All Forum Posts by: Jason Blasenak

Thanks Matt!  That is very helpful.  After re examining the property, the fuses are the typical knob and tube but they have placed conduit in the apartments.  The outlets are not grounded.  

I doubt the tenants would like their ethernet jacks near the sink ;)

Hey all,

I am considering buying a multi unit 1950's constructed cinder block apartment building and wanted some advise.  The electric is knob and tube which is the major problem with cinder block walls.  The second issue is how to update the unit to place CAT6 lines.  Any help in this area would be greatly appreciated.  I have a fantastic GC to run the project but don't want to estimate too low on rehab costs and sink my profitability from the beginning.

Thanks to you both. That is what I thought but I was just confirming with more expierenced minds.

Has anyone ever done a contract for deed as the second mortgage. I didn't think this is possible. I have someone who would like to borrow 5k to fund a light rehab on a house (tenant trashed the place upon eviction, needs light cosmetic rehab). He has a mortgage of 38k on a house worth 75k. What would be the best way to secure this funding in case he would default on our loan?

Thanks Mathew. That helps.

Jon,

I bought the property with tenants in place who have been there for 10 years. I guess, I am asking if it is my responsibility to replace the dishwasher. The installer went out and realized that they placed an item in front of one of the washing arms that had broken it.

I bought a mobile home with renters in place. They stated that the dishwasher was not working and I therefore replaced it. Within 2 weeks they broke the new dishwasher. What is my obligation with fixing appliances. Since it was obviously their negligence, am I required to replace this appliance?

Jason

To all hard money lenders out there. When you lend do you create a mortgage for the loaned or do you do a promissory note with collateral as real estate?

Jason

Bill,

Thanks for the info. I know it would be a PITA but a have a friends close by that could keep a watch. I would consider listing the place on VRBO because there are very few condos on the lake (or other professionally managed property) and it seems that it is just as easy to rent it yourself.

Does anyone have experience with buying vacation rentals? Any advice on what to avoid or recommendations on what to look for when purchasing property?

Jason