat and looked like he hardly had any clients. I think it comes back to bite you when you pity people. He said he worked exclusively for us (we didn't ask for it nor did he mention it to us. If he had said that, we wouldn't have worked with him any way). On asking if we are the only clients he has, he blabbered. We didn't get the property for which we came for , but ended up getting some thing else - for which all of the valuation was done by us. He had no role in it - other than saying that area of Smyrna is awesome ! As agreed verbally we paid him 5K (2K cash and 3K check) all made out to himself as individual and not brokerage. We then go to the property (me and my partner) - to find out that it has been reinstated. We told him about it and I was willing to pay 1K to him for being there, but 5K is like paying an attorney by the hour. I wish I had that job :)

He ( BP pro member, not sure if he still is) thought we were some push overs and tried to bully us - saying he will sue us for blocking check and all. After I mentioned that he will loose his license for what he has done and we are going to complain to the state commission and sue him for this, he tried to threaten us "sounding more like physical harm - you will regret the day you called me" . We told one more threat and he will have to deal with police complaint other than lawyers. After couple of hours, he is now trying to make amends and telling how much he needs the money and all.  We told we are reasonable people can pay him a grand and nothing more. We am hoping we are the first ones that he has taken for a ride. We don't want to rob some one of their livelihood - but if it gets to it, we wouldn't hesitate to follow it through the end. Thank you all for your advice - it reaffirmed that we weren't at fault on this.

@Charlie MacPherson - I will call their brokerage tomorrow about this. If the brokerage doesn't straighten this up, I will take up with the state commission, followed by a suit. It is not big money, but I guess some one should teach these folks a lesson.

He says he worked very hard for the last month to get us deals. You can't buy just because he did some research. Most of them we had to rebuff - because they were garbage. Ones we liked, we couldn't get probably because we weren't the best offer. Don't agents get paid for the sales they do ? It is nothing new that unless you close a deal, you don't get paid...