All Forum Posts by: Joe Mazur

Hello all. Looking to get some carpet replaced and want to find an investor friendly vendor. Any help would be appreciated

Hello.  We purchased a duplex in downtown ATL that once was 3 units.  The downstairs unit layout is a mess and we're thinking of switching back to a two unit or improving the flow for the one unit.  This is going to require a professional to look at and draw up plans/consult.  My question is..  how much should something like that cost for a 1500, 2k space?  I realize the plans would all depend on the complexity.. I mean just to have someone look at it and way options.  

Thanks!! 

We had an inspection and Roofstock also provides one before you commit.  What is SOP?  I need to check on the grading possibilities I guess. Thanks for the reply

 We did NOT know about the concurrent flooding and no, didn't know this was "common".  Who would tell me about better grading/French drains?  Engineer? 

After YEARS of looking for a "deal" we finally took the plunge and bought a SF house off of Roofstock, which comes with tenants and its own set of other problems.  One of them being no chance to step inside or really on the property until close.  Fast forward to closing and now we find out that heavy rains in the area can cause the "basement" of the split level to flood.  The current tenants had to deal with flooding during a bad storm the first weekend they moved in Aug 1st while we were under contract.  There is a creek that runs behind the house and it is in a flood plane for which we purchased flood insurance.  Now we are concerned about the drainage.  I have no desire to be moping or dealing with water even every so often and certainly would not want to disrupt the tenants every time it rains.  The previous owner installed a couple of pumps and put up a retaining wall.  I'm told the pumps didn't work during that Aug 1 storm because the power went out.  I have no idea what the best way to deal with this is.  So my question is.. what type of expert can I hire to help find some solutions?  We have a flood survey that was done and all that and it's really not in a bad spot in regards to elevation but the standing water is a problem.  A generator would certainly eat into years of cashflow and the margin is thin as it is for even hiring an expert.  Feeling kind of stuck less than a week after closing.  Any guidance would be greatly appreciated! 

Great points, Tyler.  Lots of things could go wrong that I hadn't thought of.  Thanks for the reply 

If he is borrowing some on his end from the bank would it even be possible for me to be in 1st position? 

I connected with someone that I don't know personally who was looking for an investment partner.  He is a broker but can't get qualify to cover the purchase of a property he wants to fix and flip.  First we thought we'd be 50/50 partners, but then it seemed too complicated and we don't have the same risk tolerance (he doesn't want to get it inspected).   So... he wants to borrow 100k for a 10% return.  I'd get 10% no matter how long the turn is up to a year.  Yes, we'd draw up legal documents and the house would be used as collateral.  Here are my questions.  How much do I get charged in taxes?  Is it the same as ordinary income?  Has anyone done similar?  Is this a good use of my money?  I've been trying to find a better real estate investment but can't find any deals anyway.  Any guidance would be appreciated

 The property is in downtown Durham NC

I am under contract on my first rental (finally).   Now the real fun, navigating all this new stuff.  The purchase is cash, as is where is.  Any tips for picking who does the inspection other than price?   I of course will look for references but how much back round do I need here?  Also, is a termite "report" recommend?   Thanks for any feedback!