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All Forum Posts by: Mark Redmann

Mark Redmann has started 17 posts and replied 169 times.

Post: fail electrical inspection

Mark RedmannPosted
  • Investor
  • Philadelphia, PA
  • Posts 177
  • Votes 80

the electrical inspector is required to show you the article number of the code book that failed. your electrician friend should know this. if all this has failed (twice) I would seriously consider firing your friend from this job. What you should do now is to call the first and second inspector, ask them what has failed, and ask them how you can fix it. They are usually willing to help, at least the inspectors I've met. 

Post: Can a new contractor take over our old one's permit?

Mark RedmannPosted
  • Investor
  • Philadelphia, PA
  • Posts 177
  • Votes 80

The old GC can pull his permit. I highly doubt they just change it for you. I dont know this for fact, but at the very least I would think the new GC would have to supply insurance info and licensure to L&I before anything is swapped. The insurance names the city as an additional insured. It covers the inspectors when they're walking through a house. If any of what David said is true, I would get your ducks in a row before firing the old GC. I guess you've had to do this @David Ross ? I've heard some stories, didn't know how true things were.

Post: Tenant simply doesn't respond

Mark RedmannPosted
  • Investor
  • Philadelphia, PA
  • Posts 177
  • Votes 80
Originally posted by @Account Closed:

@Joe P. Where is the property at?

 he stated this previously in this thread. 

Post: Save the money or rehab with a loan?

Mark RedmannPosted
  • Investor
  • Philadelphia, PA
  • Posts 177
  • Votes 80
Originally posted by @Stu Basham:

payments would be about 500-600 per month and we'd still be able to save $1500 on top of that every month to build up our reserves.

sounds like you've answered your own question. 

Post: Pitfalls? Avoiding Transfer Tax -Flipping WITH the original owner

Mark RedmannPosted
  • Investor
  • Philadelphia, PA
  • Posts 177
  • Votes 80

@Natalie Schanne I think you are completely out of line, and I hope I never encounter you in this real estate world. You don't respect flippers at all. Obviously the flipper accepts their best offer, and I'll bet its 100% NEVER the offer coming from you. What makes you think you can dictate how much someone else should make? Do you go to McDonald's and say, "hey that burger only costs you 10 cents to make!!!  I'm not paying you a $4.90 profit! NO, I'm only giving you a $1 profit!!!"  They would laugh your *** right out the door. I'll let my agent know to never work with you... 

Post: Pitfalls? Avoiding Transfer Tax -Flipping WITH the original owner

Mark RedmannPosted
  • Investor
  • Philadelphia, PA
  • Posts 177
  • Votes 80

"4. You avoid a public record showing what you bought it for. As a RE agent, I tell retail buyers when public records show me a flipper bought the house 60 days ago for $100k and it's now listed for $250k."

Why? more specifically, what business is it of yours to tell a buyer that? why do you feel compelled to do this? are you trying to undermine the work of the flipper? wouldn't you, as a flipper, want the most you can get for your work?

Post: Hard money Lender in York Pa

Mark RedmannPosted
  • Investor
  • Philadelphia, PA
  • Posts 177
  • Votes 80

dont get involved with new western or clay packel. 

Post: 10 year tax abatement -Philadelphia

Mark RedmannPosted
  • Investor
  • Philadelphia, PA
  • Posts 177
  • Votes 80

So all I need to do now is give the buyer the CO and the approval letter and that's it. Spoke with someone down at the OPA today.

Post: 10 year tax abatement -Philadelphia

Mark RedmannPosted
  • Investor
  • Philadelphia, PA
  • Posts 177
  • Votes 80

from the time I applied to the time I was approved was about 1.5-2 months if I remember correctly.  maybe 1 month.  the paper the mailed out is not right in front of me at the moment to see the dates

Post: 10 year tax abatement -Philadelphia

Mark RedmannPosted
  • Investor
  • Philadelphia, PA
  • Posts 177
  • Votes 80

Hey Mike! I am just about to list a flip. it is my 2nd one with a tax abatement.  When I closed on the purchase, I immediately went and pulled building permit. After that, I went to the tax abatement office to apply for the 10 year tax abatement. You'll need to submit a copy of the building permit with the application.  I was able to do all of this in one day, closing, permit, abatement. 

As far as I can tell, they want a certain dollar amount of work to be completed. My first flip with the abatement was denied at first. I had understated how much money I was spending on the building permit application. I'm sure a lot of people do. DON'T. there is no reason for it. the fees and charges on the building permits are based on the square footage. they don't give a crap about how much money you are about to spend on a rehab. This came directly from the mouth of my building inspector, haha. I had to get the permit amended and submit that to the abatement office. big time pain in the ***. do it right the first time and everything always works out.

so now on my current flip, I did it the right way. I am unsure of the final steps of the process. MY final inspections are done and I put in a call to the OPA (office of property assessment) to ask whats next. i probably won't remember to, but I will update this thread when I reach the next steps.