All Forum Posts by: Ken Nyczaj

@Michael Acheampong if it only takes a year to get equal on the points paid it seems like it's well worth it if you plan to hold the property. We are getting quoted 3.99% for residential and commercial with only .5% on the points and 25% down on purchase and 20% down on reno with IO period if needed. It honestly seems a little high but I guess it varies everywhere...

@Jesse Hodges it could be 50/50, they bring the cash, you bring the hustle and deals. Whatever you do, sit down and draw up an operating agreement with an attorney who is familiar with structuring these types of partnerships. Family business dealings can work but start off professionally, with everyone aware of what can and can't happen. Probably wouldn't be a bad idea to talk to a CPA too about how the money flows to each of you and your entities.

@Account Closed you can also usually find out water, electricity, fuel (heat), garbage, pest cost information publicly as well. And find out if your property is public sewer/ water or not.

@Briyana Hawkins sure send me a message. I'd be happy to point you in the right direction.

@Bjorn Ahlblad @Mark Dalessandro @Ben Guttman thank you all for your responses.

@Russell Payne it’s all about putting the right people around you and taking action.

Hello, I have my first two apartment complexes under contract in Maryland- a 7 unit and then a 10 unit. They are older structures and aren't your typical apartment building, more like a giant house that has been built onto again and again. Structurally sound but there are concerns of lead based paint in the property.

It seems like Maryland takes lead based paint very seriously as they should, we're working in Anne Arundel County near Annapolis and the other is on the eastern shore of Maryland northward closer to Baltimore. I'm not sure if there is much variance in county laws or codes as it is just a statewide compliance.

My question is, some of my team members are certified and some are not. We'd like to get both complexes a lead free certificate. Is it required that only accredited contractors work on the structure to get a lead free certificate? 

@Cameron Chambers I’ve flipped some single family condos and just be sure to review the declarations, bylaws, covenants and whatever else is in the condo resale packet. It’s a lot of legalese but just reread it a few times or hire a lawyer to find the important things such as: what you can and can’t do to exterior/ interior, private insurance and master insurance policy, financial statements, special assessments past and current and future. Meet people on the board- president, VP, treasurer, secretary, and you can usually tell by their demeanor whether it’s going to be difficult to work with them or not,

Request this info from the president or treasurer of the condo association. Fortunately the president of the condo association of ours was relaxed and wasn’t on us about exterior renovations too much. Double check to ensure if utilities are shared or not such as a well and septic, that can make things get a little dicey...

@Joe S. You may have to remove the vinyl but the subfloor should be coated with a heavy duty primer a few times.

@Kevin Conness if it needs foundation repairs or framing repairs underneath, have an experienced contractor do it. As you move or fix one thing below in the foundation or framing, other things start to move...