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All Forum Posts by: Jedd Braunwarth

Jedd Braunwarth has started 18 posts and replied 223 times.

Post: downpayment assistance

Jedd BraunwarthPosted
  • Investor
  • Waconia, MN
  • Posts 238
  • Votes 103

@Thomas Lonergan I agree with @Dave Weis. You have to let people know the deal and numbers if you are hoping anyone will bite and go into a deal with you or lend money to you.

Post: Sewer Televising

Jedd BraunwarthPosted
  • Investor
  • Waconia, MN
  • Posts 238
  • Votes 103

@Kevin Manz yes most plumbing companies can do the camera work. Just call and ask.

Most camera reels have anywhere from 100 to 200 feet on the reel so there shouldn't be many sewers that are longer than that. Mine yesterday, length to the city main, was 65 feet.

Post: Sewer Televising

Jedd BraunwarthPosted
  • Investor
  • Waconia, MN
  • Posts 238
  • Votes 103

Just adding keywords as many of my Des Moines, Iowa (IA) and Minnesota (MN) friends may appreciate hearing all of this!

Post: Sewer Televising

Jedd BraunwarthPosted
  • Investor
  • Waconia, MN
  • Posts 238
  • Votes 103

Just curious on how many of you do sewer line televising while in your 10 day inspection period when buying a new property? If you do not I just wanted to share my experience with you to encourage you to do so. 

To start, right out of college I actually worked two years for a municipality and did some sewer televising myself. Doing this taught me about all different types of pipe, ages, ways of failure, etc. Being from the midwest, with water and sewer laying below the frost line, sometimes 6-12 feet deep it can get very costly to replace by excavation. Another option is pipe lining, which doesn't involve excavation, and can be quite a bit cheaper but some municipalities do not allow it. 

Because of my past learning about televising I pay a sewer company to come televise all of my potential purchases. Cost is around $200 to have done but it is well worth it. How has it been well worth it? Well, my last two purchases it has saved me roughly $20k+! The first one we found it had collapsing Orangeburg pipe. I backed away from my offer and the seller came back and ended up replacing the sewer for me before closing as long as we stayed at the original sale price. In the end, I got a great cash flowing duplex with a brand new sewer at no extra cost to me (minus the $200 I spent to get it televised).

Second and latest story that is happening now! I am in contract on a SFH right now and got the sewer televised ($210), it is an old house with clay tile sewer pipe which generally has a lot of root issues (very common) but not a deal breaker to me. Well the camera couldn't get through all of the roots. Since the seller wouldn't budge on getting the roots removed for me, I payed up on my own to have the sewer line jetted to get rid of the roots ($425) and then have them re-camera (I had to know the condition of the pipe before moving forward). I Didn't want to spend this money on a house I didn't own, especially if I didn't buy because now I just cleaned the sewer for someone else! Glad I did, because the sewer has a large hole in it, right under the biggest tree on the property. It also has an illegal storm water downspout connection which will be required to get fixed. I am in negotiation now with that seller and may walk away from the deal losing my $635 I spent on sewer cleaning and televising but saving me $10k of replacing a sewer as a surprise. But they are considering fixing it themselves or even dropping the sale price to me by $15k. All a win for me and money well spent.

The reason these findings are significant is now if I walk away the seller now has to provide this information as known on the seller disclosure. Everyone after me will now be aware the sewer is bad and obviously demand a different sale price.

Post: HELLO IOWA am a new Wholesale and i need help

Jedd BraunwarthPosted
  • Investor
  • Waconia, MN
  • Posts 238
  • Votes 103

@Dio Donnie what is the sale price, expected repair cost and ARV? Your question has no answer without more info. Do you know how the foundation can be fixed or of it even can be fixed. What due diligence have you done in order to help a potential investor purchase this property?

Post: Closing cost-who gets the writeoff?

Jedd BraunwarthPosted
  • Investor
  • Waconia, MN
  • Posts 238
  • Votes 103
Carrie Angyal I think you are answering your own question in your last post. If the seller "pays" the $4000 then they get the write off and you get nothing. You only get a write off if you pay for something. If the sale price is higher to account for this, and you agree to the sale price, you are still not writing the check for the repair. Only one party gets the write off, the paying party. Now if you split the repair then you can both claim 50% ($2000).

Post: William Sackett

Jedd BraunwarthPosted
  • Investor
  • Waconia, MN
  • Posts 238
  • Votes 103

@William Sacketti can get you added to the google group. Send me a message with what email you'd like me to use.

Thanks @Taylor Marvin!

Post: How to overcome my DTI problem

Jedd BraunwarthPosted
  • Investor
  • Waconia, MN
  • Posts 238
  • Votes 103
Lacey S. Sounds like you really have two choices, the obvious ones! Increase your current income or lower debt. Can you pick up a second job, start your own biz, or get a raise in your current job? How much equity do you have on your current home? Maybe you can utilize that in some way? Or use the money you have now to pay down the mortgage even more and then save again for the next down payment on a rental. The good news is your company is going to pay off your student loans in 4 years! That sounds pretty good to me.

Post: water meter jump up to be erroneousness

Jedd BraunwarthPosted
  • Investor
  • Waconia, MN
  • Posts 238
  • Votes 103
Amy Lu what type of water meter is this? Most mechanical meters actually slow down with age so a new meter may actually be more accurate and show higher readings. Not saying a flow meter can never fail but this will be a tough battle as the city has monthly water readings for documentation and you do not have anything other than assumptions. Would you call the city if your water meter failed the opposite way and read too low? Just kidding!

Post: REI Coaching.. Pro's and Con's

Jedd BraunwarthPosted
  • Investor
  • Waconia, MN
  • Posts 238
  • Votes 103

@Jake Calle I'd recommend just starting to network in your local market, join a REI group and find a few people more experienced. Befriend them and utilize them to bounce ideas off. Maybe you will even end up partnering with them or they will give you some leads on properties. Oh yeah, this is free!!! The paid for programs do not provide any secret information that experienced investors do not know already. Stick around this site for awhile and you will learn everything you need.