All Forum Posts by: Jim Mckenna

Gas is superior but front cost is high. Tap fee and running the line.  If gas is already piped in and sized appropriately then it's a no braier. Not sure if you can run a steam gas boiler but I think you would have to run ducts. This gives you a chance to sub divide HVAC between units.

Heat pumps are getting very efficient and very cheap. You need aleast a 200amp service which could add some cost.  They also gives you AC which is more marketable to renters.

I got this done for a single family home for 1000 dollars. 

I did not have to replace the service line from pole to the house. This was for a new weather head, meter socket, exterior ground bar and two rods, service entrance cable and sqaure d panel. I did all inside wiring.

Sounds exciting. Hopefully it goes well with the owner.  Dealing with contractors in our area can hard. A one stop gc who will handle everything and you will not have to be on site regularly but will charge a premium.

The alternative is to sub out each job but this requires your involvement much more. The subs typically have less references because they work for a gc, and don't want the gc to know there doing business with someone else. At the same time the gc knows there value is the relationship with the subs and there not willing to give up there subs to you.

If the scope is small but sounds like it's not, you might be able to find truck and ladder type guy who is trust worthy and will handle all the jobs himself. Like handy man level 2. I find these guys either talk a big game and don't follow through. Also since they do many things the qauility of the work is not as good as someone who does one task every single day for the last 20 years. I.e a roofer just lays shingles every day and knows the tricks.

Always ask for a insurance cert and verify it with the company. I've had someone give me a fake one before.

Don't forget permits.

What's you guestamet for Reno budget. If you don't want to post it publicly you can pm it to me. I can look at your pics and tell you what I think which might give you some more info with your negotiations today.

Yea, prices are kinda crazy. I'm guessing you did a cash only deal?  or private lending. This seems to be only way to buy a duplex where you could cash flow. 

Hi Valerie, I'm following this topic because I want to do the same thing. If you don't mind me asking how did you find the property? I am in Souderton and I am in the market.  

 Looks great. I know exactly where this is.  I just finished a similar project re-framing a house on a existing foundation.  Looks like your right on track to get sealed in before the real snow comes.

Sorry, I just use redfin and select multi family...   They are some expensive areas.  Are you just looking for appreciation? 

https://www.redfin.com/school/91009/PA/Ardmore/Lower-Merion-High-School/filter#!uipt=4&sf=1%2C2&v=8&sst=3®ion_id=91009®ion_type=7&market=philadelphia

BP, I would like your opinion, I am interested in purchasing a property that  is being offer for short sale by a seller’s agent. My agent has contacted the listing agent and was supplied a “Foreclosure Agreement” that need to be a separate agreement along with the Agreement of sale. Is this standard practice ? my realtor says no, and lawyer says if I agree to these items they should all be in one document, the Agreement of sale…… I’m still little confused because who ultimately executes the agreement of sale because it’s not up the buyer, it would be the lien holder.

Basically am prepared to commit to the property at a certain price. My concern is that the lien holder rejects my offer, and counters at a price that I don’t feel comfortable paying for the property and the seller/sellers agent will keep the negotiation fee and good faith money.

The “Foreclosure Agreement” is also contradictor because it states that you do not owe the fee if settlement does not take place due to no fault of the buyer. However, the fee must be paid before settlement. So if you paid the fee and settlement did not take place, then?

"

*The Buyer will be responsible for any attorney and/or negotiating fees Not Covered by the lien holder, not to exceed the greater of 1% of sale price or $4500. The buyer is Not responsible if there is no settlement due to the seller or lien holder.

* The negotiating fee is due upon receipt of a "Short Sale" approval letter of acceptance from the lien holder Not at settlement.

"

Is it out of line to ask for the  “negotiating fee” is placed in escrow payable at time of settlement?  or should I just run for this deal?