All Forum Posts by: Kieran Dowling

They did not support the wall correctly and i am going to get basement jacks as well as hire a structural engineer to asses and tell me the long term solution.

As far as the sewer line repair, comps are around 250K, I am purcashing the house for 85K, i have budgeted 135K so far(without this repair) I have a total of 150K renovation budget.

0 Votes

Cincinnati, Ohio

I am trying to decide if i want to move forward with this house? It is a complete fixer upper. The current plumbing stack iis not connected to the man line.(see photos)

There is a floor drain on the other side of the 2x6 wall(about 10 feet). so i would just need to tie it into this

I am budgeting 20K for a brand new plumbing system for the whole house already since there is not anything in the house currently.

The basement floor is already ripped out and down to dirt. it looks like btw 2011-214 there were sewer repairs to the main and connecting to the house. (see photos)

would this be worth buying or would you pass?

0 Votes

Cincinnati, Ohio

Quote from @Nathan Gesner:

Quote from @Kieran Dowling:

There are too many forms, checklists, or letters to list here. You can learn by reading some books or wait until life hits you with a problem and then try to solve it.

I recommend you buy "Every Landlord's Legal Guide" by NOLO. Written by attorney investors, it's full of practical advice about the management of investment property, has sample forms that can be edited, and - most importantly - tells you what your primary state laws are and where you can read them. It's updated yearly and is the best $40 you'll spend as a Landlord. There is one book for 49 states and a separate book for California.

Thank you! I wil have check that book out at the library

0 Votes

Cincinnati, Ohio

Quote from @Brad S.:

Obviously, you are planning on doing your own property management once you purchase your first rental. What are your reasons for wanting to do that? There is nothing wrong with that, but I think many people don't fully understand their reasoning for doing it. Property management (pm) should be a line-item in the rental investing scenario, not a ways to cashflow or break-even . Meaning, if you need to do your own pm in order to make an investment work then the investment doesn't work, and you are trying to force it.

PM is a job or business, not a required skill for a rental investor. So, understand that if you are planning on doing your own pm, then you are signing up for a part-time (hopefully only part-time) job, which you still should account for as a separate line-item in your #'s.

Yes, it is helpful to generally understand the pm space and workings, but the more important skill, to learn first, would be how to find, vet, and hire a good local property manager. To me, that is a more invaluable requirement for a rental investor.

I most defiantly taking into account PM Fee. I want to start my own PM company so that why i am taking the self managing route.

0 Votes

Cincinnati, Ohio

Quote from @Drew Sygit:

@Kieran Dowling how are you going to do the following:

1) Advertise your rental?

2) Schedule tours?

3) What app docs will you ask for?

4) Your screening criteria for approval?

5) Collect rent?

6) Hold security deposit complaint with your state laws?

7) Know what forms to send for tenant nonpayment?

8) What attorney will you use for eviction or do you plan to go to court yourself?

9) Handle tenant maintenance requests?

10) Make sure all of the above, and more, are compliant with Fair Housing requirements, Fair Credit Reporting Act, Federal privacy laws, etc?

I will be using a property management software to collect rent, schedule maintenance and screen tenats( credit above 600, 2.5 times income). I guess i am asking for help on #3,4,6 and 7. i am figure out my lawyer as we speak

0 Votes

Cincinnati, Ohio

Hello,

I am getting all my property management documents and software in order before I buy my first rental property so that when I buy it will be a smooth transition, Beside the lease and application, what other documents should I have in my files so that i am prepared (pet agreement, inspection checklist etc.) . If anyone could shed some light or give me a resource to learn from it would be much appreciated.

3 Votes

Cincinnati, Ohio

@Jay Thomas

Thanks for the response. I know that Fannie may does not purchase Community seconds themselves. I was just wondering if i qualified for community seconds and found a lender it would be possible to use the community seconds. I've heard that community second are not allowed on a reno loan

0 Votes

Cincinnati, Ohio

I was looking on the product matrix for the Fannie Mae Homestyle loan and it says that they accept Community seconds for down payment. I was wondering if this was true/ if there is a lender that will accept Community second/DPA for the HomeStyle loan .

0 Votes

Cincinnati, Ohio

How does this look? Am i missing anything? Would Love feedback on this analysis.

0 Votes

Quote from @Bruce Woodruff:

Quote from @Kieran Dowling:

Quote from @Bruce Woodruff:

Quote from @Kieran Dowling:

Ok. So you 'know how' to do a bath remodel for instance. Have you done enough of them to deal with the City Building Inspector and pass the inspections? Are you pretty familiar with current 2021 IRC Code? Tell me how many inspections are required for a typical bathroom reno......

I'm not giving you a hard time, just asking the hard questions. Before you go this route be 100% sure that you will actually save money. Because time is money and if you waste time on a job, you lose...it doesn't hurt as much but it comes out of your bottom line just the same.

The truth is...most homeowner/investors think they know what they're doing but they really are clueless. And it costs them so much that they never really understand, time/money/sleepless nights/angst. So unless you are really good (and you may be, I don't know), just let the real Contractors handle it while you go find another property.....

My Current Job is renovating bathrooms.

Well that's something good! But that is 100% different than being a GC and knowing all that that entails. You seem dead-set on doing this, so go for it...I was just trying to point out that it is not as easy as you seem to think it is.

But I wish you the best of luck!

@Bruce Woodruff

I thank you for all your thoughts and concerns. i took them into careful consideration. I am going to sub out to the larger know companies who are reliable and pull their own permits and are knowlegable with the ICC. I know the bigger companies may charge a little extra but i know they will be reliable and licensed. Also, i have found a couple companies that will do all the work i need in house so i dont have to contact three differnt compaines/ individials to get it all done it just one comapny im dealing with. I have created a budget myself and a schedule for all the work.

1 Vote

All Forum Posts by: Kieran Dowling

Kieran Dowling has started 10 posts and replied 24 times.

Post: sewer disconnected from lateral

Post: sewer disconnected from lateral

Post: Rental Documents Needed

Post: Rental Documents Needed

Post: Rental Documents Needed

Post: Rental Documents Needed

Post: Homestyle loan and Standard subordinate financing and Community Seconds

Post: Homestyle loan and Standard subordinate financing and Community Seconds

Post: Check my analysis

Post: Can you be your own GC for the homestyle loan