All Forum Posts by: Frank S.

Are the above numbers with permits and insurance? 

For a 2/1, I received these quotes with permits 14k electric,  8k furnace/duct, 2k central air, 2.5k floors sanding/ synteko, 10k bath,  12k kitchen, $30/$50 sheet of drywall,  3k paint,  roof was about 7k, demo 3k, concrete demo/new $12 s/f, windows $250/$400 depends on brand, then GC fees,  etc. 

I managed the rehab and did a lot of the work. Even thought, I still paid about 40k without the roof. It was hard work. 

Good luck, 

Frank 

Hi, 

I researched this for one of our properties.  I still have to do it.

Do you have vents to the outside?  If so, close them and encapsulate the crawlspace to include it as an extension of the conditioned space above. 

Make sure you don't get water infiltration from the floor. Is the moisture coming from vents or ground water? 

Use mold foggers with mold control 2 and 3. Concrobium should do. Borax on the floor may be a good option. 

Floor: use reinforced heavy duty plastic,  heavy duty tape, and garden stakes. Bring plastic to 12 inches above grade. Seal all gaps. 

Walls: foam board to avoid condensation. Secure with adhesive and 1x3 treated wood. 

Do not insulate floor joists as the space will be part of the conditioned interior. 

Good luck and send pictures, 

Frank

Nobody can time the market.  You will lose money. Cash is trash and destroyed by inflation.  

You could get a 401k loan, up 50k max or half of what you have if less than 100k. the terms are about 3 years for  personal needs, and 1 basis point higher than prime - paid to yourself.  You lose the tax advantage,  but that's the same with any loan.  Costs are usually very low. 

Good luck

He is a guy with a lot of experience.  The book is filled with fluffy stories. I'm not a fan of that approach.  It covers a lot of good points.

For a much better lesson, take the four week Coursera class on negotiation by the University of Michigan. It's free.

 Get bids from different contractors,  2-3 weeks would be excessive for a minor repair.   Please indicate what's causing the water leak?  A burst pipe can be fixed in hours, then patching and paint.  Same with with a cracked waste line.  You can do a lot of work in 3 weeks.   What's the issue?

Good luck, 

Frank

 I'm curious abou this.   I can certainly see how this will fall under the tenant's insurance if they caused the damage.  However, how will this be a renter's issue if the damage was part of the house repairs ?  How woudl you present it to the tenant?

Thanks, 

Frank 

 Oh,  no worries.  I didn't see that as a negative comment.  Honestly,  2 years of records is absurd.  I'm wondering if this was a typo. I left voicemails.  

I  wasn't the sweetest person throughout this process, but I don't see a reason why they would drop this loan.   It's a large bank.   I left them a message and will call again tomorrow.   At the end, they are the ones that gave me a huge chunk of the money from the previous refi.  I will update on their reason. 

Thanks for the message.  

It's not about income.  I can pay the mortgage without tenants, that's not an issue.   

I think they want some sort of trail of the funds used to buy the place cash six months ago.   If so, I can probably  pull account statements from before the purchase.   That's fine, but two years is a lot.   

This is not delayed financing. I didn't know that was also part of the refi.  I thought they only needed to see cash reserves.

Curiously, I don't recall any of this on the other property.  I used the  the same lender. 

I'll get on the phone with them.

Thanks, 

Frank