All Forum Posts by: Michael Geraci

I'll look into that. Thanks for the info!

Hi BP! My wife and I are thinking about purchasing a small MF home in a suburb of NYC. We have recently purchased an OOS investment property and currently do not have much cash for the deal. We were thinking of partnering with her father on the deal and living in one of the units while managing it and fixing it up. A few questions:

1. How could we structure the partnership in such a way as to benefit both parties?

2. Would it be better to make him an equity partner or a debt partner?

3. I'm concerned about making the deal to sweet for me and my wife. I don't want to live off my father in law. How can we structure things so we're business partners?

4. Who's name would the house go in?

I understand there are probably a million answers to this, but if anyone out there has tried this or generally thinks it's not a good idea for whatever reason I'd love to hear your experience.

Thank you so much!

@Eric Schultz thanks for the reply! I definitely am going to look into getting a mold remediation contractor to take a look. I just keep hearing things like "stay away" from anything associated with mold. I know it can be challenge to get rid of. The crawl space also would likely need a vapor barrier installed which should help the issue. I think the water is getting in due to improper grading and drainage.

@Bob Woelfel Thanks for the reply. We have about 1.5 weeks left in our inspection period. We could get an additional 5 days if we need to.

I believe the water is due to a grading, or drainage issue. This is going to be a long term rental situation, so we could fix certain things over time. We don't mind putting the money in if it will improve the home value.

Hey BP!

Just got an inspection report back on a SFH in the Midwest and I have some questions.

The house is a single level with no basement and a crawl space which houses the ductwork and structural members.

The report turned up some standing water in the crawl space as well as some mold on the wood framing. It also showed that some of the support columns were shifted and "improperly supported" and rusted.

Finally, the house is on well water and the owner had run a temporary electric heater from the main house over to the garage where the well room is to keep the pipes from freezing.

Can anyone offer some insight on these issues? Is mold/standing water in a crawl space a no go or is this common and easy to take care of? Is it expensive to fix the columns? What is normal for well rooms? Do they have a permenant heater?

Would love any insight on this, as we have to make a decision whether or not to back out of the deal.

Thanks!

@Melissa Maw Awesome! Always happy to network with a fellow New Yorker looking to tackle out of state investing

@Jeff Wallenius thanks for the info. Definitely help to feel out the area.

@Jeff Wallenius thanks for the reply. Can you offer any expertise regarding which areas are ones to avoid? I am thinking Fountain Square seems like a good area, but I am told the area is red hot right now. Any other areas like it?

@Alexander N. Forgot to tag you. Would love to connect.

Hi @Larry Fried

Thanks for the reply! My partner and I are looking into buy and hold small multi-families. We aren't opposed to turnkey, but would like to build some equity by doing some work. At the moment, I think we're trying to feel out the area and see what strategies work best.