All Forum Posts by: Alexander Lommel

Most water issues in basements and crawlspaces can be attributed to improper drainage away from the building. In addition to repairing any sump pumps or mechanical fixes, I'd consult a contractor familiar with site drainage. Often times a contractor will try to get you to expose and seal the foundation and add a drain tile around the problem area. (Very expensive) usually you can mitigate most water penetration issues by simply addressing drainage at the surface. (Much cheaper) By code in most places you're required to have a minimum of 2% grade away from the house for at least 6 feet. A decent dirt work contractor or a good landscaper should be able to give you a free estimate and address any surface drainage issues.

Hope that helps and good luck.

Troy is right. When we got conventional financing for our duplex we needed the reserves up until close. After that the funds are yours to do with as you please. Be sure to hold onto the funds until close though. We sent verification of the funds from our checking account multiple times, last time just a few days before closing.

Hey Jared, It's very important to me. Finding good tenants that take care of your investment is very hard. Good tenant acquisition is harder than retention. Part of my screening process is looking at the potential for long term rental. If you set the bar high for screening and weed through potentials it only makes since that you'd want to keep them.

Hey there BP, Just wanted to drop my introduction. I'm currently freezing my butt off in -17 degree weather and am wondering why I'm not choosing to invest some place warm like Hawaii or Arizona. It's awfully hard to renovate for curb appeal when it's colder than an Eskimo's outhouse.

I was born and raised in Alaska and moved to Hawaii never to return. That's when my wife and I decided we needed to buy a house. The market in Hawaii was at it's peak and we couldn't justify paying half a million for an 80 year old fixer upper. I was fortunate enough to have been following Harry Dent's demographic forecasting and saw the real estate bubble for what it was.

(I have a lot of friends that lost everything because "real estate ALWAYS goes up in price" eek!)

I convinced my wife to move to Alaska and even convinced her to buy our first home as a multi-family. Her quote was "No woman wants her first home to be an apartment...) We found an R-2 property with 2 homes on it (so no common wall). Compromise! After fixing it up and moving us back into a 5th wheel trailer (in the winter) so we could clear about $600 a month on the property, I've decided I should have been a salesman instead of a contractor. How she still loves me I'll never know ; ).

We re still living in a 5th wheel in Alaskan winters with 3 kids and a dog... but we have a mission. (and I have a VERY patient wife who believes in me).

I'm looking forward to getting to know all of you and find myself fortunate to have this resource that is BP moving forward!!

Hi guys, I'm new to the BP family and am eager to hear any wisdom you might be able to impart.

I have a deal underway on a multi family in disrepair and is not currently listed. I'm in the process of working up an offer. I am not an agent so do not have access to the local MLS in order to pull comps. I'm also trying to approach this deal with as much information as possible. I'm a contractor and will be handling the repairs and am self financing the deal. The only piece of the puzzle I'm missing is comps in order to establish my ARV.

My questions are...

Do I need to involve an agent in order to do comps?

If I do involve an agent how do I compensate for the work?

What mechanisms can I put into place to prevent an agent from stealing the deal or sharing it with another interested party before it's under contract?

A HUGE thanks in advance!

It could be risky. If you have other rental units besides this duplex you're risk is mitigated some. If this is your only rentals and you're barely able to scrape together your mortgage I'd be very careful. I'm very conservative and don't put myself into difficult situations. But, like Jon said that's what cash reserves are for. Bottom line is I'd be careful. I qualify all my tenants and set the bar high. If they pass your standards, go for it.

Good luck.