All Forum Posts by: Jesse Clark

I would go with encapsulating, closing off vents. Crawlspace vents are a terrible, outdated part of building code that hasn't changed forever. As Mike M mentioned, when there's high humidity outside that air is coming under your house, and then contacting cooler surfaces in the crawlspace. It's a recipe for disaster. I'm in Maryland, often have very humid summers. I've seen many vented crawlspaces that are moldy, damp. Dryest ones I've been in are closed up, some have dehumidifier in them. Think of the crawlspace as a really short basement, you want it to be part of your house, not open to drastic exterior temperature changes. 

I would say go for it. You should be able to make a case yourself without representation. When my wife and I bought our primary residence, they sent us a tax assessment of $530k, we paid $285k for the house. It's supposed to be based on fair market value of the property. They were way off, the house was a mess, needed full reno. In Maryland they had 3 steps I believe. Step 1 call in and request a change or second look. That didn't work. Step 2, file paperwork and a try to make a case, they lowered the value like $10k or something. Still not happy. Step 3, go in front of a judge and argue with 2 assessors from the state. We made a case about the "fair market value" and won. The judge lowered the value to what we paid for it. It's creeping back up, but was a huge savings. I'm very glad we went through with it. 

Kam.Yeah, looking at the rehab prices they seem very low. I'm guessing you're gonna put in some labor and maybe those are material costs? But, $150 for water heater? I don't think you can buy one for that, much less removing and installation. Stuff almost always takes longer and costs more than you think it will. I'm still learning that after 20 years in remodeling homes. Good luck though. 

Some of these responses are laughable. You're not going paint anything in a afternoon, except maybe a few walls. The $8k bid does not seem like a rip off, it's prob just retail pricing as others have said. May be tough finding a good/ cheap painter right now, most contractors are very busy, I know I am. finding someone in the home depot parking lot can be very hit or miss, and you'll still likely be babysitting them. I painted a large wood house years ago and it was around $25k materials and labor, I know that's hard to fathom for some. Was I ripping the homeowners off? No, they got multiple bids and still chose me. Labor is going to be very market specific, and people are busy. I wouldn't go too cheap if this is a rental  property either, you don't want to be painting the exterior again in a few years bc of lousy paint and workmanship. I would try asking around for references, ask at Sherwin Williams too. Good luck with the project. 

I don't think it's just a veneer, judging from just looking at a couple pics. The way you can see the ends of some of the courses, means they are laid long ways and tying 2 rows of brick together. When was the house built?  Before 1950 or so adds to structural brick side. You can re-point, that will help, and keep water and ice out. But it could be a turn off for future buyers, I wouldn't worry as much for a rental. If I were you I'd send some picks to a masonry and/ or foundation repair company. Could be a larger problem. I've seen 200 year old buildings with great looking brick, and some from 1930s with large structural cracks and sinking foundations. But, not my area of expertise, just what I've seen being in the construction business. 

And it looks like a very long ridge beam that needs the posts under it unfortunately. It's prob going to be hard to move any of that framing around. But, I would consult an engineer who knows more than I about loads, etc. 

Those are not trusses. It's a stick framed roof, one peice at a time. You can work around the existing framing and finish as you please, or remove the entire roof and redo which will be much more expensive

I think it depends what neighborhood and price point the house is at too. If the house is in a nice neighborhood I would totally renovate the bathroom, it would help if you did want to sell, you'd hopefully have no issues with a new bath in the meantime, and you could possibly charge a little more rent. But, you could always go cheap if you don't think a remodel will be worth it 

Thanks for the info Greg, much appreciated. Some of the properties for sale will show gross rents for the previous year. But without knowing expenses, it doesn't mean much. 

My wife wants to buy in Delaware, rehoboth/dewey, where you get a small lot and house ocean block for $1M. Lots of people tear down and rebuild. The rents don't seem near as profitable as obx though, comparing home value to rental income. This helps my case for obx. Thanks again

Greg I've been going to obx for 25 years or so. Love it down there. It's become a goal to purchase a rental property in outer banks. I've always enjoyed the southern end of the island, Avon and below, quieter. 

You answered one of my questions about price range $300k and up being good rentals. I was looking in the $400k-800k. Seems like you get a large house, maybe even oceanfront for that in some areas. 

My other concern would be if flood insurance would kill income. And if the obx will be there in 30 years! I've seen highway 12 flooded on more than one occasion. 

So even with property management, repairs, expenses insurance etc. Are the rentals still making money? There's probably a sweet spot for bedrooms, size of house, location of course. 

This goal is still a little ways off, but very interested in all the info. I'll make it work somehow. Thanks!