All Forum Posts by: Cody Z.

Hi All,

I have my first investment property (live in 203k) officially under contract and out of attorney review and found the structural items below in inspection (See attached pictures directly from report):

Unit 1 (~750 sq. ft)

(1) Cracked Foundation Wall in two areas

(2) Piers that have placed in dirt allowing the home to shift and now have wooden shims/other objects to sure up the floor

(3) Split floor joist

Unit 2 (~600 sq. ft)

(1) Support posts were set directly in dirt

(2) Objects were set in between piers to sure up floor

This is a multifamily home (two single family homes on one lot) with the home inspector suggesting that the price to fix could be well over $30k. Can anyone provide some idea of what this would cost from their experience? I know that I need to get estimates but I want to give the seller an idea of what we could expect when heading back to the table before proceeding with a ~$750 estimate from a structural engineer.

Any help is appreciated!

https://drive.google.com/open?id=1dFCLeskJt0VhyUvU...

@Anastasia Tran

Hi Anastasia, I recommend @Nicholas Aiola. He is remote or in NY but absolutely fantastic! 

@Jon Jonhson I agree with @Nick C. - You're simply trading a larger interest rate for a smaller interest rate or "consolidation." I think your CPA's intentions are good and they are just trying to stop you from taking on more consumer debt with your HELOC. It sounds like you have a decent mindset but I would keep that front of mind.

Bump

Daniel, good luck with your investing. Every time you feel like you're afraid to take the next step, that's when you need to just force yourself to do it. Keep momentum and a growth mind set and you will be successful.

All the best

@Pete Barrow Hi Pete, thanks for your insight.

@Stephen Krzyzak Thanks for reaching out, I would definitely want to hear more about your experiences out in the market.

@Andrew Richmond

I hope your trip went well - I would like to connect to hear more about your experience!

Also, I recommend  using Angie's List. I know it sounds like common sense but I don't think enough people mention it. I'm using a mixture of referrals and AL it's going well so far.

 Hi Rubi,

PM if you need another recommendation.