All Forum Posts by: Michelle Martin

I need a good and reliable contractor. Any suggestions?

@Bryan Devitt I agree but I'm not going to do that with every property. There are investors who have never seen their properties in person. The lesson learned here, is to have a team ready. I didn't, so it only makes the situation worse.

@Chris Puntini well I attempted to drop the deal but the the seller insisted on extending the inspection period until Saturday so I can get estimates. She's willing to go down on the price. But I can't even get a contractor to call me back. I'm also waiting on the inspection report from the structural engineer, which I'm supposed to receive tonight.

@Chris Puntini the engineer said the property needs tuck point mortar joints, and a wood header above the cellar door. When I mentioned to him about the cracks and uneven floors in one of the units, he said he didn't look in the units. So I sent him the home inspection report to review. The whole thing is just frustrating. I'm so over it. The first thing he said when he called was "you haven't seen this property in person have you?" I guess that was my cue to move on.

@Chris Puntini the engineer didn't find anything significant in the basement. He did not check the units though, which is where the home inspector noticed the issues. I think I'm going to walk away from this deal. After reviewing the home inspection report again, I'm losing interest in this property.

@Josue Vargas I wasn't given any estimates yet. I just threw those numbers out there as an example. The estimate could be much higher.

@David Espinosa the rents in the area where utilities are not included are $100+ more. I think the owner of this property is just really nice.

@Chris Puntini $100k for the 4-plex. After owner's expenses and CAPEX, I will receive $700 in cash flow, and that can be increased by having the tenants pay their own utilities, which I plan to do.

@Chris Puntini escrow started on 6-3-19. There is a 7 day inspection period, and 3 additional days to back out. Assuming weekends count, I have until this Thursday to back out.

@David Espinosa I live in California. The property is in Cincinnati. The inspector will have me on the phone while he's doing the inspection.