All Forum Posts by: Johna M Winters

Hello,

I've been looking at Milwaukee to invest in rental properties. I'm kind of put off by the property taxes though. It looks like it goes up according to market value and doesn't have a cap. Some properties I've looked at have $5,000/yr in property tax. Has this turned out to be an issue, or do investors just factor increasing property taxes into rent over time?

Thanks!

A duplex came up today, but both units have new leases.  I want to owner occupy.  My agent is checking on options.

Since this is my first "strategic" real estate by, I keep getting stuck in analysis paralysis then I miss opportunities.

Thanks Nels,

Yeah, I've been considering just putting an offer in immediately. In some cases you're competing with a cash offer as well.

Hello,

I've been searching for a duplex in Albany or Corvallis, Oregon to owner-occupy since January. I've been using the MLS. It sees like once something hits the mls, it's gone within hours. I barely get a chance to drive by the property before it is gone.

Does anyone have any tips for swooping in and getting an offer in?

I'm planning to do 20% down conventional loan. My budget is up to $280,000, depending on what the property can be rented for.

Thanks!

Yeah thanks!

The foundation costs so much to fix that I think most people freak out about cracks.  I recently compared the pictures from two years ago with today and there was no detectable change, plus I have the PE seal on it.  If it gets worse, I'll look into fixing it.  I don't want to sell right away, but it's good to know what issues might come up in the future.

Hello Josue,

The comments are from the professional engineer that inspected the foundation before buying.

1) I'm in Oregon so there is freeze and thaw in the winter

2) House was built in '78

3) The gutters were going into and underground pipe that we later discovered was broken.  We diverted the gutters by adding gutter extenders away from the house.  The water was probably going right on the ground next to the foundation for years.

I'm planning on renting the place out and like you said, renters won't care about this.  I think I'll hold off on this repair until I decide to sell or the crack starts to get significantly worse.

Thanks for the info!  It's always good to learn more about foundation work, which isn't something I've had to deal with.

Thanks Gordon,

That was kind of the impression I got from terra firma.  I'm sure they do a good job, but they're also sales people and capitalize on people's fears about "your house is falling, your house is falling!"

I took some pictures of the crack and compared them with the pictures from two years ago and it really hasn't changed much.  I think the best course is to monitor but know that if I want to sell it's something I'll probably have to shell out some cash for.

Thanks for you input!

Hello,

I own a home in the Willamette Valley in Oregon.  It rains a lot here and we have clay soil.  There was some cracking in my foundation when I bought the place but I had the foundation inspected and the engineer basically said not do worry about it (see below) and put his seal on the report.  This crack has always kind of bothered me however.  I had to patch a crack in the wall and I've planed most of the doors in the house so they don't stick.  I had terra firma come out and they said the north side of my house had sunk 1/2".  Their solution was to install 8 piers on the north side of the house to the tune of $23,000.  I'm having ram jack come out to tell me what they think as well.  My goal for this place is to hold it and rent it out.  Since I'm not going to sell it immediately, I'm not going to knee jerk spend $23k on something that's not a problem according to a structural engineer.

My question is, do I fix it now, wait until I want to sell, or just not worry about it.  I read that if you know of foundation problems you are required to disclose them to buyers.  

If there's anyone whit experience with this in my area, I'd love to hear from you!

Thanks

Conclusions and recommendations: 

1. .The comforting aspect of this horizontal crack is that this crack does not endanger the stability of the structure any more than the fact that there is a cold joint between the native soil (or rock layer placed under the footing) and the first concrete layer placed in the forms.

2. The repeated cycles of wetting and drying may at this point have consolidated the soils to a point that further settlement is very minor. I recommend that the cracks be cleaned out and then filled with a suitable concrete crack filler compound. This will provide some evidence by next year if there is still movement or that the soil has become virtually stable.

3. My recommendation with respect to the roof drains have already been noted above (drain to street had cracked but mitigated this by attached gutter extensions)

4. There is no concern that the observed cracks form a structural problem to the rest of the structure. 

5. If the problem continues and this aesthetic deficiency continues to be a matter of concern, then there are ways of resolving it , but the methods to implement it are of a considerable level of expense.