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All Forum Posts by: Steve Gress

Steve Gress has started 3 posts and replied 14 times.

Post: Shenandoah Valley Real Estate Investors Meetup

Steve GressPosted
  • Contractor
  • Winchester, VA
  • Posts 16
  • Votes 10

@Daniel P. - Thanks for setting up the meeting! Definitely looking forward to the next one. I have a feeling this will become a very successful group! 

@Chris Svendsen - Thank you for showing us all those cool security options for rentals, personal home, etc. You have put together a great package that should help people secure their investments. 

Post: Shenandoah Valley Real Estate Investors Meetup

Steve GressPosted
  • Contractor
  • Winchester, VA
  • Posts 16
  • Votes 10

@Daniel P. - Thanks for setting up the meeting this month! I'll be there.

Post: Shenandoah Valley Meetup

Steve GressPosted
  • Contractor
  • Winchester, VA
  • Posts 16
  • Votes 10

@Daniel P. - Thanks for setting this up. First one was a success and I look forward to future events.

@Shawn Crawley - Great to meet you too! Let's keep in touch.

Post: Shenandoah Valley Meetup

Steve GressPosted
  • Contractor
  • Winchester, VA
  • Posts 16
  • Votes 10

@Daniel P. - Thanks for setting this up. I am planning on attending. Let me know if you need anything before the 2nd.

Hope everyone has a great Thanksgiving!

Post: How much to Estimate when Foundation is Compromised?

Steve GressPosted
  • Contractor
  • Winchester, VA
  • Posts 16
  • Votes 10

Good morning @Doug W. - The house is in Winchester.

Post: How much to Estimate when Foundation is Compromised?

Steve GressPosted
  • Contractor
  • Winchester, VA
  • Posts 16
  • Votes 10

@Rod Hanks - I appreciate the advice, this is not my first deal and I almost wanted the challenge. The house has sat on the market for almost 5 months and I think the foundation is what is scaring every one away.

@Michael Evans - That's a great point. I can always walk away from it if it seems bad. My agent told me today the seller may be interested in paying for an engineer once the house is under contract.

Post: How much to Estimate when Foundation is Compromised?

Steve GressPosted
  • Contractor
  • Winchester, VA
  • Posts 16
  • Votes 10

@Curtis J. I agree there is a red flag. The foundation is cracked and has moved in a couple of spots more than 2 inches. 

I appreciate everyone's comments and think unless the seller changes his mind on inspections or third parties before a contract, I just don't think it's worth the risk. I was estimating $15,000, just don't know if that was enough.

Post: How much to Estimate when Foundation is Compromised?

Steve GressPosted
  • Contractor
  • Winchester, VA
  • Posts 16
  • Votes 10

Hello everyone,

I am looking at a house that has major foundation compromises and will need to be fixed. The last time in this house, the majority of the basement was wet. In general, how does everyone estimate this, or should I just walk away because I don't know exact cost? I have thought about bringing a contractor in, however the owner would like to see a contract before any inspections. I have estimated all other repairs for this house, and it seems like a good deal minus foundation work.

Thanks for any help!

Post: HELP-Need a CPA in Winchester/Northern VA Area

Steve GressPosted
  • Contractor
  • Winchester, VA
  • Posts 16
  • Votes 10

Chris, it may seem daunting, but if you don't find a CPA as @Russell Brazil says, this could be hard so close to tax day, you might want to try Turbo Tax, they have a program designed for investment property. I have used Turbo Tax for the last 10 plus years and they do make it very simple. You just have to get all your receipts, etc together. If that does not work for you, filing for an extension is not super difficult. Just a couple of thoughts for you.

Post: What to include in rehab houses?

Steve GressPosted
  • Contractor
  • Winchester, VA
  • Posts 16
  • Votes 10

@Patrick Philip - As a contractor, I concur that laminate is more popular these days. We have installed a lot of this in the past couple of years. You do want to consider the trends in your area though. It may help you to go around and look at the competition as @J Scott mentions. If you don't do your homework, how can you expect to be good at it? 

As for standard interior colors, once again look at your competition, and get to know people in your specific area! When I lived in Denver, I was successful with vibrant colors. Now in Winchester, VA, I am finding a more neutral, toned down color would do better. It's all about your market, and knowing it like the back of your hand.

Best of luck on this flip! You need to put your work in though!

@Account Closed - Great point about following HGTV for the most current trends! Plays in to the consumer market very well. I just hate they finish every house in an hour, makes the customer think the same will happen....LOL