All Forum Posts by: Ty Murphy

Appreciate all of the advice here. I ended up asking that all major repairs be made - I'd expected a rejection and was looking for my next deal. To my surprise, the seller accepted and has invested about $30k in repairs. I am going to have a sweet little property in the portfolio. Just goes to show that it never hurts to ask.

Thanks again everyone for the advice!

I am looking to make my first rental home purchase, and I just got the inspection back for this 2 bed/1 bath home that I have under contract. The home is about 70 years old so I was expecting a rough report, but the major concerns noted by the inspector relate to the foundation and crawl space. I am hoping to get some advice here as to whether I negotiate with the seller to get these items addressed/remediated or if I run. Here is the verbiage of the 2 major items from the report:

"Support columns were found to be deficient as follows: The support column(s) was/were out of plumb. Leaning columns are
weakened and vulnerable to further leaning. The support column(s) was/were not properly installed and secured. Settled
footings had caused gaps at the floor joists. Repair or improvement is recommended. Full evaluation of this condition is
beyond the scope of this inspection. Consult a general contractor or professional engineer for a complete evaluation of this
condition. Repairs should be performed as deemed necessary."

"Indications of active water entry in crawlspace. standing water observed. Sump pump appears pit has no means of retaining soil and silt. Pump is surrounded by silt. Could not find sump pump outlet. Water leakage was observed around the main drain stack drain plug at crawl space."

"The growth of mold was suspected crawl space. Mold is often the result of continual or regular moisture on building
materials. Identification of mold and risk assessment is beyond the scope of this visual inspection. It is recommended that the
home be evaluated by an Industrial Hygienist or other mold specialist to determine the necessary procedure for proper clean
up."

Thanks!

Hello all,

I recently moved to the Kansas City area from rural Iowa and am eager to begin an investing career. My previous location made real estate investing unattractive to me, but I am eager to take part in a new market and begin flipping and maybe even find some properties worth holding. 

As we began searching for our first house, my wife and I were originally going to take the "Dave Ramsey" approach and buy our first home with 20% down on a 15-year loan. After stumbling upon the BP website and all of the resources available here, we are considering other methodologies that we had been oblivious to. Like many before, we have caught the bug and are considering "house-hacking" with a 3.5% FHA (and using the remaining capital in other investments).

I have been creeping on this site for several months now - reading blogs, listening to podcasts, attending webinars, and want to give my appreciation to all the contributors who make the topic of real estate more manageable and easier (and fun) to learn about! I am excited to be a part of the community!