All Forum Posts by: Jason Walkowicz

Hello all, i just received the report back from the lab concerning a possible rehab project. I had noticecd mold covering the all of the floor joices in the basement so had a lab test them while we were bidding out the rehab costs on this possible deal. The lab came back with a medium concentration of Cladosporium. Has anyone ever dealt with this particular type of mold. I've read varying concerns about it ranging from no big deal its common to causes health issues.

I imagine i'll need to get a mold remediation company in but was curious about whether anyone else has dealt with this particular type.

Excellent, thank you. I think that answers my question about there being any "standard". Looks like I need to talk to the appraiser and see if they will divulge this info to me.

Thank you everyone for the responses. I discovered that only 3 out of the 10 properrties have had a rental certification which is a big deal in this local municipality as the city has a reputation of requiring everything in a rental to be brought up to "current" code. This includes everything from a piece of chipped paint on down. I think i'll find out if the seller will split off the three properties that are cash flowing that have just had their inspections which to me is a great indicator of condition for this market. Those are even equity.

Tom Goans I understand. I am curious for my own purposes of evaluating comps for rehab projects that I'm working on. I'd like to get some high level information so I can better evaluate what the comps are telling me. From what you are saying it seems as if each appraiser comes up with their own adjustment values that they use.

Are there any "standard" amounts?

I usually look up who is on record to pay the taxes. The assessor can typically provide the address of where the tax bill goes. If no one is paying the taxes than that opens up a whole other opportunity.

I've often wondered exactly how an appraiser comes up with the adjustment values that are used when comparing properties. For example how much credit or deduction is used for a 1/2 bath, more or less square footage, an extra bedroom etc...etc....

I've seen an adjustment value of $15/sq ft of space but not sure where that figure comes from or if it can be applied to all appraisals. Does it only only apply to a certain area?

Is there a standard adjustment guideline or is it just up to the individual appraiser to come up with their own adjustment values?

I'd really like to include the eviction history in my screening process, I know that it will show on the credit report but from what I understand that only happens if there is a judgement. Thank you @Rob K for the recommendation and tip about not charging enough for application fees. I agree with you.

Tom Goans thank you for your response. The seller contacted me from a non owner occupied letter that I had sent them. My analysis is fairly high level at this stage. I have gone to each property and reviewed the PL statement for the properties and reviewed all of the tax information with the assesses office. The FMV is an estimation based on a combination of my experience and familiarity of this area as well as you mentioned recent sold with comparable stats. I haven't done a subject to deal before so was looking to the community for some level of expertise in that regard. My business model is to acquire assets that cash flow for long term holding. I primarily do this through raising capital from Joint ventures, rehab/flips, or wholesaling. I thought this subject due option sounded interesting but am still performing due diligence and seeking advice from others who have done this type of transaction.

I have a possible 10 property deal that the seller is willing to do subject to existing financing. The primary issue is even though there is positive cash flow on the 10 properties the existing debt on the portfolio is approximately 8 % OVER FMV

I'm interested in hearing the opinions of the community about this type of subject to scenario which I'm sure comes up frequently otherwise the seller probably wouldn't be willing to do a subject to.

Im looking at using some online screening for my tenants and notice bp recommends the mysmartmove site. It doesnt seem as if they do an eviction search. I was thinking of using Screeningworks can anyone oomment thats tried both of these or may have another they'd recommend that does eviction screening as well as criminal/credit?