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All Forum Posts by: George P.

George P. has started 253 posts and replied 1361 times.

Post: Leasing homes to then sublet through Airbnb? Viable business?

George P.Posted
  • Real Estate Investor
  • Baltimore, MD
  • Posts 1,493
  • Votes 268

http://fusion.net/story/323415/landlords-who-monit...

This company finds people renting out Airbnbs without their landlords’ permission

Post: Ice dam, water behind the walls etc

George P.Posted
  • Real Estate Investor
  • Baltimore, MD
  • Posts 1,493
  • Votes 268
Originally posted by @Jim Adrian:

@George P.

Its a 2 fold problem drainage and insulation.  The problem is snow is freezing in the gutter and not draining to the downspout. Then it backs up the shingles. Check out this link... Ice Damming This link give you several ways of dealing with this issue.   Did other neighbors have this problem?  I bet this area of the house does not get enough light to melt snow in the winter.

You should have an air and water barrier like tyvek or some other house wrap already installed on the walls.   There should be some type of valley flashing whether its metal or rubber membrane between the roof and the wall.  An ice and water shield membrane will do the trick if you need to add one.  There should also be an ice and water shield for the first 3 ft or so from the gutter upward on the roof under the shingles. 

As @Thomas S. mentioned the insulation issue.  Adding insulation will help solve this issue as well.  Just makes sure you don't block the air baffles from the soffit vents into the attic space.  There may be Styrofoam tubes between the rafters for this reason.   Per 2012 IECC energy code you need at least R-49 of attic insulation.  I would get a roll of batt insulation with no paper backing (vapor barrier) and lay on top of the insulation in this area.  I would evaluate the entire attic insulation as a whole first to see if you need to add to the entire roof, which I think you will need to do.

They make heat trace tape and cables for ice damming that can be placed on top of the shingles.  They run off electricity and now is a great time to install it but there is no way to test it in the summer.

 Jim - thank you. We have recently replaced the roof and got a 3-ft ice sheet underneath. That's why I think the water gets in through the walls. 

Post: Ice dam, water behind the walls etc

George P.Posted
  • Real Estate Investor
  • Baltimore, MD
  • Posts 1,493
  • Votes 268
Originally posted by @Thomas S.:

The eves trough has nothing to do with the ice damming. Once the water reaches the eves trough it is no longer a problem.

The solution is to increase the insulation in you attic in that area and increase the ventilation above it through the eve so that the snow is not melted from below through the roof. 

Ice damming is caused by warm air under the roof causing the snow to melt from below.

 We had a lot of snow, but the ice dam was built only a number of times - when there was A LOT of snow. Also, this is a northern side.

Post: Ice dam, water behind the walls etc

George P.Posted
  • Real Estate Investor
  • Baltimore, MD
  • Posts 1,493
  • Votes 268

 Thank you Jim - I thought of asking to move the downspout to the opposite side. Checking for water staining behind the siding is a great idea!

Is there some sort of a barrier that can be installed behind the siding to block the water? Or perhaps a barrier of a sort between the neighbor's gutter and my siding?

THANK YOU!

Post: Subject To Through Land Trust Need Help

George P.Posted
  • Real Estate Investor
  • Baltimore, MD
  • Posts 1,493
  • Votes 268

Technically DOS is triggered by the deed transfer. The lender will be notified that the deed is transferred out of the mortgagee's name into a trust. Trust are often used for estate planning, but these are different cause the trust papers will show the mortgagee or his/her family is the trust beneficiary.

At least for now, banks choose not to pursue to call loans taken over by DOS, but they can and I am sure they will once the interest rates go up again.

That said, many people successfully completed tons of sub2 deals.

Post: Series LLC

George P.Posted
  • Real Estate Investor
  • Baltimore, MD
  • Posts 1,493
  • Votes 268

Clementene, you are overthinking and overspending. Setting up multiple LLC's before making a single deal is waaaay premature.

Flip a few deals and if you get in the business, set it up correctly.

Post: Subject To Through Land Trust Need Help

George P.Posted
  • Real Estate Investor
  • Baltimore, MD
  • Posts 1,493
  • Votes 268

if I may, I will address the DOS clause. Something tells me when the interest rates go up from the current 3's, the banks will start cracking down on all the overdue DOS. After all, why hold a 3.5% paper and don't know who is even responsible for it, if you can call the loan and re-loan at 5% (or whatever is the current rate at the moment). They ain't stupid, you know?...

Post: Wholesaling madness!

George P.Posted
  • Real Estate Investor
  • Baltimore, MD
  • Posts 1,493
  • Votes 268

You will hear from hundreds of tire-kicking sellers like this one. They have to sell, but they want the top dollar, and they simultaneously speak with 5 other interested buyers, so you better hurry up and cash them in.

Post: Assessing Value on a burnt home

George P.Posted
  • Real Estate Investor
  • Baltimore, MD
  • Posts 1,493
  • Votes 268

how much would the house fetch in an ok condition? Perhaps the rehab costs more than the property.

Post: Ice dam, water behind the walls etc

George P.Posted
  • Real Estate Investor
  • Baltimore, MD
  • Posts 1,493
  • Votes 268

Had a mysterious leak in the basement's ceiling when it snowed heavily this winter.

I have asked for the community input a while ago (https://www.biggerpockets.com/forums/67/topics/183...), and finally one of the contractors gave me a possible reason. 

According to him, the water has built the ice dam where the neighbor's gutter touches the party wall. He thinks realigning the gutter will solve the problem. Does it make sense to you?.... 

The spout is still on that end and I would think the water would still come that way?..

Attaching two pictures. Thank you in advance!!!!