All Forum Posts by: Michael Donatucci

Hi friends,

Considering buying the attached property "as is", but concerned about the leaning lintel on the second floor. Any thoughts on the extent and/or cost of damage?

Thanks,

Mike 

Hi friends,

Considering buying the attached property "as is", but concerned about the leaning lintel on the second floor. Any thoughts on the extent and/or cost of damage?

Thanks,

Mike 

Looking for plumber to install plumbing in 2 story 1.5 bath row home in Pointe Breeze. 

I have a full time job but want to invest in some value add real estate. If I can't be there during the day, should I hire a GC, meet subs myself or hire project manager to oversee subs? What would reasonable comp be for a project manager for flip with $75k of work?

I am hiring sub contractors to work on a job I have with a family friend as a GC mentor. Neither of us will be guaranteed to be there every day, but will be most days. What is the best mode of operation to make sure subcontractors have access to the house? Does it make sense to give out multiple keys, and then change locks at end of project? Or is it better to have a lock box and keep a key in there? Any thoughts appreciated!

Hi a

Working on a 1200 SF 3 bed 1 bath rehab for buy and hold. There are a lot of similar sized 3 bed with 2 bath comps in the area selling for around $270K, but not any 3/1s - most flippers are finishing basement and adding second bath. I don't think the return will be there to finish basement and add bath since it's a rental - I'm curious to know what I can expect from appraisers as a valuation adjustment for not having the finished basement with bathroom. Any thoughts appreciated!

Purchased a 1200 SF 3 bed 1 bath home with unfinished basement in need of rehab that I plan to hold onto. There are a lot of 3 bed 2 bath comps in the area with same square footage that are trading for around 270K that have finished basements. Given I plan to rent, I don't think it makes sense to add a bath and finish the basement. How much is reasonable expectation for downward adjustment for value based on 1 less bed and non finished basement? 

Mindy,

I think the Dampness is coming from the step like crack in the stucco. Its concentrated around that corner of the property. I figured a structural engineer would run some serious coin.

I agree with you on the buy right. I grabbed for $133k. With closing and construction it will probably cost me $215k. Comps are around $240k - I don't expect to lose money, but not as good of return as anticipated. 

Che,

Thanks for the quick response. Home inspectors go around that. My plan originally was to get a construction loan then do perm finance to get all cash out, and keep as a rental. Most of the walls are plaster, so was panning on going on top of it with drywall - needs new flooring, kitchen, bath, add AC to forced heat, may need a new roof, depending on extent of damage. 3 bed rentals around here going for $1800. Front of property is painted brick - does it usually make more sense to remove paint, repaint, dryvit? Good to hear stucco is usually less of an issue.