All Forum Posts by: Michael Peters

I provide them with a 1 month grace period upon move in just in case something was left over by the last tenant.  After that tenants pay for all blockages and stoppages which is detailed in the lease.  You always have the ability to waive the clause if there is good reason.  Just stick to your guns if you get pushback otherwise you'll train a bad tenant.  Make sure reimbursement time frame is clearly spelled out for all tenant charges with a cause on penalties and that rent payments are applied to outstanding charges first and then to rent.  

@John Kwiatt Do you have any recommendations on a good self directed ira company or pitfalls to watch out for?  I have some investors that are interested in the idea of investing with this strategy and am in the process of educating myself.

Thanks @Joshuam R. avoiding the engineer route. I am waiting on a full replacement estimate to leverage with the seller. The property already has a fairly sizable shed and comps don't support nixing a garage. We also have issues filling SFR in our market without garages. I do appreciate the creative solution and I otherwise like the idea. If I could go that route I probably go with a lattice option to avoid adding extra garden work that future tenants won't handle.

Yes, absolutely over estimating the potential expense.  I had the homes foundation also inspected and found zero issues.  Engaging with a few other companies to ensure a fair quote and see what other options different companies might have.  Hopefully my local meetup has some great vendors.

My apologies to clarify the prior owner did the excavation himself that caused the damage.

@Joel Forsythe Met with my contractor this morning and got some details from the neighbor.  It sounds like the garage was in great shape up until 2 years ago when the owner excavated an in ground pool by themselves which caused the surrounding ground to shift.  The contractors initial estimate was to jack and brace the foundation would most likely be around 30K, but advised I should get another estimate to pursue your 1st option to lift the framing which was in great shape and demo the foundation after backfilling the missing dirt.  

@Scott Mac thanks for the mock up that photo looks great.  The garage is 24x26 so it could be cut down but keeping it would be preferred.  I would plan on insulating down the line.  Since I'll live there during the flip I have time.  I'll provide an update after meeting with my contractor.

@Richard F. I suspected it wasn't laid correctly, but don't have enough experience with foundations to know for sure.  It's good to hear someone else coming to a similar conclusion.  There was also a in ground pool that was to the left of the garage that was removed leaving a large section of the yard to backfill.  Though it looks like this was present long before the pool.  My consultation is free so I'll get an idea of what they can do.  In my area a brand new 2 stall runs between 30-50K if you start from scratch.  Hoping that there is a possible solution that will save the framing and keep the price reasonable.

Morning BP Community.  Looking at a potential live in flip with a ton of upside but the detached Garage has some foundation issues and I've only dealt with basement issues in the past.  Was hoping to see if any more experienced flippers had first impressions on if the foundation is salvageable which could make or break the renovation budget.  I am meeting a local contractor this week and hoping for advice from the community as well.

The garage sits on a small hill and the raised foundation is bulging outwards on 3 sides causing the interior floor to split along the edges of the pad.  The siding needs replaced, not reflective of the new vinyl on the house, but the mostly exposed framing still looks solid.  Anyone have any rough ideas on pricing for a repair or is this a knock down and start over kind of job?  I can incorporate about 20K into the loan for the garage but would love to get out less then 10K but not sure what options there are here.  

https://drive.google.com/drive...

Yeah summer life can make a quick rehab difficult if you are doing all the work yourself.  With the timeline I would follow Ricardo's priority list.  It sounds like you are trying to balance the vacancy with repair costs and plan to do much of the work yourself.  Does it need everything above to get the property into a cashflow position, attract quality tenants and start renting?  Its really easy to keep adding on projects that could drag on for extra months.  Items like the deck can be saved until after a tenant moves in if you need some wiggle room.

I would definitely recommend providing a response, but in most states you are not required to unless before a court.  If they are only questioning a few items it is most likely a honest concern and not someone trying to scam you.  Ignoring it also makes them more apt to be spiteful and file for damages.  

I require all tenants to send a detailed list of what deposit items they believe are incorrect and why before reviewing.  That helps to set the baseline around what you need to review and prevents the time wasting in justifying every charge.  I would start by providing a copy of the condition catalog and a photo of the returned product.  It sounds like the example charge was warranted and hopefully a few photos will be enough to make them wake away.  At this stage I send the bare minimum to justify the charges.  I wouldn't bother send before photos or any receipts unless the condition catalog doesn't outline something or it would easily shut down the argument.  

I self manage and try to do extra work upfront with deposits in case these questions come up.  I'd rather have everything justified in advance to help save time in these situations and cover myself should anything go to court.  I'm include a copy of my latest backup from a deposit I'm sending out tomorrow. https://docs.google.com/docume...