All Forum Posts by: Matt Stewart

@Steve Crisp  You need to figure out where the water is coming from.  Are your basement walls wet?  Check your downspouts to see if they're directing the water out away from the foundation.  Look at the grading around your foundation.  It should slope away from the house.  Next, do you have a sump pump?  If not, installing a sump pump and good drainage into a sump pit will definitely help.  Without it you may just have water seeping up from below.  Especially if the property is located in a low area with poor drainage.  Talk to the neighbors.  See if they have, or had similar issues after a rain.

You won't know anything until that paneling is removed and you can see the basement walls.  Mold is an indication of moisture and if you don't figure out where that's coming from and correct it then the mold will be an ongoing problem.  

Two thoughts.  First is there a sump pump?  And is it working?  Secondly take a look outside at the downspouts in that area.  Are they getting the water out away from the house.  How's the grading around the foundation.  Most of the time that's where your basement moisture problems are coming from.

Chances are this is not a foundation issue, but until you can get a look at it you won't know for sure.

I always find it interesting to read the responses from the real estate agents about central Ohio.  Post after post, it's almost the same bottled response citing growth, jobs, and opportunity.  And they're not wrong.  Columbus is a great place to already be invested.  But it is a difficult place to get started investing.  Inventory is low and competition is fierce.  Even off market competition makes getting a deal that way a challenge.  Many auctions are getting bid up over appraised value, and well over where you would need to buy at for a successful flip.

I've been flipping in central Ohio for 15 years.  In my opinion there is less opportunity for flippers now than at any time in the past 15 years.  It obviously can be done. And it is.  But gone are the days of plucking low hanging fruit for quick flips.   Just a little reality, and no spin.

I haven't found that brand matters much.  I try to make sure to buy as a package so all kitchen appliances are the same brand.  Otherwise it's whatever is on sale and meets budget.

I've done some that were 50/50 and some that were 60/40. It depends on the scope of work and the amount of investment. You want to be clear on who is responsible for what - utilities, insurance, property taxes payments (if necessary). How are expenses calculated and profit determined. Who handles closing. What is the timeline for getting paid after closing. Make sure you have everything documented in a partnership agreement, or create an LLC.

Go get some retaining wall stones for $2 ea.  Use those to define your landscaping.  Add a few bushes and definitely something with a little color. Add black mulch and you're done.  If there's any way to relocate that downspout to the side, do it.

I agree with Scott.  I rarely paint existing doors.  Installing a new prehung door will save you a lot of time.  It's quick and easy to do, and then everything is new.  Money well spent, and a lot of time saved.

I'm assuming Indy doesn't do online bidding and that's why you're asking.  If in person bidding is the only option then you have to find someone local to bid on your behalf.  Talk to some local realtors and negotiate a fee for their time to place your bids for you.  Check the sheriff's dept website for more info to make sure you've got all your i's dotted.

I've purchased several foreclosure properties through auction.com and other online auction sites.  It works much the same way as in person bidding.  Some of the auction sites will charge a buyer's premium so take that into consideration when setting your max bid.  Either way you do it, make sure you have your deposit ready because they will want it right away.  

There's not a lot of distressed inventory in Columbus, but I would look in 43207, 43227, and 43232.  Linden(43211 & 43224) and Hilltop(43204) are D areas, but you may find more distressed opportunities there.  

If you're still looking for a Realtor let me know.  I have someone who has always been very responsive and great to work with.

The key to this is finding a HML that doesn't require access to the property for an appraisal. You'll pay a higher rate and may need to have more of your own money in the deal in case of unexpected repairs.

A better option if you can swing it is to purchase with your own funds, gain access, then refi into a loan. Or just use private money.