All Forum Posts by: Daniel Baker

If you have a roof that is in need of replacement but there is only one layer, in Ohio you can legally go over it with an additional layer of shingles, (not sure about your area). With that being said, if you wait until the shingles are curling and the decking underneath is compromised you are looking at a complete tear off, Roofers will charge extra for tear off, larger dumpster, decking replacement,etc.  Just one last thing to consider, if I am expecting my tenants to take care of my property and the roof on this house is the worst in the neighborhood, what does that say about my priorities. I want my tenants to be long term and treat the house like it was theirs. If you think a renter doesn't care about what the house their living in looks like, I believe you are mistaken. 

The Richest Man in Babylon by George Clason.  Not a Real Estate Investment book per say, but a book that demonstrates the importance of money management and the importance of compounding interest and how to truly make your money work for you. 

In your lessons learned you mention what to me sounds like a liquidation clause. Some states may not recognize them. It's also not a bad idea if you are using it, to have a conversation with your contractor regarding the cost of the potential penalty prior to the signing of the contract. This is just my opinion,but being a contractor myself, it's not a very good way to build a lasting relationship with a contractor, not to mention if it ever got to court you would have to prove to the courts what the damages are and with no history (proof of income) for that property you could be fighting an uphill battle. I really like your app idea though.        

Patrick,

Do you have anymore properties in the Lake County OH area for sale. 

Thanks Dan Baker

@Vijaianand Thirunageswaram, 

Your welcome,

I am guessing, but once this person (who files the lien) realizes after being served with a subpoena to appear in court to plead his case he will realize just how flimsy his claim is and he will not be able to fulfill his obligation and the claim on the property will be lifted.  Good luck with this guy.

Used RTA's on my most recent flip, Cabinets were from Kitchen Cabinet Kings. All soft close doors and drawers, plywood boxes,etc are standard on all of their cabinets. Decent quality, easy to assemble and about 1 thousand less than my previous supplier who's cabs were lower quality with less standard features. I will not be going back to my former supplier.   

@Dan Krupa wasn't sure if my last post found its way to you but I thought for future reference it may be helpful.

@Dan Krupa , If I am not mistaken I do believe that if someone ever files a mechanics lien you can in turn request that they perfect the lien (which I believe is another way of getting this matter before a judge) once you make this request it will be up to the party who filed the lien to prove (at their own expense) that their lien is justified. This I would think more often times than not gets the low lifes to back down and if you make the request to perfect the lien and the request is not fulfilled the lien is automatically lifted. 

You mentioned that both of these dilapidated houses are right next to each other, if you only buy one of these properties you will need to factor that into the ARV of your investment property, because you will still have one ugly house right next to your investment. As far as what kind of contractor you will need, if your not even certain about what type of professional you may need to call, I agree with @Tyler Libby, don't start here, you need to learn to walk before you run. A property like what I am visualizing (large hole in roof for years) may require several different issues addressed such as remediation, abatement, etc. these issues alone could make this a very bad investment and it's not a good way to start. 

Just my opinion but you need to take the emotion out of the equation, I have also been there and done that.      

Hello @Edgar Baeza

If you assumed someone else's mortgage payments and had the deed transferred,Deeds are public record and mortgage lenders employ companies to search public records for such items as borrowers' deed transfers or delinquent property taxes. So you should obtain your mortgage lender's permission before adding someone to your home's title or deeding it over to others. Depending on the lender, you may have little trouble in adding someone to your home's title. However, most mortgage lenders will invoke their loans' deed-on-sale clauses if they learn of a sale or transfer of their borrowers' homes.