All Forum Posts by: Kurt Key

Quote from @Andrew Syrios:

Have you had an inspector look at it yet? The most important thing would be to make sure it's structurally sound and there are no issues with the foundation. 

 Thanks, Andrew! Yep, we had an inspector come out. I think I got used to the one inspector that I use in Birmingham. He would always give me the: "Hey I'm writing this in the report but that's a big issue...Or don't worry about that, but I have to write it up" That was helpful to me. This go around I used a bigger company for this inspection here in Cincy and it was hard to get a straight answer, but I understand from a liability aspect.

With the foundation, it was noted that it was in good order in the report. I've requested the permits from the city to make sure it's on a slab and not a crawl space. We will have to wait and see!

Quote from @Bill B.:

Is it a pvc pipe and is there a constant flow out of the vent? It could be to reduce the radon level? There wouldn’t be any crawl space to have access to if it’s built on a slab. I would think your inspector could tell you if it’s on slab or not. Certainly any foundation guy could. 

Is there a reason you care one way or the other? It sounds like it’s been fine for 30 years. Can you research the permit and maybe see some plans?

Thanks for the advice, I'm going to reach out to the county auditor for any permits.

The vent is just a 14' x 6' inch slotted vent. It's not near any washer/dryer units in the home and there is a radon pipe in the main basement of the home. I'm a little worried but the inspector made a point that he was unsure about it being an "unknown" situation, which made me reach out here.

Hello BP!

I got an offer accepted for a single-fam that will be converted into a duplex here in Cincinnati and while going through the inspection we came across a big unknown. There was an addition to the home, which the home was originally built in 1891, and put on in 1997. There is no known access point to the crawl space and it is speculated that it is built upon a slab. However, there's a vent on the back side and there's no reason to have a vent if it was built on a slab, correct?

To add salt to the wound I tried contacting the previous owner who made the addition with no luck. I am trying to negotiate a credit for other issues, but is there anything else I could do to limit my liability on this if I can't get to look at the crawl space? Anything to negotiate for?

Thank you! 

Hello BP Community!

My brother and I are hot off of the BP Con in Orlando and we need your help in creating a strong partnership! Here's our investing background. In the market, Birmingham AL,  since May of 2022. We have two properties in our portfolio. One is focused on renting to mid-term travel nurses which we recently finished in the basement so our mother could have a place to live rent-free.

The other my brother, @Thomas Key, is living in and he's renting it by the room to longer-term renters. We are living in different cities at the moment but I have the flexibility with my work to be down there. We've already come up with a barebones business plan, but wanted to reach out to the BP Community to ask a few questions. 

We go 50/50 for all of our investments, but how have you found success in your partnerships? Or are there some lessons that we could learn from you on what not to do?

How did you scale?

Division of responsibility and communication?

One of the most important things is organization, tips or tools are welcome.

Our goal is to grow over the next 10 years into a portfolio where we can be financially free for ourselves and our families. For some more context, we haven't figured out if we will go with mid-term, rent by the room, or maybe section 8. He's living in Birmingham Al and I'm in the process of setting up in Cincinnati OH.

Hello BP Friends!

My brother @Thomas Key and I are renovating the basement of our first rental. The idea is to turn the basement into its own space with its own access point to rent to another tenant. The main issue we are coming up against is how to soundproof the basement from the upstairs. Our current plan is to go with some R30 insulation between the joists.

If you have any ideas on ways to soundproof, please share, it would be much appreciated!

Thank you in advance!

Hello!

We're in the process of closing on a deal in Cincinnati Ohio and we got a horrible appraisal. Both the bank and agent think that as well, and I did my own analysis and feel the same way.

We're contesting the appraisal, but would like to have a back up appraiser just in case. Any Cincinnati people in here with a recommendation? Your input would be greatly appreciated.

With gratitude,

Kurt

@Daniel Hyman ahhh thank you Sir!

Hello all,

New here and wanting to hear more about some real estate investing tax benefits. My wife and I are investigating in Multi Fam and I want to hear from the BP community about the best tax benefits y'all have found/use?

I've heard about writing off the depreciation YoY, but don't know a lot about it or other benefits.

Thanks in advance!