All Forum Posts by: David Wandel

You are having a leak because it is not installed correctly. There needs to be a pitch pocket installed and filled with the appropriate filler. Any competent roofer familiar with flat roof systems can do this for you. Many  "roofers" and most contractors and handymen have no clue when it comes to flat roofs.

Just relax. It's almost Friday. Most problems pop up a week before closing. You're past any potential issues with title and underwriting. 

Don't forget to have the utilities put in your name. I still forget to do this from time to time and get to the property and have no electricity.

Last year Balt County changed some of the zoning requirements. Lots now need to be 55 feet wide to build on. I would start with checking the width of the lots to see if it is even possible.

Many of the neighborhoods the lots were 50 feet wide when they were subdivided

BGE started this a few years ago. If a property has been vacant for more than 6 months they will require the gas lines to be pressure tested. They want to make sure that the pipes have not been stolen or vandalized before turning on gas service. The plumbers we have used in the past have charged $300-$400 to pressure test the system. Most have passed without requiring any work.

@Olivia Smith   you need to find another plumber. Unless someone has stolen the gas pipes you will not need much, if any work, to pass the pressure test

@Dave Foster

Can the note be replaced with your own cash? 

We bought a house and when we went to pull the necessary permits we found out the house had been condemned. The county was more than glad to issue the necessary rehab permits to us and rescind the condemnation order. Saved them the expense of having to tear it down.

I would contact the city and see if they would be willing to do that. I don't see why they wouldn't.

Title companies are checking for liens and clear title. Condemnation orders don't show up in a title/lien search

Find a new hard money lender. Most can get you funded in a week or less. Either the lender isn't legit or he is a small operator and doesn't have the funds. Contact me if you need some numbers for local HML's.

Is the roof leaking? Ponding water does not affect the performance of a TPO roof. It is one of the few flat roof systems that will withstand ponding water.

Cricket systems are used to direct the flow of water. They will not correct the ponding water. Water ponds because of low spots in the roof. Low spots can be because of bad roof decking, broken rafters/trusses, settling foundations ,termite damage, and many other reasons.

If the roof isn't leaking I wouldn't worry about it. If the roof is leaking it is because one of the seams wasn't welded properly and is allowing water in. Building a cricket won't address the bad seam.

TPO roofs are one of the better flat roof systems out there if installed correctly

@Matty Foley

@Matty Foley

 I would still want the property to cash flow some. I would want to build up some reserves for repairs. When I sell properties to other investors on owner financing I make sure the terms are structured so that the property cash flows for them at least $300 a month. Obviously, he thinks a lot of you and your wife. I would think that you guys should be able to come to some kind of terms that work for everyone.

I would ask him if he would consider selling me a house or two on financing. I would then offer to take any house that is vacant or having a tenant that needs to be evicted. Selling point to him is that he doesn't need to turn the property over.

I have an older gentleman that sells me all his properties once he has a turnover/eviction. He said he's too old to fix them up any more.

I would guess he is not self managing , but he still has the turnover costs to pay.