All Forum Posts by: Mark Cios

Bump

Closing on a flip property that we’ve fixed and owned for about 4 months now. Potentially have an opportunity to buy a 6 unit apartment building well below market value. Can I roll over my profits from the flip into an apartment using the 1031 exchange?

So my partners and I purchased a hoarder home. It has been neglected for over a decade and this was especially true for the front and back yard. We had someone clear out the back yard and are going to be stump grinding the front yard this weekend to get it ready for seed/sod. Unfortunately, the weather is starting to turn and we are not sure if we can get grass to survive through the winter. Our question is, has anyone ever had to sell a house without grass over the winter and how did it affect your bottom line? Any tips on what we should/could do? You see new builds selling all the time with no grass. Any advise?

Agreed with above. If you have short base to start with and you add a shoe, it will look like you put door trim down as a baseboard. If its wood base, it probably isn't caulked and you can easily pry them off, usually once you get it started you can usually get the rest up by hand and not cause any wall damage. If it is caulked, cut the caulk so it doesn't tear the paint. Base is relatively cheap so just buy new base and shoe(it looks more complete when you install both). When you buy new base, just get one that's slightly taller than the existing so that it covers any caulk/wall damage you may have caused. Cutting base is easy and if you get white trim vs wood you don't have to be as precise and you just caulk it and paint it. The saying goes, "I hear you can caulk up to a foot"

Sounds like you seen a cool Pinterest video and are trying to replicate it. Grout is not meant to be poured as a slab, much less in thin layers without reinforcement and even much lesser over an existing non porous tile that will not allow the grout to bond to it. It might sound like you are using the word grout interchangeably with concrete maybe? Either way, you do not want to pour in two separate pours as that creates a cold bond between the two pours and that will never be stronger than a monolithic pour. My advice, if you really must do a concrete top, is to demo it all out(tile top included) and start fresh with a 3/4" plywood as a base and form the sides to get a thickened edge so it doesnt break and covers the plywood at the edge. Make sure you add reinforcement in your form. Pour and sand the concrete smooth and seal it with a concrete sealer. Have you considered just getting granite? 

Hammond has good areas that could be invest in though. Particularly closer to 94 between calumet and indianpolis blvd. Also, anywhere near Purdue also rents fairly well. My partner bought a property on auction for 60k and renovated it. He rents it for $1600 and cash flows about $500/month on it.

How familiar are you with the area? I believe your looking at the house in Hammond? If so, I think you're going to be hard pressed to find a renter that wants to pay $2000/month to live in that area.

Man you seem to be handling this very well. Just goes to show how *** backwards our country is set up to protect scumbags like him. This kind of stuff makes my blood boil. Best of luck to you and I would be curious on how this situation sorts itself out for you. Good luck!

I often find myself asking the same question when reviewing a potential BRRR property. I would imagine you're best bet would be to ask a local real estate agent that specializes in rental or just one that knows the area really well. Otherwise, if you have the time to find a renter, start high and work it lower every few weeks or so to get a feel for the area. Check out hotpads/craigslist/facebook market if you haven't already to see comps. I think a property manager is the best case in this scenario, I just don't know how helpful they could be if you are not using them. I do find that people are surprisingly helpful though and would not be shocked if they gave you a window to shoot for even if you don't use them, but they likely wont take the time to do any research to get a perfect price point.

@David M. Ok thanks for the info. I’ll try to reach out to them to confirm I guess. As I mentioned in my response below, my agent doesn’t know and told me I should ask my loan officer. On one hand she’s cool because she lets me view properties by myself but on the other, she never seems to know much about anything.