All Forum Posts by: Austin James

My question is do I pay tax when I got to leverage the property with a mortgage For example Property = $50,000 cash Rehab = $25,000 cash Total Cash investment = $75,000 cash Bank lends 70% of Av= $100,000 Do I get taxed on the Amount I pull out since it will be essentially cashed back to me?

Making a offer of a small building 140-169k 20-30% down need a contact for commercial loan, this is my first time doing a commercial property

okay so I have flipped one home that was easy I needed to buy my home for X and rehab for X and sell for X to profit X.

This new opportunity came across for me and I just don’t know how to make it pencil.

Building is 

$150,000

Rents right now for 800 which I think is atleast 200 to low. 

If I can’t make my mortgage on it 799 a month and it rents for 800 that’s a positive venture right? 

Also do commercial loans go 30 years? 

Originally posted by @Robert Nason:

I'm constantly having to hire plumbers to make minor plumbing repairs. Installing garbage disposal, installing dishwashers. Typically from clogs or having to change out a sink when installing new granite etc. etc. Are things and I should attempt to do on my own? It's all PVC.

 Yes! As much as I hate to advise anyone to not get a plumber ha! All that stuff is super super easy. Company charge 150-350 to Change garbage disposals. It's a 35-55 part and takes 10-20 mins. Dishwashers are simple as well a drain hose and supply hose, and simply basic electrical. If you ever need help I would always be happy to take a phone call or a FaceTime if I'm not busy. Hope that helps 

Originally posted by @Michael McCartney:

@Austin James How much would you charge for labor to install a pressure regulator at the water meter if all the trenching had been done and everything was exposed?

 If everything is trenched and i just have to install and test. I'd charged $250-300. If all the work has been done for me that would be a easy job. But if parts are needed costs are different. 

Watson Hilaire The big for the heater sounds a bit high, but keep in mind I'm in a very very different market than you.

Originally posted by @Watson Hilaire:

@Austin James

The old water heater used the chimney stack for venting could I use this. $3k-$6k I more than I wanted to spend what would be a fair price to install a new 80% water heater?

Thanks for sharing your wisdom.

Using the chimney stack depends on your city code, here in Utah if it's and aluminum vent piping for the stack it's legal to tie into it, if it's just a straight old school brick 2X3 chimney box you can't demp the water heater exhaust into it. 

That being said, assuming that you can use the existing vent. Here is utah our company charges  . $895 for a 40 gallon and then $100 more for each bump up in size. So a 80 gallon I'd charge $1295.00 installed. Now if they have to revent to code it could be a lot more. 

Hope this helps and answers the question. If not tell me and I can revise my answer! 

Originally posted by @Jacob Beard:

@Austin James So I ran into another issue. When I installed the gator bite on the end of the pipe, I screwed on the spout turned water on flipped diverter up and now there is a bad leak out the back of the gator bite. I put teflon tape on the threads but water still shoots out the back end of the gator bite not sure what to do..

 Did you make 100% sure you got a gator bite that goes with copper? Could be a faulty gator bite. I hate those things and I never use them. You could however get Moen spout that doesn't thread on it just has a seal that you push onto the pipe and he tighten the set screw. That all I install in homes. No fittings required and no threading done. 

Originally posted by @Watson Hilaire:

Hello Austin James

I have a two bed one bath rental I am rehabbing. I have taken out old 80% water heater which is located in the kitchen closet. I am thinking adding a tankless water heater will all the closet to be used as a pantry and save tenants money on energy bill.

What is a reasonable cost to have this installed and are there in systems you recommend?

Thanks
Watson Hilaire

 That's not a bad idea being were you live, tankless water heaters require a must larger vent piping because of how hot they burn. So getting venting to them in a rehab can be someone costly. Depending on where your tankless will be out and where the venting and water is will greatly effect your cost. I've installed rehabbed tankless water heaters from $3,000-$6,000 I know that's not much help. I also only install the brand Rheem. They are a very big name in the water heating world. Hope that helps some.