All Forum Posts by: Brendan L.

About to close on my first duplex, where I'll live on one side. If I end up liking it, and want to get more properties, but want to stay effective in my full time job, how do I do that and how many can I get until I start needing to hire a property manager?

@Paul Ronto How do you do phone screening and maintain your criteria and avoid discriminating? Like, what criteria can you legally use to decline application?

I'm diving into home ownership with a duplex. What tools should I invest in for my toolbox? It would suck to be unprepared for small repairs. Which tools are worth owning vs. renting?

When putting up a section 8 friendly unit, can do by default charge the fair market rent (e.g. 1100)? Or is there some way in which what you're able to charge is tied to the local market (e.g. 850)?

@Kiet N. Can you explain the %5 add to gift cards? Is that if you purchase through their portal? That's an outstanding exploitation that I'll probably use!!

@Travis Hughes I discovered that one myself recently. Delayed gratification, but can't argue with tax free compound interest if you route it to a Roth IRA. At the same time, its effectively cash in your pocket since you would presumably be putting that 500 in anyway.

Sapphire Reserve is a nice card. I also have the Chase Freedom card that allows you the 5%  rotating categories, but also can transfer to the CSR card so you get 1.5 redeem rate for travel.

Want to critique this draft? Clear enough? I'm guessing I should float it by the seller first, then have an attorney draw up an official contract, and have that be the binding agreement. Am I on the right track?

FIRST UNIT ADDRESS

Scope of Work

INTERIOR

Cut steam pipe above electrical box in basement and cap securely away from electrical box

Seal hole in floor made by the pipe that was cut

Secure interior stairway railing so that it is stable and does not move

In small room behind bathroom on second floor:

Remove the current damaged ceiling

Destroy any mold in the ceiling cavity, provide pictures after it is cleaned

Install new drywall ceiling

SECOND UNIT ADDRESS

Scope of Work

INTERIOR

Remove all current carpet throughout entire unit

Remove all flooring layers including subfloor throughout entire unit excluding kitchen, including pantry rooms off of kitchen

Install new plywood subfloor everywhere flooring was removed

In small room behind bathroom on second floor:

Remove the current damaged ceiling

Destroy any mold in the ceiling cavity, provide clear pictures after it is cleaned

Install new drywall ceiling

BOTH UNITS EXTERIOR

Sufficiently grade the ground outside the entire building so that water poured on it will run away from the house at any point

ROOF

Replace metal flashing on both chimneys

Replace damaged slate so as to seal all holes as observed by an interior attic/roof inspection

CLEANUP

It will be the seller’s responsibility to order contractor cleanup of worksites.

COST

All costs will be the responsibility of the seller.

Thanks, yeah- I had taken some off the top of the asking price thinking it would be easy but then I looked into it and like @Chris T. mentioned, I learned it can be much more complex than just tearing out the rug- so that turned into replacing flooring throughout. 

I'll look into writing a scope of work, specifying things like "damaged slates are to be replaced, no patching gunk will be used" and I'll try to write in everything up to placing new floor. I may say that I will buy materials so they don't try to use something cheaper.

After an inspection, I asked for an additional amount off the selling price. Seller claims that the reduction won't clear his costs with the bank and realtor. He wants to take the repairs I noted and have his contractor handle them. I can't ask for more credit than I currently am (bank stipulation).

I understand that its more ideal to handle repairs on my end, but it might be a good chance to save myself time effort and money while closing the deal.

Specific things I cited during the inspection:

-New ceiling in a large back closet

-Grading outside the building

-Standard slate roof repairs/maintenance to plug existing holes

-One of the two units strongly smells like cigarettes and cat urine

How do I write the contract to do these things as extensively and specifically as possible? For example, With the smoke and cat urine, I would need to pull up all the carpet, remove the staples, clean and seal with Kilz, and repaint and lay new flooring. Presumably I can't get them to agree to all of that?

@Julie Haveman Why the cement basement floors?