All Forum Posts by: Reese Thompson

My master bedroom closet on my personal residence is freezing cold!  The closet is on an outside wall, and I think it may not have insulation because the guy who built the home cut a lot of corners.  Does anyone know how to check to see if there is insulation?  I do not have any outlets to pull the covers off.  I also don't have trim to cover up a hole.  

If I were to tear out all of the drywall and insulate it (assuming no insulation after checking), I've thought about lining the closet with cedar.  Would I need to put up drywall again before the cedar, or can I attach the cedar directly to the studs?

Thanks in advance for any help!

Thanks! At what point do you say there are too many problems to even renegotiate? Is it usually based more upon a percentage of the purchase price for the estimated repairs, or more of just the hassle of how much needs fixed? The reason I ask is in the case of my investing plan, I'm looking for propertires that don't need to have major renovations to be rentable. I can see where a good enough deal with rehab work could bring back good returns on the value of the place, but I'm not wanting to speculate on rehab costs and ARV.

Thanks!  I would have never though it could be cut.  Is it some sort of coupling that you use to reattach the new piece then, or do you have to thread what's left or how does that work?  The crack is contained within the basement and is not going into the wall.  It's cracked on the bottom of the U which has about 8 inches of pipe before going into the wall.  I'd guess that it's about 2 feet underground outside.  As for the ground it's hard to tell because there is a flower bed along that wall, but the air conditioner and its concrete pad are close.  Either way, I think it would be able to be dug up if needed without breaking concrete.

As for an update, we moved to put in an offer contingent on the inspection, and someone else already beat us.  It had gone into contingency as we worried it might.  We're still going to try to be a backup in case the current offer falls through, but we definitely drug our feet too long.  I guess we have to chalk that up to lesson #1.  At least it was a free lesson!

My business partner and I are in the process of trying to purchase a duplex.  We noticed on our walkthrough that there is a cast iron sewage pipe in the basement that has a crack in the "U" before it goes through the wall and underground outside.  Since this could be a pretty substantial fix, we wanted to get a quote from a plumber before we made an offer.  Apparently the plumbing business is booming or we're just not asking right because we can't get anyone to quote this job yet. 

Now we're getting a little nervous that somebody else will tie up the property before we do.  We're contemplating making an offer, contingent on the inspection of course, but to make sure that the inspector notes the cracked pipe on the inspection report so that we can still address the issue.

I know this isn't really the hardest issue to overcome, but I want to know what you experts have to say about it.  Does anyone have any experience with a similar situation or ideas for how to handle this?

Thanks in advance!

Thanks everyone! I look forward to the opportunity to work and learn with you all!

Thanks, guys! I'll be sure to check those out!

Hello everyone!  

My name is Reese, and I'm new to this site (obviously).  I have started to get into real estate, and I thought, "I should find a real estate forum."  So I googled real estate forum, and BP was first on the list.  Seems like a lot of good information, so I joined!

A little about me:  I'm originally from southeast Colorado, but currently live in the Youngstown, Ohio area.  I'm an engineer by day and am working on my MBA part-time.  Minor background in real estate; owned a condo in college and my house now.  I am currently in the process of purchasing my first rental property.  My goal with real estate is to become financially free (as many others' probably is).  I've said in the past that I would like to do this by the time I'm 40 (currently 24), but I've been rethinking this lately as I may not have set this ambitiously enough.  

What I'd like to hear from all of you experts is your biggest success with how you've used BP to your advantage!