All Forum Posts by: Carrie Giordano

@Jeff Brower it sounds very similar! Hopefully you'll have similar luck like I had with the water. At 10k in you're still doing better than the 2% rule so that's great! Keep me posted, I would love to hear how it works out for you.

@Travis H. the part is special order. My appliance repair guy came today and the part is $57, with labor it should be about $100. I considered putting in a new dishwasher but with installation it would be at least $300, so I'm going with the current one for now. 

Thank you @Meghan Reed. Trust me I was celebrating.

@Jason Keefer thanks, I really appreciate that, I want to give an honest look at the process for those who aren't as experienced. 

Day 1 Complete! I took the redeye Monday night and jumped right in yesterday. It was great to finally see the place in person. Pictures never tell the full story, like the fact that the white kitchen cabinets really are in pretty good shape but need a good scrub down. Or that several of the rooms need lighting fixture (none of the photos in the listing or from my agent captured that. )

@Travis H. taking a risk on the plumbing paid off!  As it turns out a piece on the dishwasher was broke flooding the kitchen every time the main water line was turned on. It should cost me $100 max to fix. 

Yesterday, I spent $166 on paint. And almost $300 at lowes on blinds, light fixtures, bulbs, cleaning supplies, mulch & some plants/flowers for landscaping and a few other odds and ends. 

My plan for day 1 was to finish my scope of work (since I hadn't seen the house,) meet several previously contractors, buy remaining supplies (several I already had ordered through lowes & Amazon.) Also, thanks to my Dad (he's a painting contractor) the painting began on Monday. 

@Zach Adams this particular property I paid all cash by way of a Heloc on another property. I will then refinance into a mortgage. The last rental I did was an reo and I used traditional financing. 

@Gregg Reinbold very cool! I love the history behind it and how you kept building spaces for family. Being from the city it's hard for me to wrap my hard around the barn aspect and would love to see pictures!

I would start with those you know and listen to Episode #109 of the podcast. Attorney Scott Smith is interviewed, I'm sure you could use him or he could refer you to someone. 

Hello,

How do you factor inspection costs on unbought homes. I've backed out of two deals this year when the inspections showed too many unknown issues. I pay for it out of my "real estate reserves" so do I count that $710 against my other property's profits. Just curious how more experienced investors handle this cost of doing business.  Also, would you say $355 an inspection is a fair going rate? 

Yesterday, I received a call from my agent that the house had closed. She also told me that the listing agent took their lockbox off and left the key under the trash can!!!! I feel like this is a bit of an unprofessional practice but luckily my dad lives close to the home so he picked it up for me. This week I have been scheduling contractors for next week and trying to get estimates on some exterior repairs that need to be done. I'm hoping to have the house up and ready in a week. If that doesn't work out I will have to turn the additional repairs over to my management company or finish when I return in July.

I also received a worried call from my insurance agent today that underwriting would deny the house in it's current condition! She hoped I would be fixing the soffits and fascias soon or the pictures wouldn't go over well. Her boss asked her if the house had even been winterized (with worry about the plumbing!) It had been winterized but this brought me back to my initial worry about the plumbing.

On a side note, I received my inspection on another house I had pending and it came back pretty bad. So hopefully, if I have time I'll get to look at a few homes next week.