All Forum Posts by: Mark Langdon

Keep getting more quotes and stick with using a GC. This project is too big to handle on your own for your first time. Sooner or later you're going to find someone that you're comfortable with and yes you need to write the scope of work as detailed as you can room by room. I wouldn't recommend it going it alone for someone who doesn't have a lot of construction experience. Another good idea would be to partner up with somebody who is in investor. You won't make as much money but the risk drops way down and you're gonna learn a lot so next time you can do it on your own if you choose to.

This is the clause I put in my Leases that you should put in yours from now on and this is what I expect so they know what's required to get there full security deposit back. But at the same time if its just a little garbage; a few light bulbs here or there; a little sponge mopping; I don't sweat it and just do it and move on to the next tenant move-in without backcharging as I hire a cleaning service anyway every time inbetween tenants.

"Upon termination of this lease Tenant agrees to clean house to its original broom swept condition. This includes the replacement of all burnt out light bulbs to their original wattage, sponge clean with appropriate cleaning agents of all tubs, sinks, showers, toilets, and countertops, moping of all ceramic tile floors, vacuuming all carpets, dusting of hardwood floors, cleaning all cobwebs on ceilings, floors, and walls. Any material left behind will be disposed of or towed away at the Tenant’s expense. Tenant agrees to repair any damage including that caused by the act of moving. Tenant agrees to make arrangements for final utility readings and pay all final utility bills. Tenant shall return all keys at such time and will go over with Landlord a final check-out condition list of the house to compare with the original move-in condition and leave in same condition as it was at the beginning of the Term, except for normal wear and tear."

Basically charge what it will take to fix it. Keep the receipts as proof. Just don't list ordinary wear and tear items. The challenge is when you replace an item with new you will not have a receipt for just the repair. For some of the minor items you can tell them you will not charge as maybe you were going to replace the item anyway.  Just be honest.

How long it takes depends on how motivated the seller is on getting it removed. Is he going to get 5 quotes or just get someone to do it right away. He has to file a building permit with the town to get it removed so it depends on how long the town will take to process the permit before he can start. The building inspector will have to be there the day the tank is removed to look for holes in the tank and everything else. Before they can start digging they need to call NJ One Call (811) for the utility companies to mark out all the underground utilities. The tank removal firm will take soil samples when its removed and send them to the lab. If they come back clean then you will get a letter from the tank removal firm from the seller saying all is well and done. Also you will need the final inspection sticker from the town saying its all done and closed out. Your lawyer will require these items in order to close. If the soil is bad and he doesn't keep the property and still wants to sell it to you then it will depend on how quickly he excavates the soil. Again when he thinks he has all the bad soil out he then has to take samples. If they are still dirty he goes back and keeps digging. If they are clean after digging they file a report with the state NJDEP and you need to wait for a NFA (No Further Action) letter from the state which says you are done and no further work is required.  All in all expect 1-2 months if no issues depending on how fast the seller moves and the town does the permit; and if dirty 2-5+ months depending on how fast NJDEP issues the NFA letter which is very hard to predict.

I give them 5 day grace period then its a 5% late fee charge. The late fee has to be reasonable so a judge will just throw it out.

Real estate always has a twist or two and rarely straight forward. This is a good outcome for you because you don't want the house anyway if its oil contaminated and if its clean you get the house and he takes out the tank. What else would you want ?  Just play it cool and watch every step if you think something is up. I have signed deals before where I enter into contract with the seller as long as they take out the tank and the soil is clean or if its bad they agree to clean it up and issue and NFA letter from the state. I just put a clause in for X months so I am out of the deal if it takes too long or slow to move.  Also put a very small deposit down with a clause once the tank is out you will give the rest of the deposit. That way he doesn't hold lots of money of yours while he is playing around with the tank removal.  Alot of sellers don't know what to do about tanks so that's good you had to educate them with an option and the realtor recommended to remove.

The only correct answer is refinish the hardwoods. It will cost the same or cheaper to refinish. If you need new it depends on the market but you will have to replace the carpet almost every tenant switch out

HELIOC worked for me. Just write a check for your new investment as long as you qualify and can pull out enough equity. Cheap interest rates also

Don't quit your job or instead get a new job. You can get your RE license; find a deal; get a loan; invest; all why you still have a regular W-2 job. We all dream of quitting but 90% of Realtors basically do make not enough money. You may get in that top 10% but build that while your working at your normal new job.

Definetly plan for it. I have heard from many folks in Florida with copper buried under the slab and they have had to replace it. Kind of a pain since it's under the concrete slab.