All Forum Posts by: Brandon Ingegneri

@Account Closed 

If there is a lien on the property, that should come directly off of the top of the proceeds.  Your MLC will show this when the title is performed.  If you are trying to reduce the outstanding bill, I wouldn't even worry about it, because its not something that you will pay additionally for.  If you are asking how to reduce monthly water bills, that is an entirely different conversation.  You will not be held responsible for a bill that was created prior to you taking ownership of he property.

@Account Closed

And you DO NOT want your first call to be to the mechanical inspector.  He can mandate a number of extremely costly upgrades.  When you decide what work you are going to do, then pull the permit and have him inspect the work.  Remember, there are good inspectors and ones that couldn't hack it in the trade also.  The guys doing the work every day who know the latest products are the ones you want to utilize that come along with reputable reputations.  Also, when it goes to plumbers... my guy is not the cheapest, and not the most expensive, but he is fair, I make one phone call and know the work will be solid.  This is what you need to find.  Keep in mind, overall plumbing is the most expensive trade your going to run into, and its not going to be something you should try to get the cheapest individual to do.

@Account Closed  

If there are going to repoint your chimney, a fair price is what you were quoted depending on how much cement they need to grind away.  Its really dependent on the labor involved in the particular job.  

If the chimney is not being used as a fireplace, don't let them talk you into replacing the flue.  However, the condensation thrown off from a hot water heater and boiler requires individual piping run within the chimney to avoid damage to the mortar, flue, and integrity of the chimney.  You should be looking around $1200-$2000 on the high side.  If it is done improperly or insufficiently sized piping is used, it can not adequately vent CO.  If memory serves me correctly, there needs to be a 5' vent pipe, but check your local building codes.  

The meters that accurately detect the parts per million of CO cost thousands and thousands of dollars.  The fire department and the gas company have them.  Very few plumbers have them, and I can almost guarantee no chimney guys do.  Make sure it is properly vented, or the other more costly option would be to install an on demand system.  They can be used for hot water, heat, or hot water and heat.  If you have old heating systems, this may be the best option.These units by code and manufacturer speck have to be directly vented out of the house individually and can not go through an existing chimney.  Usually you will see them vent directly out the side of a property.  

An on demand system can typically be installed, labor and materials from 5-7K depending on the current infrastructure of the building in question.  Some plumbers do not know how to properly work on these systems, so it is vital to get the right guy in there.  

I know I threw a lot at you, but at least you are a little more informed so that you can make an informed decision.  Good luck. 

@Andrew Holmes

Don't feel the need to pick it apart, nor do I want to.  Spot on in my opinion.  Well done.

@Elijah Ochoa

This is a beautiful situation.  Leverage is what these vermin are giving you.  Re negotiate price where a little vacancy is no big deal.  Bomb out every last animal out of that building. There is a saying that my guys and I always throw around partially joking.  Cat piss is the smell of money.  The situation you are in fits the same mold.  I think you know what I am getting at.  Flip the situation and use it as ammo!!!!!

@Tony Otis

If you, "Think" you can get $1000-$1200 cut it by 1/3 and run the numbers.  If you break even or come out ahead of the game, I'd say its safer than not.  This provides you room where you can lower rent slightly if you don't get bites.

 This has been my personal experience.  I had a similar situation when I first started out.  I remember flip flopping the properties between my company and personal name initially until I understood what was what.  My attorney told me to get the exact same letter from my lender, but was unable to because they were not a portfolio lender and had to make sure the loan sold.  I waited until the loan sold and then I quitclaim deeded the property.  You do need to have your insurance squared away also.  That will most likely become an issue if the name of the insured does not match the deeded owner of record.  As far as dealing with a government backed loan, I am completely unsure.  All that I can do is tell you that of my experiences and how they have panned out for me doing what you are looking to do.  That being said, there is always the chance that that letter telling me to write a check could come but just hasn't yet.  It is definitely a calculated risk and a decision that only you can make.  Like everyone else said though, talk to the underwriter and a good attorney.  The attorney is most likely going to give you the same answer about the letter, but try asking him how often he/she has dealt with this situation where the lender has called the note.  That being said, here is the disclaimer... This is not legal or financial advice.  Best of luck.  

@David Bridgewater

Your asking a completely subjective question. Some people are happy just covering expenses, while others maximize cash flow.  This really all comes down to one question.  What is the minimum dollar amount that you are comfortable walking away with each month, and how close is that spread with rising costs?  I wish I could give you more, but there are so many factors like @Brie Schmidt previously stated.

@Mike Chubb

Work on the credit. Your going to need cash, credit, or a combination of the two to have longevity in this game if you plan to hold property.  If you are looking to wholesale, you could probably make it work with sub par credit.  Clean the credit up is step one in my opinion, or you could be the tenant/buyer in a rent to own.  You can kill two birds with one stone.

@James Poe

That is Grandma's secret recipe for her cookies.  I found these deals by pounding the pavement.  Talk to everyone, get used to hearing no a bunch, and have the agent be a secondary asset. I built my business on digging every day like an animal for organic leads and built my local reputation up over time.  If this is something you are truly committed to, you have to be willing to take the time to do the ground work before that real deal pops up.  Don't be afraid to throw some money at whatever avenue you choose to drum up leads.  

Read my article in the success stories forum, "How I Made $100K in 11 Days with a Pen and a Phone."