All Forum Posts by: Jerome Morelos

Thanks for the advice! I plan on changing the flooring to LVP for consistency with the rest of the house. I like the idea of re-glazing the tub and shower tiles, I will look into that! As for the vanities, is this something that I could keep or just replace? 

Hello BP, I'm in the process of rehabbing my first property and wanted to get advice on how to tackle the bathrooms. Keep or replace the vanities? keep or remove small window in the first picure? Retile shower or re glaze?

Note: I plan to live in this property and turn it into a rental in the future. 

I am looking for a good contractor in the Inland Empire area, any recommendations? Thanks.

I'm in a “sticky” situation where I could potentially lose my earnest money (5k) due to me potentially backing out of the deal.

I’m in contract on my first owner-occupied property that was listed as “public sewer” but we come to find out it was on “septic”,  which the sellers were able to get inspected right before the 10 day inspection contingency expired. We requested the inspection report but the seller’s agent dragged their feet and took a while to send it. With the inspection contingency expiring, we finally received it and come to find out it also has a "seepage pit" that's 90% full and needed replacement. This was not disclosed at all by the seller.  

A Septic company quoted me 8k to replace the seepage pit. I'm not sure if they're just trying to make money off me. I'm looking to get a second opinion, pay out of pocket again for another inspection, and hopefully it's not a big problem to where it needs replacement. The septic tank, however, did not need any repairs.

What's keeping me in the deal is that it's in a great location with high rental demand. It also appraised for $34k higher than my purchase price.

 Anyone have any experience with "seepage pits?" 

I’m in a “sticky” situation where I could potentially lose my earnest money (5k) due to me potentially backing out of the deal.

I’m in contract on my first owner-occupied property that was listed as “public sewer” but we come to find out it was on “septic” which the sellers were able to get inspected right before the 10 day inspection contingency expired. We requested the inspection report but the seller’s agent dragged their feet and took a while to send it. With the inspection contingency expiring, we finally received it and come to find out it also had a cesspool that was 90% full and needed replacement. This was not disclosed at all by the seller. Septic company quoted me 7-8k to replace the cesspool. The septic tank, however, did not need any repairs.

Should I back out and accept the loss of my earnest money or should I continue with the deal? The property did appraise for $34k higher than my purchase price which is what’s keeping me in the deal. What do you think?

Your best bet would be to call an insurance agent and ask for a quote. They'll ask you some questions about the property, but it doesn't take much work at all. I was using $1.50/sq foot as a rough estimate (I think I heard it from Meet Kevin). My quote ended up at $1770/year on my property here in California. 

What are your goals?  Answering that question will help define which strategy you should pursue. I would look into house hacking a 2-4 unit property. Another option (what I'm currently doing) is to buy a "wedge" deal, fix it up while living in it. After a year rent it out and repeat the process. Sort of like a house hack brrrr strategy. I live in an expensive market so my strategy is focused on building equity. 

Consume as much books/podcasts/YT videos while you're in school/saving. Live below your means and save as much cash as possible to put down on a "wedge" deal. Also, network with others during the process. 

Pretty much all of the books available here on BP are good choices. My favorites were Set for Life by Scott Trench & How to Invest in Real Estate by Brandon turner/Josh Dorkin. Also, I highly recommend checking out 
"Meet Kevin" on youtube. Watch all of his Real Estate videos, you won't regret it!

@Nathan Gesner Thank you Nathan. I will get in touch with a plumber.