All Forum Posts by: Robert D.

I am planning to open up kitchen a little but. the house is a brick ranch built in 50s. the joists run perpendicular to the studs I plan to take out. the red lines are the way the joist are running from one wall to the other. the blue crosses depict studs I plan to eliminate. do you think any of the studs are load bearing ? all pictures depict the same kitchen. thanks

this is what I got from loan officer regarding FHA 90 day rule

"I have confirmed the significant dates are from the Sales date (not recording date) of seller acquisition to contract date (not closing date)."   

difference between executory contract vs executed contract does not ring a bell with FHA underwriter genius... is there anything I can do here ? I could work with a different loan officer but the ultimate decision resides with FHA underwriter who thinks 90 day passes when buyer signs a contract ...not when they close.

no. put a lock box somewhere on the property and when someone calls for access you tell them where the lockbox is (behind the bushes, under the deck, etc). putting lockbox on the door is an invitation for any crook to break the box and open the door at 4am. I wonder if you would even get insurance payout on the theft. .."so is there a sign of forced entry ?" uhmmm no ..

 step 0 

secure the property, make sure all windows cannot be opened from the outside, all doors are secured with 2X4s. entry door has heavy duty bolts, there is a loud motion alarm in place for the night. did you locate shut off valves for all the utilities ? are they off/on ? when doing the demo shut off everything. long time ago they used gas for light fixtures. I find all the time that electric boxes are done around gas lines. proceed carefully.

 no. do siding before the electric is done. once the siding is in place the electrician will come and install/replace what's needed outside. service, straps for ground rod, pole etc. all that will be attached nicely to the new siding.

 don't assume that just because the permits were pulled the rehab was done right. it all depends on city inspectors and who did the job. some cities hire out inspectors (private companies) some have inspectors on staff. some inspectors on staff don't care, some dont' know what they talking about.  i have done hundreds of permits and only a small percentage of those permits were closed by a inspections that lasted more than "5 minutes".  most of the inspections is a joke and paying for permits is just another tax.  

 fully agree. we invite you to the city of Berwyn, IL. you bought a foreclosure on our turf we will make the process "easy"

all BX must be gone - does not matter if all walls are exposed or not

all cloth wiring must be gone

all basement on single switch

arc fault on every bedroom

fan rated boxes. 

ground rod

grounding to the water meter

put new outlets here and there ...

and more more fun stuff

we will make you add so much new stuff that your panel needs to be replaced as you will run out of space. Ricky will take care of u ...

check with the city if there is u factor requirement. clear windows are cheaper. check if they allow you to install clear. 

Buy, Rehab, Refinance & Hold = you are conduit for the bank to make money.  (if) tenants pay you pay the bank. anything goes wrong with the property or the tenancy it is your cost and sometimes you are lucky if you break even for the year. 

here is a new strategy :

Buy, Rehab, SELL!!

Buy, Rehab, SELL!!

Buy, Rehab, SELL!!

buy rental free and clear

Buy, Rehab, SELL!!

Buy, Rehab, SELL!!

Buy, Rehab, SELL!!

buy rental free and clear

Buy, Rehab, SELL!!

Buy, Rehab, SELL!!

Buy, Rehab, SELL!!

buy rental free and clear

end 12 rolling months with 3 rentals

secure line of credit against your rentals (pay interest e.g. 5% only when you draw) and go after bigger projects as you have more chips to grind

that's how you create long term wealth and freedom.

you should drain the pipes at the lowest level (basement) AND then shut the water down.you dont want to hold pressure in the pipes ..that's what kills them. also insulate the pipes before the shut off valve (assuming it is somewhere in the house) as they might burst as well. that's assuming there is no heat to the house. if there is heat provided ....do the same ..just in case. I am ALWAYS the last one to close the doors for the night during my winter time flipping 

1. doors/windows secured ?

2. doberman motion detectors on ?

3. heat at 55 ?

4. water drained and valved off ?

5. no code enforcement truck in sight ? 

ok can leave now ;-)