All Forum Posts by: Daniel Mock

Thanks, Chris. A good friend of mine is a licensed electrician. We’re planning to work directly with him to get things up to code. We’re hoping we can actually close before having to address these issues. 


 

Hey Andy,

Wow, thank you for the detailed response! It’s much appreciated. I will investigate further on the method you described with running new wire. I may reach out with more questions. Thanks!

I have a house under contract that's a 1920s build in a historic neighborhood in downtown Raleigh. The house is in overall good condition with original plaster walls, plaster ceilings, original doors & trim. It also has all original knob and tube wiring. 

1) Would we have issues closing with a conventional mortgage with this wiring? 

2) Is the wiring save to live with while we save up for a full renovation over a year or 2?

3) Any tips on replacing the wiring while keeping the integrity of the plaster walls?

Any advice/suggestions help. Thanks!

30 year old foundation that needs work since floors are sloping, walls are cracking, and roof is concaved. No gutters on the roof and water falls directly onto foundation. Does this foundation seem to have been installed correctly or do you think it was a botch job from the beginning? Debating if it’s worth it to fix. (Very desirable neighborhood with huge roi potential)

Hey Kenneth,

Thanks for the recommendation. We have $5k in due diligence which ends in 2 weeks. After that it turns to $20k in earnest money deposit. I would like to know how much cash it would take to fix before the $5k turns to $20k. 

Hi, 

I have a property under contract that was built in the 1920's and had an addition added in the late 1980's. Both the original and the addition have sagging floors throughout. The 2nd floor on the addition also has sagging floors. You can see sloping in the door frames, windows, and roof. I am looking for a structural engineer in the Raleigh, NC area that can come out within the next week to give a report of what it needs to be fixed before due diligence period ends. 

Any recommendations are appreciated. Thanks!

Hey Carleton,

I found out that when it rains, water does sit at this part of the building, and even pools up at the door on this side. It will need a drainage system installed to redirect the water flow during storms. I'm wondering if this was caused by the water drainage problem now..

Thanks for the reply.

Hey John,

Thanks for the info on this! 

Hi, 

Looking to purchase 1st investment property. This particular one shows solid cash flow, coc, and cap rate. However, it’s got a crack in the brick by this window and on the inside there’s another window with drywall cracking going up to the ceiling. Looking to get feedback on how risky this would be to purchase. Thanks!