All Forum Posts by: Dan Liptak

Imo - not a lawyer so take it for what it is and get legal advice if unsure.

The llc will help reduce risk however if you are negligent you can still be held liable.

Talk to other people, get llc for dummies.

Here in ny pretty easy to setup.  Doing it my self costs apx $500... an attorney probably charge 1500-2000.

The goal is to be poor on paper but control alot!

Probably air.... turn heat on... wait 15 minute... goto boiler feel pipe going out should be blazing hot

Feel incoming pipe should be very hot apx 15 - 30 degrees less than outgoing pipe.  If so then your bathroom has either air in it, or not balanced.

If your return pipe is luke warm like bathroom then it's either bad design, bad circulator, or obstruction.

Gl

I like auction sites. Many times they are listed on MLS for more than auction and if it gets an offer they cancel auction also sometimes they have a end this auction now price.

Alot of times these distressed properties get interested buyers but they get cold feet before signing contract often in a week or two they are back on market.

People see contract... no inspection, no warranty, no financing contingencies... NO WAY!

Its par for the course.

Good Luck

Insurance is basically (all premiums in pool - claims paid out = profit to insurance company).  If you have enough to cover yourself it makes financial sense if you ask me.

Insurance is great for people who can't take a hit... if you can take a hit go for it!

A good start is homeadvisor and angieslist imo.

If the plumbers repair failed I would ask him to reimburse for damage or give you a credit for future work otherwise file a complaint to warn others of shoddy work. There is no reason a pipe should burst unless it freezes... please upload a pic of his work and the joint that failed.

Toilet issue... toilet shouldnt rock at all and will loosen the seal and start to leak potentially damaging tile/subfloor. The plumber should set the toilet in a base of plaster of paris. The plaster dries underneath the toilet comforming to the bottom of toilet and floor making it rock solid.

If you are going to provide supplies you should have them give you a material list.

Light not working but worked before... ok so it must be the new light... dont just go buy hot not hot. Get a cheap Digital Multi Meter set to volts ac and check light socket from center prong to outer threads. If 120v then its a bulb, if you get nothing test from center prong to metal electrical box if you get 120v then its a bad neutral.

Paint tape issue... using good tape blue or green or masking tape?

Upload a pic of roof.

10 year old furnace should be ok if it works... replacing it would depend on the level of renovation you are doing.

You are stuck with colors and cabinet material? If you dont have an eye for these things get someone who does. Spending 10k in a kitchen to have mismatched and ugly is a waste. Turn on HGTV copy color shcemes from their or home improvement sites look at builders websites check out the gallery copy the designs and themes.

Carpet... if its a flip do whats cost effective looks best. If its a rental go with whats durable and look good.

Fence... I dont know see how your budget is when your done with everything else.

It seems you bit off more than you can chew + tried to save money hiring bad contractors. Don't get me wrong cheap isn't always bad but you need to find good people. Hiring a General Contractor will alleviate most of your issues because he will do the planning and hand holding.  Look at the bright side!  You are in the trenches, getting your hands dirty, learning the ins and outs that will be very valuable in your future investments.

Good Luck!

I use grasshopper 

Hey Guys & Gals,

Any suggestions for a cpa in Putnam, Dutchess, or Westchester?

Any one here a member of the mid hudson real estate investment association?

Thanks

Well maybe a gift isn't allowed.  What about selling a valuable piece of art or trading card.  What about renovating his kitchen or maybe he can hire you as a consultant to teach him rei.

I guess it's all about intent.  Would it be possible to give it back to him and have him add you to his bank account?

Just throwing ideas out there. 

Hello Fellow BPers,

I just got in contract on a property from homesearch.com its a local forclosure and the seller is providing a owners title policy at their expense underwritten by first american title co. + I am paying a little extra for a enhanced policy.

Being that this is a very small investment with a small amount of risk I decided to try to do it without an attorney.  After getting mixed feed back from BP I decided to give it a go.  Hopefully some of you guys have done this or have experience.

My lender wants to know who is going to be the closing agent.  After speaking with title company I asked them if they can provide a closing agent near the subject property (sellers + title co 4+ hours away).    Please give me some insight on this.

Trying to set my own closing location I communicated with sellers attorney and they respond with:

"We typically close by mail using fedex. That way you do not have to attend closing and worry about traveling. The title company will prepare a marked up commitment for closing. Once everything is in order I will schedule a closing with you, order marked up title, I will prepare the HUD and escrow closing letter for closing."

Sounds good to me.  Anybody close by mail?  Feedback?  My lender keeps asking me for who the closing agent is?  Can I be my own closing agent or do I need a third party?

Thanks in Advance!

Dan

Maybe you can work some thing out with him.  Tell him the situation.