All Forum Posts by: Mike D.

Hey guys I’m located in middletown, New Jersey and I just received a quote for adding 4 pillars and reinforcing a girder/joist. I wanted to post the quote here and see if the price is in line. If not, does anyone have a good contractor they would be willing to refer?

The estimate is as follows:

1) “dig 18”x18”x12” footings, install four #4 rebar reinforcements and fill using 4000 psi concrete. Build CMU 12x16 pillars from new footing to bottom of existing main girder.” 

The cost for this is quoted at $5,000. 

2) “reinforce main girder to meet current building standards. “

The cost for this is quoted at $1,850. 

3) “sister existing floor joists where notched and structurally compromised”. 

The cost for this is quoted at $550. 

I just saw the listing but haven't seen the property in person. There is nothing in that area that even comes close to that price point for a three family. I'm not surprised it got a lot of attention. 

How are you calculating your tax bill of 50k? What is it worth today?

What is the ARV on this property? How did your potential profit go from 90k to -10k? Did you figure too high on the ARV initially?

 I would be interested to see what you have found as well. I keep an eye on both Middletown and red bank, but haven't seen anything that will cashflow

It is definitely necessary to have a legally zoned multi family property. Google "renting an illegal apartment in nj".

Thanks for the responses. I was assuming mold. The paint appears to be only on the first floor studs.  I guess they removed the bottom sheet of drywall on the second floor to ensure the mold hadn't spread.

I'm looking at a place that isn't in a flood zone. It is a two story with the drywall completely removed on the first floor and cut four feet up on the second floor. The majority of the studs are coated in a white paint. 

Obviously I haven't looked too far into this property yet. I'm just going off of mls pictures.

What could have been the problem? Leaky pipes from a second floor bathroom? Mold?

I'm going to ask the realtor but I just thought I'd ask here as well.

 I second this. A handy man I used last winter burned his own house down by doing this. 

 You won't owe any tax if you sell. You actually put yourself into a possible taxable situation if you turn your residence into a rental property.