All Forum Posts by: Eddy Dumire

Thanks for the detailed response Bill.  I'm trying to put it in the garage until Thursday morning when the installers come.  I'll definitely incorporate parts of your strategy, just not positive exactly how.  I want it dropped in the driveway so that I can then push it about 15 feet into the garage.  If I anchor it to my Tahoe as you described then my Tahoe will be stuck behind it.  I'm sure it'll end up being a combination of strategies... maybe the Tahoe offset to the side a little.  I'll have my wife take pictures for posterity.

@John Kesner Actually I was thinking along the same line.  I already have one of the Harbor Freight furniture movers (four caster type).  I was thinking that would help.  I considered going out and getting a second.  I also figured the driver was probably very practiced at this and would know some tricks.

@Julia Dugger I know this posting is a little old but thank you very much for your detailed posting.  It answered some of my questions as to why the listing agent was being such a pain and would only keep saying "it's an HECM so they'll only take a full list price offer..."

Just to follow up in case someone else ever has this question, I rounded up a guy to help me move it.  I also spoke with the freight company (Averitt) who said the driver will help me unload.

@Account Closed lol.  I certainly don't lift 750 lbs. 

My firehouse buddies and I used to go around saying that to each other at least a dozen times each shift.

So I took Jay Scott (and others) advice and ordered carpet direct from manufacturer from Dalton, GA.  It's coming by freight.  It's a single roll and weighs 750 lbs.  Any suggestions for unloading this?  My installer won't be here at the same time.  Will the delivery driver help at all?  How many people will I need to unload it?

I got fantastic carpet at a fantastic price so I hope I don't regret this.

Thanks!

Joel,

I appreciate your perspective and you're right that if this was a giant PITA. I definitely don't regret it though. Even if I had to fire sale it I would still break even and the education I've gotten is far better than any guru course. The first two properties I bought we're "safe" B neighborhoods. I actually wanted this experience and I think I went into it with my eyes wide open. I definitely wouldn't recommend it for a first property with money borrowed from a credit card.

I'm new to the SDIRA.  I've been looking into it a little bit in anticipation of setting up my own.  My understanding is that the only actions they could have taken are as follows:

1. Have the IRA foreclose on the property.

2. Contract with someone to fix up the property but only if there were sufficient funds in the IRA.

3. Get a non-recourse loan in the IRA's name to finish the rehab.

Can someone chime in and let me know if I understand this correctly?

My general impressions are that the SDIRA has to be self-sufficient.  You can make decisions for it, but it has to fund all those decisions on it's own.

@Randy E. Your absolutely right.  One of the biggest problems I've had though (like everyone else) is finding labor that is reliable, does quality work, and is cost effective.  I've been leaning heavily on Angie's List lately.  It's better quality, but it's still a constant battle of trial and error. 

Case in point, I called a highly rated plumber from Angie's List to estimate finishing the bathroom plumbing.  Coincidently, there was a gushing water leak in the crawlspace when they got there.  They shut off the water at the street, went into the crawlspace (about 5 feet in) cut the CPVC pipe, put on a shark bite, and handed my wife an invoice for $238.

What I am finding is that as I go through these painful early projects, I'm slowly building a list of quality, reliable, cost-effective service providers.  As that list grows and gets more refined, I hope to start cutting myself out of all the skilled labor activities and focusing on raising capital and finding deals.

It's been a while since I've posted an update here.  It's been quite a few months now and the renovations are still not quite done yet.  So far we've done the following: new exterior doors; new windows; new kitchen floor; new cabinets, countertop and sink; repaired rotten beam; gutted and replaced whole bathroom; replaced HVAC and added central air; drywalled over popcorn ceiling; replaced all interior doors; mulched and planted shrubbery in front yard; refinished hardwood floors; replaced exterior hose bibs; many, many layers of kilz primer.  In all, I've put about $25k into this house.  The only thing really left are the tiny details like door stops, smoke detectors, blinds, etc.

Since we began the rehab, we've had a handful of people stop by and ask about it randomly.  We don't have any signs out or a listing anywhere.  We had three within the last week.  Despite me telling every single one of them my base criteria (no evictions, no felonies, earn 2.5x monthly rent) every single one of them was in the middle of an eviction.  I never even had to go as far as the screening (using cozi.co right now).  I just went to the Virginia court system website and put their name in under the three closest jurisdictions (Fredericksburg, Stafford, Spotsylvania).

So I still have a second house vacant and combined I'm losing over $3k per month, so I decided to put this on hold and focus exclusively on the more expensive house until it is ready to rent.  Then I'll come back to this house.