All Forum Posts by: Derreck Wells

You can use a chemical de-glosser instead of sanding.
Some varnishes back then had lead in them too, not just the paint.
http://www.diylife.com/2010/03/08/how-to-degloss-a-surface-for-paint-prep/

You need to use a contractor that is RRP certified. (All are supposed to be as of 2010.) You can also take the course for working in your own home. You can get certified for moderate risk deleading as an "Owner/Agent" too with an 8 hour class. You can then legally remove some lead issues. The class teaches you what you can and can't do.

Not just a pet peeve, those push in's are junk. They will loosen up from the electricity running through them, causing the potential for a dead outlet at best and an electrical fire at worst. I don't know a single electrician that thinks they're safe.

Ryan, not a check valve, a vacuum breaker, it's a different thing. And it is on the cold side (supply side), it breaks a siphon if one should occur. It prevents water from being siphoned backward into the supply line. When it's getting siphoned backwards, it will draw cold water back into the tank, making the tank run when it doesn't need to be.

Sean, business management is a great idea, do not quit school! You don't necessarily need a degree, but the info you learn in the classes can only help you. REI is a business. If you know how to run a business, you'll avoid a lot of the problems that a lot of folks fall into.

While we're on the subject, the vacuum breaker on the water tank should also be inspected. When this fails, it allows hot water to flow backwards out of the tank back into the supply line when there's cold water running through the T that feeds the tank. It's causing the tank to run when it shouldn't be. A money saver if you're paying the utilities.

David Niles, code on that drain is within 12" of the ground. Unfortunately, they are usually copper, so tenants will often cut it off for scrap. It's $2.00 in scrap, $20.00 to replace.

Rob K just got me thinking, I don't think it's a requirement to use copper, black iron is much cheaper and has no real scrap value. It could be a good way to avoid having to replace them in all the time.

It's not going to be cheap when your house burns down and kills people. There's a reason why those panels aren't code anymore, they can't handle the loads that today's appliances put on them. They were fine before the advent of microwaves and TVs, but they're just a fire hazard now. I'm truly surprised that you got an CO for that house. Change it out and you will not only solve that problem, you'll save yourself some wrongful death suits if the place burns down. You might also be able to get a break on your insurance for having updated electric.

Thanks guys.
I'm on my Nook, so I can't copy and paste quotes.
Justin Silverio, I'm planning to invest in both, NH and MA. I know the neighborhoods in Lowell like the back of my hand, I know the general values of each area without having to research much, so it just makes sense to me to invest there. Nashua is a lot like Lowell, just 5 miles north and right over the border into NH and has generally the same breakdown in neighborhoods. So I think I'll be comfortable there as well. I will definately attend the Chelmsford AREIA, but not until I figure out what the hell it is. :) (Yes I'm new here and I'm not afraid to admit it!)

Brandon Turner, I just read that post and I'm actually putting together a package for a "Bob" right now. He owns a few rental duplexes that I maintain for him. I just finished rehabbing his 3rd and he's getting financing on it so he can free up his HELOC to buy another. I'm trying to convince him to flip one; his money + my skill, time, and energy to rehab = 50/50 split profit. After I hand him a check, I have no doubt he'll do it again. Who wouldn't?

I have checked out the Start Here page and I've also listened to almost all the podcasts, I skipped over the death one for now and have one other left. Some good stuff there.

I have a ton of reading to do and will be bugging a lot of people with questions, hopefully no one will get too annoyed.

The handyman company is going to benefit me both in the holds and the flips. There's nothing that I can't fix myself, so I'll be saving a ton of money on rehabs. I already have guys that work for me when I need them on things that I'm not legally able to do, (updating electric for example) so my rehab costs will be low and profits high. I just need to get my foot in the door!

Hey all,
I'm from Lowell, MA, but moved to So. NH years ago, Pelham to be exact. (Yeah, that's right, keyword dropping!)

I've been interested in RE since I was 20ish, since the crash in the early 90s, but had a young family and couldn't quit the job and do it. I also had no knowledge or support system to help me, so I watched and learned.

It's always been in my head that "buy and hold" would be my retirement. I've planned to flip to keep positive cash flow coming in and pick up some multi-families along the way, then when I had enough rentals to live on, slow down on flipping and just keep busy maintaining my rentals. I'm now 39 and need to start the process. Time to jump in and do my first deal!

I've been self employed for years. I own a water garden installation company and a handyman company, which makes for no real verifiable income, which makes traditional loans difficult if not impossible.

I intend to devour everything on this site about financing and then, as Nike said, just do it. I'm leaning towards a hard money lender type with an equity split. Possibly hunting up a few investors and go in that way. Whatever it takes for me to bank up some seed money so I can then go solo.

I'm hoping to learn who the best local attorneys, RE agents, insurance companies, and lenders are from the forums on this site.

In a nutshell, I'm hungry, willing, and able. If you have any suggestions, I'm open minded and willing to listen!

Derreck

Hi guys, I know I'm new here, but I figured I'd offer my .02.
Seems to me that the seller's agent was trying to get you to use him as a buyer's agent as well. Which would explain the 50% "reduction" in his commission. He still got his full seller's fee.

On a legal standpoint, as stated several times, you never signed a contract with him. He could sue the seller, or put a lien on the house, but I don't see how he could go at you. If the agent had the house on the market for 6 months, it may not have been under contract or a "protection period". 90 days each right.

I guess it's irrelevant now though, you already bought the property! Around here, you're not touching a duplex for less then 100K. And that would need 10-20k in work. I think I might go house shopping in NY! :mrgreen: