All Forum Posts by: Brielle Phillips

Thank you. We house hack so this is our primary residence. The intent was to buy and hold. It is the only property we own so far.

Hello BP Community,

I am in desperate need of insight here. I purchased an up and down duplex in Upstate New York March 2021. Its an old home built in 1910 that definitely has needed and continues to need major work. We have sunk a good amount of money so far in replacing main water line, cosmetic upgrades, updated tenants kitchen last month and multiple landscaping projects (removing big trees). Now we are faced with two major projects that need attention. The basement needs to be redone as the walls are crumbling (yet no major cracks identified in inspection) and our home has an enclosed double/up-and-down porch. The porch has been sinking over the years and really just feels unsafe. Cosmetically it needs a lot of work as the inside is pretty old as well. I've had two reputable contractors come so far and both have been pretty straightforward that its a huge cost to try to stabilize or rip down. They both honestly told me they would rip down. One contractor said he would rip down, reside the house and build steps up to the door and the other contractor said he could try and stabilize it with concrete blocks and redo the pillars but that could run starting $15k and he said it could easily double or more (based on what they find when they open up the bottom). 

I am curious what other investors would do in this situation? The first contractor told me a rip down and rebuild could be close to $100k so that's definitely not an option for us. I am unsure how much the property value would decrease if we removed such a major structure...would you all spend the money to try and stabilize and cosmetically touch it up or would you rip it down and reside the house?

Thank you,

Brielle

Thank you Brad and Lionel! The inspection found four majors: main water line corroded, mold in attic and basement, active knob and tube wiring as well as a leak in a section of the sewer pipe. Radon test and sewer scope came back good. 

We are getting estimates now and then will start negotiations. The unit I’ll be living in also will need a new furnace soon! A lot of upfront costs but I think with tactful negotiations and using some savings to upgrade the first two years I’ll be in good shape (hopefully). 

Hello Everyone!

This is my first post and I am somewhat new to the Bigger Pockets community.

I am looking into buying my first home (duplex) and house hacking. The home was built in 1910 so I am nervous about major repairs that might need to be done  right off the bat and not being able to afford/be strapped having to get them done. I do know the roof is five years old, one hot water heater is five years old and the other is ten. From what I have read I should really be looking at the plumbing and electrical? What specifically should I be looking to get inspected? 

Also, currently there are long-term tenants upstairs who are paying $850 a month with no lease. The seller says they have no issues with non-payment from the tenants and they respect the property. The rent SHOULD be higher ($1,000/month) and I know they should have a lease agreement. How would you handle this situation? Should I gradually increase the rent starting with $900/month and have them sign a lease? I would like to have them stay as we will have an overlap of three months from breaking our current rental agreement and closing on the house. It will be helpful to have that rental income coming in, especially during that overlap period....

Please share any and all advice!!