All Forum Posts by: John Zilverberg

@Chad McMahan that's what I figured might be the case, if you would be willing to send me a DM of a couple anyway I would appreciate it. There might be a couple ways to get creative and make it work.

Thank you!

Hi All,

I recently closed on a property in Sedona, and am excited to be stepping foot into this market! I'm currently using a hard money loan for while I do a bedroom/bathroom add, with the plan to cash out refi on completion in a couple months. I've searched both the forum and the internet and seem to keep running into the dreaded 6 month seasoning period. Has anyone successfully found a local credit union, smaller bank, etc they've used to get around it. The criteria I'm hoping for would be the following:

-Jumbo loan ($1.2 mil ARV)

-80-90% LTV (hoping to use a 10% down second home loan if possible, as it will be a vacation home/self managed Airbnb)

-No seasoning (or light 3-4 month seasoning, as the intention is to be ready to refinance end of Jan/early Feb)

Any recommendations would be greatly appreciated!

So to provide an update, the report only showed a thermal picture of one radiator (one of the two that happened to be working). The company called their inspector and he swears he checked all of them, but says he didn't include the other pictures in the report for brevity. He also didn't save the other pictures to his computer so there is no way for me to see the remaining thermal readings not included in the report.

I'd love to believe him, but as of now I only have his word, and no proof that he checked the remaining ones. He claims they all worked at the inspection, but since the system sat idle 3 months from inspection until I closed on the property, settlement occurred and clogged the system to the point where I now need these extensive repairs.

Is this typical for a gravity fed boiler system to have serious issues like this after only sitting for 3 months?

All I have had so far is an electrician. Matt from Accredited Electric went above and beyond to be accommodating to my changing requests, and his guys did great work. I will be using him in the future and would highly recommend

It was for a property closed in Minnesota. I've done some digging, but have been unable to find any laws stating options one way or another

Moderator: Please move this if it is in the wrong place.

Hi All,

Looking for some advice. I recently closed on my first property (built in 1905) that has an old gravity boiler that feeds radiators throughout the duplex. I paid top dollar for a home inspection to check all the systems since it was my first property, and I don't know what I don't know.

Home inspection appeared fine, he said the boiler was working, and I assumed he checked all the radiators. Turns out, he only checked that there was a flame in the boiler, and used a temp gun on one radiator, without checking the remainder. Come to find out that only 2 of my 18 radiators work. Brought in a boiler service company, they spent 2 days troubleshooting the system and were able to get all but 2 to work, so now 16 out of 18.

They have been doing this for 25 years and have no idea what is wrong with the remaining two, and I am considering replacing them with electric baseboard instead of continuing to throw money at this.

My bill so far is $2800, and by the time it is all said and done I imagine it will be almost $4000.

Do I have any remediation possible? Do the sellers assume any responsibility, as the boiler service people said it doesn't appear these radiators have functioned for a long time? I would imagine past renters would have commented on these problems. I am talking with the home inspection company to see if I can get my fee back, but that won't come close to covering the repairs. Any advice would be welcomed!!

Hi Kari,

My closing process has been challenging, to say the least, and has been delayed 6 weeks due to seller issues. I close on Tuesday so unfortunately have nothing to report back as far as work that has actually been completed. Of Alyssa's recommendations, an electrician named Matt from Accredited Electric has been very accomodating to my delays, so preliminarily I would recommend him.

Sorry I can't help further at this point!

Hi Greg and Alyssa, thanks for getting back to me. Alyssa, I tried a few of your contacts and had some success. Greg, I'll give them a call later today!

Hello BP!

I'm in appraisal on a duplex in Minneapolis and am finally at the point where I can start discussing renovations instead of just reading forums. I'm looking for a few contractors for some work this fall.

1. Plumber: Turn half bath into full bath, plumb W/D hookups

2. Electrician: Add baseboard heat to 2 bedrooms, wire electric W/D hookups, wire 3 bathroom vent fans

3. Carpenter: Frame in a few doors, close a door into a wall, open a wall into a door, add height to garage door opening, drywall to removed walls

If anyone has recommendations I would love to hear them. I have one from my realtor but don't want to fall into the trap of only getting one bid.

Thank you in advance!

John

Hi All,

I've been lurking on this forum and learning for the last few months, what a great resource to start in investing!

I have a place that I'm interested in and have a question about non-conforming rooms. The upper unit on this duplex has two rooms which could potentially be non-conforming, but it is advertised as though they are. If I get a home inspector into the place and they say they aren't, can that be a legitimate reason to back out of a deal through the home inspection contingency?

If they are then the numbers are really good, but I don't want to be stuck in a deal with no way out if they aren't. Any advice would be appreciated!

Thanks,

John