All Forum Posts by: Sean McCluskey

@Kenneth Garrett @Roy Gottesdiener Kenneth is right, if you change industries they might start the 2 year clock over again. Especially if you shift to any kind of commission or self employment.

Also if you don't get a bonus one year, they wont count bonus income until you have it for two years in a row again.

@John Teachout thank you, this is a good point about what was the brick sitting on. I will go back and look at the photos and videos that I have to see if I can tell.

My assumption on this is switching back and forth from subsidence under the foundation (serious) to rusted brick ties failing and minor normal foundation settlement (cosmetic).

If I can do remedial repairs but keep the siding, the deal is a nice BRRRR w/ very little cash in the deal after refi.

Does anyone think tenants would notice repairs to the brick and avoid renting the house because of it?

@Lee Bell I agree, it would be hard to hide.

Inside the house, mMy construction manager says his electronic level tape measure only found a 1mm or less slope on the one floor where he felt anything.

@Deanna O. Thanks. The brick is full-sized brick, all laid horizontally as a veneer cavity wall.

There are other small settlement cracks in different areas outside the house as well.

From googling, my best guess is that the house has settled due to shrink and swell issues in clay soil and it impacted the brick negatively due to there being no expansion joints.

So now I am trying to figure out, do I go through with the purchase or not?

@Keaton M. , so cool to be able to get feedback who does this type of engineering work! I had a full inspection on the house. There has definitely been settling but the inspector didn't raise issues with the foundation's integrity. 

You said you wouldn't switch to siding - would you remove and reapply the brick then? Or is there a method to jack this upwards and reattach?

Unfortunately I'm not going to get any info out of the seller, its an as-is estate sale...

Hey @Ernesto Hernandez, did you find someone good for this masonry work? I am looking for someone to help me with a brick siding issue.

@Dylan Vargas Thanks for the comment Dylan!

Yes, it is going to be a long term buy and hold, for sure. The rest of the house is in really solid shape and it will cash flow. The amount of cash left in the deal really depends on what I do with this repair / patch / replacement, and then, how the appraisal comes in.

That brings me to my question - have you had any experience with leaving something like this patched, and how did it seem to affect your appraisal? 

@David Lee Hall, III, I would be interested to hear if you have had feedback on an appraisal, on the house you mentioned the brick later falling forward off the building?

Does anyone have experience moving from all brick to a combo of vinyl, flashing, and brick? Or hardie board and brick? 

I know people build this in horizontally all the time, for style, so I would think that it is possible.

@David Lee Hall, III Thanks for the comment!!

It is going to be a buy and hold rental, going in all cash and getting a refi after placing the tenants (BRRRR).

No one has said that it is bowing out off of the house, and I've had a full inspection and also the construction manager from my PM did a deep dive on the house.

I have been waffling on a range of repair in between tuck point it and replace later, up to replacing just the bad part where it's falling down off the house with a transition to fiber-cement board or vinyl like this (using a flashing in between the two areas).

PS, the house is built in 1966, is in Indianapolis, and the basement and crawl spaces look good and dry, no issues at all down there.