All Forum Posts by: Marcin G.

I’m looking for a pump (for forced hot water heating system) that would not let return water flow whenever thermostat is set to “low”. Presently the way the system is designed in the condo building (6 units), the pump might still allow for the water to flow (even if the pump is not working, being off) if the other pumps push the water up. As a result the unit gets constant heat and it’s hard to control it. The other solution is to install zone valve before the pump. I would like to replace the pump with the right kind of pump that would push water (when it’s cold in the apartment) and stops water completely (when it’s hot). do you know of any product that stops/pushes the water and could be used for that purpose ?thanks

I have started interviewing GCs for the property I plan to rehab. I have prepared a detailed scope of work and every time I meet with a new GC I explain what I need to get done and I give SOW to them. Then we discuss details, I ask for copy of insurance, bond, license.etc …I go a little further and also check the GC in the county records …I see a lot of them were (or are) involved in lawsuits ..not sure I should be worried about that one …I know that’s tricky business. Your opinions ? some of them have addresses on the bond, license, insurance …that do not exist ..I mean ..there is no such house on that street …that’s pretty funny..

Question on bond though :

They usually have bond held by some indemnity company in the amount of 10K or 20K …if the projects is around 35K mark …I think I should be seeing at least 35K in bond ? what’s the major carrier of bond money ? what amount should be there ?

Insurance is pretty standard …each occurrence 1M, general aggregate 2M, damage to rented premises 50K. I can request to be added to insurance …this way, every time they cancel I should be notified, correct ? I could also ease the pain and occasionally call the carrier to check on the insurance…just an idea.

I was also deliberating occasionally hiring guys who have no insurance. Yes, I know I should not be doing that but my competition does it all the time and that’s why their houses are priced much cheaper …do you think Builder’s risk insurance will cover if an uninsured worker gets injured on my property ? is there some additional rider I could purchase to buy that protection. I just don’t want to go via workmenscamp path …I do not want to have any employees, period. Thanks for your help

attorney said there was no case because he did not see his paycheck at the end or ..there was no case because ur state law says no case ? 2 different things ..

IL :

ILLINOIS WORKERS’ COMPENSATION ACT 820 ILCS 305

§23: Waivers Under the Act
Section 23. No employee, personal representative, or beneficiary shall have
power to waive any of the provisions of this Act in regard to the amount of
compensation which may be payable to such employee, personal
representative or beneficiary hereunder except after approval by the
Commission and any employer, individually or by his agent, service company
or insurance carrier who shall enter into any payment purporting to
compromise or settle the compensation rights of an employee, personal
representative or beneficiary without first obtaining the approval of the
Illinois Workers’ Compensation Commission as aforesaid shall be barred
from raising the defense of limitation in any proceedings subsequently
brought by such employee, personal representative or beneficiary.

Just to clarify. Once the client receives the email feed from MLS to their email address and browse thru houses …sometimes they come up with a list of houses they want to see and give it to their realtor to schedule appointments

So what matters at that point is : price, pictures and location. If they see the house in real and they like it ..they want to place an offer on it …..the listing might be a discounted $350 flat rate with 1% payable to selling agent. Obviously, selling agent looking at the coop % will do everything to convince them NOT to buy the place …but ..if they like it they like it….if u make the house remarkable + offer good price below market ..coop does not matter …good product sells itself ..

I have purchased 3BR/2BA house in 4/2008 as a primary residence ( paid 255K). I have lived there for 2yrs did some improvements ..then I rented it out in 4/2010…and sold in 2/2013 (275K). I paid 6% in realtor commissions …yeah I know .."awesome deal"

What would be the best strategy from the tax perspective to report it in 2013 taxes. I am using turbo tax ..looks like its guiding me to report it under like for like exchange (no tax impact)…I did buy a rental for 30K..which is a 1BR condo in another state.

Shall I account for depreciation – I don’t see turbo tax does anything to add back depreciation I deducted when it was rental…welcome your comments

I used zillow to find the three most recent sales, on the same block and arrived at an ARV of $85k----> I would have a meeting with your realtor. Have your realtor do this WHILE you are watching the screen :

Login to MLS

Put 3 mile radius around the subject property

Limit the properties to the type of properties that you have. If its 3BR 2BA ..look for only those

Search ALL that sold within the area in the last 3-6 months

Make sure realtor is not applying any other filters ESPECIALLY around the “sold price”

Pull all the MLS# of properties sold + full pictures inside/outside. Have it download to pdf or print out ..whatever you feel more comfortable…that's your competition.

This will tell you what you need to do exactly to be at par with competition. Do not trust your realtor …do your own due diligence. You might find exactly same information on zillow …but since MLS is the source, go there …you cannot afford to miss on ur first one

Given the pictures you see ..you might realize that granite is not necessary etc

you bet. I have been buying REO for rentals for the last 3yrs ...offering big EM, cash closing, no contingencies helps to win ...my problem is the following : I have no leverage over contractors ...I will not offer them steady cash flow giving them work on 3 rehabs at the same time throughout the year ...so they will quote me homeowners prices ...5K for you might be 15K for me ...it is essential for me to know exactly what's wrong with the property before I go to closing. the only way to make money on my first real flip would be to buy it right and do a thorough inspection...thanks all for tips

thanks all. I will follow the valuable tips. I think I will be better off to perform separate inspections of each of the components, plumbing, electricity, structure ...in stead of home inspector touching everything ..I think the expert in one area would be better when it comes to kicking the tires on REO abandoned for 3yrs ...thanks!

that helps - thanks.

How do you handle checking the house before you buy it if the utilities are off ? lets say you spot a deal on the block but there is no running water, gas is shut off, electricity is off …there is no way you can check plumbing, furnace, etc ..some REOs even say “seller will not activate utilities” …I think you could activate utilities in your name …but then how about all the outstanding bills that might hit you ?!…anyways …doing inspection on such a house might be a huge hit and miss if you realize that all plumbing is gone due to burst pipes …furnace does not function ..there are DIY shorts etc ..opinions ?