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All Forum Posts by: Ryan Fox

Ryan Fox has started 40 posts and replied 311 times.

Post: is the structural engineer correct??

Ryan Fox
Pro Member
Posted
  • Investor
  • NV and CA
  • Posts 331
  • Votes 168

@Richard Schubert- Yeah, I'm glad I brought the engineer out because 2 foundation contractors looked at it previously.  One quoted $20k to put piers on 3 sides of the home, and another quoted $10k to put piers on one side.  Because of the difference in opinion, I decided to bring out the engineer, and he's actually saying piering isn't necessary at this point.  

Next time I'll start with the engineer.  

Post: is the structural engineer correct??

Ryan Fox
Pro Member
Posted
  • Investor
  • NV and CA
  • Posts 331
  • Votes 168

@Henry Clark- Yes, your ideas are pretty much exactly what the engineer recommended after he inspected the property.  

House was built in 1953.  Some of the cracks in the walls have been epoxied, but not all.  Engineer didn't note if there were frost free footings.  Below is what the engineer recommended, along with fixing foundation braces that were installed in another part of the foundation.

● Monitor the drainage on the north, south, and east sides of the house. Improve the grade if water flows toward or pools near the house. An addition of soil, a swale, or a French drain may be necessary.
● Part of the patio on the east side of the garage has a negative slope. Hard surfaces should fall at least 1 inch per 48 inches from the home. Mudjacking, polyjacking, or replacement may be necessary to achieve the proper slope away from the foundation.
● Monitor the gutters for overflow. Clean, repair, and/or replace as needed.
● Extend all other downspouts at least 6 ft from the house. Ensure discharge flows away from the foundation.
● Replace missing elbow and extension on the downspout on the southwest corner of the house.
● The soil around the foundation should be watered with 1-2 inches of water per week during hot and dry weather patterns.

Post: is the structural engineer correct??

Ryan Fox
Pro Member
Posted
  • Investor
  • NV and CA
  • Posts 331
  • Votes 168

@Trent Davis- This is on a slab foundation with a crawl space.  There are foundation cracks near the area in question, but I haven't received any reports of water intrusion.  The engineer wanted me to mudjack part of the patio near the foundation in question because it has a negative slope.

@Dennis McNeely - my concern with getting a soils study is if it shows there's something really wrong with the soil, such as expansive soil, I would have to disclose that fact when I go to sell the property.  My hope is to sell the property in 3 years without putting a whole lot into foundation repairs.

Post: is the structural engineer correct??

Ryan Fox
Pro Member
Posted
  • Investor
  • NV and CA
  • Posts 331
  • Votes 168

@Trent Davis- I bought the property last December and didn't notice any foundation issues at the time.  I learned the drywall was cracking in October, but I'm not local to it so I wasn't checking it regularly.  

Post: is the structural engineer correct??

Ryan Fox
Pro Member
Posted
  • Investor
  • NV and CA
  • Posts 331
  • Votes 168

I recently used a structural engineer to do a visual inspection of one of my single family rentals.  I haven't used this engineer enough to know if his opinions are valid, so I wanted to see if any investors find his opinion questionable.  The property has had about 2" to 2.5" of downward settlement on one side of the house, which has caused drywall cracks and uneven floors.  His opinion is that we don't need to install piers right now, but we should focus on making sure water doesn't flow towards the house from the outside.  Does this sound right?

Post: Advice on handling homeowners insurance for a rental damaged in a fire

Ryan Fox
Pro Member
Posted
  • Investor
  • NV and CA
  • Posts 331
  • Votes 168

@Alex Tang- Sorry to hear about this. I've faced some large insurance claims in the past and a public adjuster may be helpful in maximizing your insurance payout. 

Post: New Investor Seeking Opportunities in Kansas City

Ryan Fox
Pro Member
Posted
  • Investor
  • NV and CA
  • Posts 331
  • Votes 168

@Lucas Helliker- I’ve been investing in the KC market from out of state since 2018.  Happy to connect.

Post: Where to find cost basis in tax return?

Ryan Fox
Pro Member
Posted
  • Investor
  • NV and CA
  • Posts 331
  • Votes 168

@Aus Smith- Oh, wait till I get started with attorneys! 

Post: Where to find cost basis in tax return?

Ryan Fox
Pro Member
Posted
  • Investor
  • NV and CA
  • Posts 331
  • Votes 168

A follow up question to this.  If I decide to sell a rental property, my understanding is that my accrued passive income or loss on the rental becomes active income or loss.  I don't qualify as a real estate professional.  To calculate the accrued income or loss, is it as simple as adding up line 21 on the Schedule E for each year that I owned the property?  

Post: Note Buying Auction Sites: DebExpert vs. Paperstac

Ryan Fox
Pro Member
Posted
  • Investor
  • NV and CA
  • Posts 331
  • Votes 168

What are note buyers on Paperstac or Debexpert generally looking for when they ask you for a complete due diligence package?