All Forum Posts by: Mia Edgar

I received an inspection report with remnant knob and tube wiring. During due diligence I asked for an electrician to certify safety.  

The receipt is as follows with remarks:

Troubleshoot and Repair level 1
Grounding system level 1

Open splice repairs. Char marks on the rafters were from a previous incident and are no longer an issue
The ground rod is located in the meter can outside


is there a reason they didn’t remove the knob and tube wiring? Is it safe because the ground rod is outside?


thanks,

Mia

The square footage of the building. The units are very small. We’re also waiting to hear back from our RE agent for comps.

Help see if we should go ahead with this triplex opportunity. 3bed/3 bath 1450 square feet.

Currently in due diligence with asking price of $70,000 w/ estimated rehab costs of $80,000 including:

-Asbestos Abatement

-Paint

-New Appliances for Kitchen and Showers

-New Boiler/Venting system

-Plumbing and Electrical

-Header in the basement

-New Windows

-New Roof

-Tree Removal

Rents in this area for the single units (400 sq ft) = $700 and one larger unit (800 sq ft) = $900, total = $2300. Good variety of jobs in the neighborhood, safe and good schools. Street parking.

We're a little worried our ARV will be only about $140,000. A duplex in the area just sold for $192,000 at 1800 sqft. This would be a cash deal and we would like to refinance out after 6months - 1 year.

What do you guys think? Should we try to ask for lower maybe $50,000 since there are so many costs, walk away, go ahead at $70,000?

Mia Edgar

Help see if we should go ahead with this triplex opportunity. 3bed/3 bath 1450 square feet.

Currently in due diligence with asking price of $70,000 w/ estimated rehab costs of $80,000 including:

-Asbestos Abatement

-Paint

-New Appliances for Kitchen and Showers

-New Boiler/Venting system

-Plumbing and Electrical 

-Header in the basement

-New Windows

-New Roof

-Tree Removal

Rents in this area for the single units (400 sq ft) = $700 and one larger unit (800 sq ft) = $900, total = $2300.  Good variety of jobs in the neighborhood, safe and good schools.  Street parking.

We're a little worried our ARV will be only about $140,000. A duplex in the area just sold for $192,000 at 1800 sqft. This would be a cash deal and we would like to refinance out after 6months - 1 year.

What do you guys think? Should we try to ask for lower maybe $50,000 since there are so many costs, walk away, go ahead at $70,000?

I have a tenant that is complaining about a possum family underneath the deck.  Their dog has caught one and they got rid of it.  They have been requesting me to get an exterminator to set traps. The possums have not been inside the building, they have left droppings on the deck and they like to hang out in the fig tree in the front yard.

My lease clearly says after 30 days the tenant is responsible for pest control. They've lived there for 6 months now.  However, after doing some research, I think there would need to be a wildlife specialist who would need to trap them.  Also, the CA law states the landlord has to provide a 'habitable' building which I believe I am providing. Obviously, I'm concerned if someone gets bit.  The dog should have their rabies vaccinations complete.

Any input would be great! Thanks

Thank you Kris!

If you live in CT and get a NY Real Estate License via an online program and pass both state exams (NY/CT) does the broker your sponsored by in CT also need to have a NY Real Estate License?? Or just a CT license? Just wanted to double check.

Thanks!

I agree. My move was for the military and was to CT, definitely more than 50 miles away. 

As I've been researching it: The regular capital gains tax will be about 13% (California) on 64k + 25% of $21k.  It has been depreciating at a 3.6%.  Since there have only been repairs and no true 'improvements' on the property the adjusted cost basis would stay relatively the same.  However, the real estate agent fee 38k would factor into that adjusted cost basis?

Purchase price was also $655,000.  It was literally a zero down payment loan.  I maybe put $5000 down for closing costs etc.. Thanks for the info.