All Forum Posts by: Pat L.

My wife & two of my kids have CCW.
We don't collect payments they direct deposit but my son has done rehabs in some suspect arrears for friends & carries.
My cousin Gino our painter carries all the time.
I got my fill of it in the military. But we still go to the pistol range monthly to hone the target shooting & the Glock is my favorite.

I Just worked with a guy just getting into real estate.
The house was assessed @ $84K comps are $78-$85 in the street.
Estate sale on the mkt for $69,900
It's 4 brm 2bath has a new hw tank, fce, pex plumbing, windows siding etc but needs updating & a roof. They had a lot of interest but no offers.
We got it for $48K after starting @ $45 they had counted @ $59 but glad to unload it.
Never be embarrassed. I have had offers accepted after 6 weeks of holding tight on our low ball offers after others fall through awaiting con financing.

We had one LTO whereby the 'buyer' put in a full bathroom & kitchen in a master bedroom on the back of the home & got $425 a month. It ended up being a small studio.
When they got into an argument the tenant called the building inspector & we had 30 days to tear 'everything out.
But it was easy as they only duct taped the plumbing together!!!!!

Another home was split into a duplex by our LTO buyer but once discovered they had to get a variance after they did all the work. But at least they got it approved without tearing it out first.
As this property met the requirements for said variance.

Had an old run down school with an acre of blacktop next
to a repair shop we sold.
The school sold at city auction for $124, 900 and was rehabbed as a private
School for foreign high school students. They then built condos on the grounds
For high priced student accommodation with 24hr security

I can see foreign students coming here in droves.

We took back a Duplex we sold Deed In Lieu of.
We then had to evict the tenants who were on welfare & were quite nasty about leaving.
They left some nice tools etc but one room was packed full of very nice electronics some with school ID's.
We had the local sheriff drop by & the plan was to wait until the tenant called for 'his' property. They also had the place under surveillance in case he attempted to break in to retrieve the property.
The reward we got paid for a new furnace.

Wiring
We did one up here & any wiring above grade had to be run through conduit to meet code. ( Biggest prob we have is rodent damage to wiring.)
Its also a lot less work than drilling every joist.!!!!!

LLC
If you own a property in an LLC then sold it how will more of a traditional form of insurance be of any help if the buyer sues for non disclosure or your rehab construction defaults months after the close?????

In addition to the K&B renovations....
When I go in to rehab a property I look for ways to increase closet sizes & add a half bath.
I took one old home that sat for 4 months & flipped all the closets from each room into the adjoining closet. That effectively doubled the closet space in ea room. But I lost a closet in the master. BUT I found space off the master bath & added above the garage a 20x10 walk in closet. We also took a walk through between the basement door & living room that created useless dead space & made it a walk in pantry.
What a difference.
Another thing we do for ranches is add a cedar lined very well sealed walk in closet in the basement for the seasonal clothing storage.
Another trick we do (ranches) is add a large walk in closet as an abutment to the master b/room if architecturally feasible.

We sold a foreclosure that was one of those ugly raised ranch setups with a very small kitchen 1.5 baths but the garage was 2400 sq ft.
The garage was what sold it for the guy!!!!!
He looked like he ate a lot of fast food takeout.

We just left an auction for a SFH & talked to an investor there who is being sued for lead paint.
He had the place tested by three different experts during the rehab stages. All registered negative but the one the tenants lawyer had do ( a very thorough) inspection did show positive. He followed all required lead paint disclosures etc. According to his attorney, he has no recourse against those he hired to test the property because if waivers etc he signed.
The suit is for $8mill & he is already into his attorney for $60,000. They offered them cash to go away but it goes to trial next week.
He has 135 rental units & is going to unload asap & concentrate on find/fix/flip.
"I do all the due diligence & still get screwed."
He said.

If you can afford it Decra seal spray insulation is a product we use esp if it's the basic 2x4 construction
It's about the only product I know that will give you about 5-6 R/inch.