All Forum Posts by: Ciro LoCascio

Yes, I am having the same issue. App isn't working

@Ric McGuire - Thanks for that input!! Today I had a structural General contractor come out to the property and take a look over the basement sill plate and he said its nothing to worry about. The sill plate is double the thickness that is presently used nowadays and he also stated the termite situation looks like it has been here for a while. He doesn't notice any active termites. He just suggested to get termite treatment if one hasn't been done in the past 5 years. So I will present that to the seller along with the estimate I receive from the masonry on Monday to re-point all bricks including a second coat over the brick completely and pour a new slab on the basement floor. Thanks for the inputs guys!! Its greatly appreciated. I will keep everyone posted.

Monday I will be receiving an estimate for all the masonary work and submitting it to the seller to fix with a lowered price or I'll give them the option of just walking away from the house as is for $65-$70k

Theres a good chance that the college will be buying the whole block in the near future. There was word that they seen it on some plans for the college to expand again. They did the same about 15-20 years ago

Joel Owens there no houses for sale on that block besides this one. I am having a structural general construction come in and give me his input and what it would cost. Regarding the termite, there was only two 1 foot areas found on the sill plate. It would need to be treated if it hasn't in the pass 5 years and that should be fine. Once I get all the estimates for any major defects on the property I will present it to the seller.

J Scott - I would probably need to get a structural engineer to evaluate the property and who would cover that cost? Termites is another big worry as we won't know how bad the actual damage is. They quoted $1400 but that's treatments. Dropping the offer to $61k would give me $26,500 for repairs. I am really up in the air with this.

Joel Owens - the home was built in 1925. It was all brick foundation. The great thing about it is that the college is across the street and they have plans to extend and purchase all the property across the street. They continue to purchase property in order to fill the demand of students. Aaron Ram - the taxes are very low. $720 for the whole year. $564 in insurance. It would come out to a very nice rentals. Comps in the area run about $110k. The inspector would treat the termite for $1400. I also got an estimate from a masonary guy to fill in all the brick work and than give it a second coat of mortar over the whole brick in the whole house, interior and exterior for $4100. The problem I worry about is, who knows how bad it really is, cause they are only basing it on what's visible. The house is 88 years old and he quoted that it will be around for another 100 years. Since I would like to keep it as a long term buy and hold I want something in decent shape. Ned Carey - yes I am still in the inspection period and can negotiate. What would you recommend? They are an old couple from out of state and don't want to deal with the property anymore. Besides the basement work and attic needing insulation work. The whole house has been painted and brand new floors have been installed.

Hey guys, I had a 3 bedroom 2 bath 1400 square foot SFH across the street from a pretty decent college. Tuition is approx. $27k per year. Rental rates would be between $1300-$1600. I was able to get the property under contract for $87500. After inspection, termites were found through out the home and since the house sits on bricks, there's issue with no mortar on most of the bricks, slight water in the basement. The home is pretty even besides the front porch. The basement has some make shift columns for support. The property would need at least $15k in rehab. No insulation in basement or attic. What should I do? I was going to offer the seller $61k to just walk away from the property as is or I will just walk away from the deal. It would be an all cash deal. They can never sell this property through finance.

Hey Phil, Glad you found Bigger Pockets. You will learn a ton of information here. I suggest you read the Ultimate Beginner's Guide to Real Estate Investing. There's a lot more you need to include in your numbers, such as vacancy. I see you listed $20 a month for maintenance, but you should really calculate about 10% for maintenance, repairs will add up quicker than you think. Best of Luck

In the complex there's 84 total units,7 buildings of 12 units each. There's no restrictions on the amount of rentals allowed in the bylaws. Financials are in good standings with no lawsuits pending. There's no anticipated capital improvement. Association is in good standings. Everyone is up to date with their dues and ones that have been behind the association has brought them to court asap. How do I go about finding out if the condos are on a bank approval list? Thanks