I cant reach the contractor i did the rehab with...The scope of work consists of various electrical works such as correct GCFI for refrigerator, some leaks to be repaired in dishwasher drain and bath sinks. install a proper flex gas line for water heater. relocate ground wire in breaker box and some minor stucco damage repairs.I was wondering if anyone here knew what was the most cost effective way of going about this request for repairs while the property is under the corporation's nameI want to be a straight shooter and do things the right way.Thanks!

Hey guys, I am looking to possibly purchase a property that needs a new water boiler or updated to a forced air heating system.

If the property is in a wet location, you risk foundation damage by not routing the water properly.

The gross building area must be consistently developed for the subject property and all comparables that the appraiser uses.

I initially planned on getting out 40K of profit; looking at the current comparable now I am pretty sure I can get 80K to 85K out; no problem there, but I am starting to question if it is a good idea to flip the property at this point, or is it better to hold it and find financing to get my money and my originally planned profit out to reinvest while holding the property and still be able to make a small cash flow.

Gary, It really depends on what comparable used properties are selling for in your area.

The owner pays sewer, trash, and water (in my area about $3200).

The heating system was turned off during construction and over a couple of weeks the system cooled down, the fittings loosened in the slab and the water drained out and pressurized the slab.

The 50% rule is a rule of thumb, so you should check the actual expenses to get the real cash flow and returns on that property.Also, don't value the property using the cap rate since it is a 'residential' property that is valued using the comparable sales approach.Also, I would run your numbers using the property taxes without the exemption.

I am closing of a 4 unit and was notified by the list agent there is water in the basement.