All Forum Posts by: Tom C

NOt sure what you mean by "proper exits". Mine is a 1 1/2 story home which does not require stairs on the outside of the home leading up to the second floor, if this is what you mean.

Minna,

Have been through several and just recently purchased a property that was listed as a 2 bedroom on the county auditors site only to walk through the house to find out it is a 3 bedroom. Hell HUD had it listed as a 2 bedroom, but the realtor had this one listed as a 3 bedroom. You must have some really strict auditors.

Minna,

How do they know that its finished? Where I come from, as long as you don't make it a point, to point it out, they don't care. I am not sure what this means to the county or city now. I would forget about the conversation you had with the town hall and hopefully they will forget about it.

Got it..

REI.. I redesign software tools for a living. I just didn't want to reinvent the wheel.

Sorry, I do not operate in the Akron area. My inlaws strictly bank with their credit union.

Thanks

Allcash,

I take it that you send them a yearly interest paid form at the end of the year? Does your accountant take care of this? Also, who pays for the contract and title when doing a lease option, when there is no cash down? Next question, can you provide a tool that will calculate the ballon payment or the equation that you use?

Thanks

Many here will say that you should get a professional company to come out and inspect and then clean it. I would and have cleaned my own. Just make sure you don't have any soft or brittle dry wall. Best place to check is in the bathroom. If you have major problems, it most likely will show up in there or rooms that have a lot of shade most of the day. If you don't detect major problems it should be fine to take care of yourself. You will most likely at the very least want to pull that baseboard and replace. I wouldn't just try cleaning it. This will give you a good chance to see that it looks like behind the baseboard. I use a product called MoldStat. You can get it on the net. Seems to prevent the mold from returning verses just killing what is there.

Before you go much further, since you are sitting on a slab you need to crawl under it and see what it looks like. If you have mold on your base boards, then most likely you have it underneath on your subfloor and joices. I would also get a few box fans and face them into the crawl space. It isn't going to do you any good to bleach down the upstairs when you have wetness and mold still underneath the home. You need to dry it out from the bottom up. While you are under there check for termites and mud trails.. :)

Welcome.. I am just North East of you. As you know, do your homework in Akron. There are some very nice area's and some very bad areas. Also if you are looking in the valley, make sure you do a termite inspection. My inlaws live in the valley and everyone in that area has had termite problems.

Good luck.

I agree with Mike. I just worked it out the numbers for Antwan on another thread. The list price is 795K, but to make the property cash flow, he would have to get the property for 395K and I was being generous on the terms of the loan. Even if he got the property for 595K, he was still going to loose money every month. Based on his cap rate this property would have been a fine purchase. So cap rate has to be junk when it comes to figuring out whether a property will produce a profit.