All Forum Posts by: Watson Smith

I'd just get a structural engineer out to see if all that work needs to be done. If not then who cares. If so then you have a couple of options. 1. Ask the inspector like already mentioned 2. Get the work done with out a permit. If you've ever dealt with city inspectors you'll know why I listed the second option.

Walk away. You'd have to knock out a closet or something to make that .5 bath into a full. I don't care where you are people want 2 full baths. What are you planning on doing with the house? Flip or live in it? I'd tell her 40k and when she said no just smile and walk away.

I do my own and always have. Most of the properties I buy need 7-15k in work done. Just check the major expenses first.. Roof, plumbing, electrical, foundation, bathrooms and kitchens. You start getting individual contractors in there it'll get pricey quick. Plus most good deals go under contract in 3-4 days max so you don't have all day to line people up.

A home inspector in my eyes is a waste of money. If there is a real problem with the house they won't find it and neither will you till later. These home inspectors get their "licence" online.. Come on. Getting a termite letter is way more important than a home inspector.

I'd do oak on any floor. To match the height of existing tile you can just buy transition pieces from where ever you get your flooring. They have them in many sizes and heights.

To prep the concrete you can use acid to etch it if its too smooth. If the surface is a little rough then you don't have to do that. You want the glue to have something to grab on too and that's hard to do with a smooth surface. Also get some self leveling concrete to level out any dips. If you have humps you have to chip them down.

I've sanded floors down and stained them myself. Never again. I'd throw carpet over it and be done. I've gotten 7-10 yrs out of some cheap carpet before. Lets say you re-finish the floors now. When ever you sell it your probably going to have to it again. Way too much money. Put carpet down now and then lay new hardwood over the old when you want to sell the place.

I'd go with the unfinished oak. 1) You get to pick the stain color and the finish, 2) down the road you can always have them re-sanded and stained to look new 3) much more durable.

Engineered flooring looks good but it's not that durable. They scratch easily.. and yes even the expensive ones. I've seen it a million times. Real oak flooring is still the best. I've installed both in homes and but would never put engineered in mine... And especially never in a rental. You can glue them both over a slab.

Net of 130k and he turned down 1.9million on a 1950's appt complex that sits on less than an acre of land? Unless you think this property is going to explode in value I'd walk away laughing. You could invest that money else where and get a better return than that with less risk. Plus you know that place is going to need some renovations soon which are going to be expensive.

When selling the house your going to have to sign a disclosure statement and one of the questions asked deals with drug use in the house. You'll have to check yes and thats a big turn off for a buyer. But if you do a total rehab you might be able to get away with it. I do them often and about the size you do. Here are my costs. (Atlanta costs)

Demo includes - tear out plaster walls, doors, windows, insulation, wiring. Get it down to the studs - $2300 - $2600

New wiring - $3000
Hang and finish sheetrock on a 1600 sqft house - $4500
Interior paint - $2500 - $3500
Nice hardwood floors installed, sanded and stained - $3.75 - 4.5 sqft
Kitchen - really depends 8-15k
Master Bath - depends as well - 3-4k
Second bath 2k max
All new plumbing - $2300
Permits - $500
Dumpster - $350
ect...

If you stand to only make 50k and never done this before I would stay away because your ALWAYS going to spend more the first time on something new. Trust me.. I did as well.

Hows the location? If the location is prime then I might go for it. If it's iffy then I'd say no.

Couldn't say it better myself. The target year I just saw was 2016. This was put in a report from a large, well respected financial firm that I got a hold of through an employee. What we are seeing now is temporary shortage and rookies bidding the prices up.

Yes. Get it. It only takes 4 weeks out of your life or you can do the online version which can take less. You have total control over your transactions and the commission factor isn't bad either. You also never know when it might come in handy. You might want to list one of your rentals on the MLS or try selling it. If your only going to buy 1-5 properties then I wouldn't worry with it unless you had nothing better to do.