All Forum Posts by: Adam Craig

Thats a good idea Michael - This guy is capable of doing anything but maybe I will just have him do plumbing and other skilled jobs then have the simple work bid on.

The house I am buying does not need any major rehab. Just things like paint/gutters rehung/ pluming leaks/handyman work.

I had a guy do some work on my house last year because he outbid 4 other guys. He did good work at a fair price so I planned on using him for this rehab. I am coming to find out he is not as cheap as I thought. He told me he is around $50/hour which seems high for the simple work I need done.

Is this a good wage to be paying? What is the best strategy for finding handymen - I used craiglist all the time but for handymen it scares me.

Thanks

Signed papers for first rental property today :) - pending the appraisal, I will own it in about 30 days.

I want get my book keeping set up while I wait. I have a CPA and I will be talking to him. But I wanted to run a few questions on BP first.

My understanding of what I need to do it is below - please chime in with tips on these topics.

1- Establish an LLC for this property - Any suggestions on what to name the LLC? Maybe naming it after the properties street to keep organized?

2- Open a new bank account that will have all debits and credits running through it.

3 - I used quickbooks for my current business. What is common book keeping for investors?

Lastly - I am budgeting about 8K in reno costs - are these considered start up costs and can they be written off 100%?

Again - I am not expecting legal or financial advice, just wanting to know what common practices are.

Thanks!

I guess I should have been more clear.

I was aware of the mold problem from the start and the offer was made accordingly. My contractor was through the entire house and I know how much I need to repair everything. I am asking strictly about getting approved for the loan. This is a HUD

We (me and the bank) have an accepted offer for a house. The house has been inspected and is in great condition except the basement has a good amount of mold on the cinder blocks.

The house has been vacant for 3 years and the back gutter has been ripped off, causing runoff near the foundation causing mold on the back wall.

I am getting conventional financing - is this mold going to kill the deal? What are my options - I would hate to spend 2K to fix the basement before I even own the house.

What to do

This house is in a B - neighborhood in a suburb of Cleveland. The deal is about to close so I am not getting excited about the rehab I am looking for some specific tips on what most investors do.

1 - My close friend does carpet for a living so I can get it at a smoking price. BUT - the first floor of this house has some nice looking hardwood under the current carpet. Should I just rip this up or does carpet have any advantage.

2 - I am painting the whole house one color but white is sooo boring as ive seen in so many rentals. What are some common colors investors use - I know nothing drastic but I am looking for something warmer then white.

3 - Adding a garbage disposal seems worth the small upgrade? Yes or No?

Here is a link to the house - any additional tips are appreciated.

http://www.realtor.com/realestateandhomes-detail/4979-N-Barton-Rd_Cleveland_OH_44124_M35823-20955

Okay thats not big deal - I budgeted 10K for repairs and I am only around 5K so that should be plenty of room.

Laundry and utility tub are in basement. Never had any pluming working done so not sure on approximate costs.

Thanks Sam - I now this is tough without seeing it but can you give me a broad cost to have all those things replaced? Its a 3BR 1 Bath 1200sq/ft bungalow

We talking a closer to a thousand or closer 10K

The house is well below market and would be a great deal at 65K. The bank is selling as is at 50K - everything else on the house looks great and passed inspection. Would buying the house without getting the water turned on really be that big of a risk? I am willing to sink some money if needed...I am already around 5K but could easily cover a few thousand more.