All Forum Posts by: Anthony Conway

Possible sewer vent problem.

LaPointe real estate solutions is a pretty good handyman. ‭(Seven o nine six two one one)

Yep, go to your local banks, 20 year amortization with 5 yr ballon is pretty typical here with 20% down. Other free and clear properties are great to use for collateral, but when you use them as collateral they will not be free and clear anymore, they will be a part of the new loan you used it as collateral on.

Go to a bank, tell them one of the units will be your primary residents and see if they have any renovation loans to fit your $15k down payment.

Why can you not use a lawyer to close the deal? Is there something saying no lawyer? A good title agency doing good title search’s and title insurance can pretty much do the same thing as a lawyer. But what happens when the title search comes back with a major problem, you loose the $3000. What happens if there is a deed restriction on the house and you can not resell it for 10 yrs, can you afford to pay hard money for 10 yrs? It could go down without a hitch, but there are a lot of what ifs on that deal. If water intruded everything on the ground floor that means HVAC, Water heater, all appliances, insulation, drywall, flooring, base boards. $30k sounds a bit light, but I am in a overpriced market so I could be wrong.

Lock it up with a due diligence period. Get your estimates done within that period. If it doesn’t make sense back out of the contract. Or Lock it up contingent on financing. If the numbers don’t make sense ask for a price reduction, if they don’t come down, back out due to financing. If you need more ways just ask.

400-500 sqft is 4-5 squares of shingle. We pay $110 per square for all materiel=$550 We pay $55 per square for all labor(tear off, ice/tar, drip, shingle) = $275 We pay $200 for dumpster. So really all you can save on is the labor $275 and the dumpster $200. Why do these sections need done if it doesn’t matter if they leak? Just leave them how they are if it doesn’t matter. In my opinion porches and bump outs are more important to be done correctly then the main roof. They usually have a critical tie in area that could be a problem if it leaks. Porches need proper flashing where they tie in and a regular roof could be done without any flashing. So i personally think that it is going to be small savings on a critical area of the roof as most of the cost comes from the actual materials.

Like stated in the other two comments. Lock it up in a contract. Then you can worry about the profit and loss statements and previous tax returns on the Park. Septic or sewer, city water or well. Average lot rents for the area. If you need any help analyzing the deal or a partner to bring the cash and help lock it up, let me know . You can always tell the seller you are very interested but with a deal of this size you will have to bring in a partner.

Kevin Douglas my banker, Marc Knight is really good at helping with renovation loans and different things to help with projects like this. Not sure about the SC community fund but you can shoot him a email and ask. Where is the 10 plex at? Marc knight at first reliance. (can not post his contact info on this post). But you can google it pretty easy.

Yes, I was just in the CLE a couple weeks ago visiting family. Of course with it being our hometown I always like to look around at the multifamily properties for sale. I have always wanted to own a large apartment building in Lakewood, Oh. A lot of the numbers look great on paper until you factor in the taxes. Even though I personally like what the taxes pay for( city services, schools, pools, parks). I still have trouble paying them, or thinking about paying them. Especially now that I live in Charleston, Sc ( complete other end of the tax spectrum) and have some income producing properties the taxes are as low as $350 per year.