All Forum Posts by: Jeff Brower

I am in the middle of the book 'the secrets of the millionaire mind' by T. Harv Eker. Very good book that talks a lot about how your parents financial thoughts have a large effect on yours. It is a great read and helps to 'reprogram' your mind into better and more positive thinking. I recommend it highly, you can find a used hard copy on ebay for around 5 bucks.

Congrats Michael on your achievements thus far. I actually live right next to Euclid in Eastlake OH. I am working to obtain my RE license by May so if you have any needs in the future feel free to save me as a local Cleveland contact.  

very cool. I have been running a dehumidifier in my personal residence over the summer months and the electric used is noticeable on the bill. may give this a shot! thanks for sharing.

bump, any other opinions? Is this something that I could repair by cutting out the old blocks and inserting new ones?

Figured I might as well post more pics since I have them. Here is a link to the Zillow ad if anyone cares to look further (still shows active since I haven't closed):

http://www.zillow.com/homedetails/1312-E-349th-St-Eastlake-OH-44095/34522787_zpid/

thanks for the quick responses guys. I do not own the home yet, I am in contract and set to close in two weeks. I can buy it or walk away only losing $500 ernest money.

I know that water lines did not hold pressure so there were leaks at some point due to improper winterization. I will need to replace a few water lines. My guess is the crawl was flooded at some point while the house was unoccupied. This probably happened over last winter. I had planned on stucco'ing the outside and painting but don't just want to cover up a major problem.

My rehab will cost about 8-10k (roof @3k, replacing panel and wiring @3k, vynil plank flooring, bathroom gut, paint/trim/etc).

More pics included.

Same spot as picture in last post (second worst spot):

Worst spot again (same spot as first pic in original post):

Step crack in one corner:

No cracks but shows wetness:

Hello all,

Seeking advice on these cracks. I am in contract on this 1947 small (570 sqft) two bedroom SFR in my town. It is a HUD home which I already have $500 in my ernest money down. Buying as investor so no refunds on that, it is gone should I decide to walk away.

The purchase price is low (17k) and the house is so small that I am foregoing a normal home inspection. The only issue I am seeing are these two spots in the crawlspace. These appear to be pretty bad cracks where the cinder is falling backwards. These two spots are the worst. The lower block around the rest of the place looks moist. There are no drywall cracks or level issues. Doors and windows all open/close with no binding. I do not see any issues stemming from these cracks yet, but who knows in the future. Joists look good with no rotting. This house has been vacant for over a year.

What are your thoughts? I know some of you will say 'consult a structural engineer' which is fine, but can I get your opinions? I can walk away and be out only $500. My plan is to buy and hold this one after interior rehab (mostly cosmetic) (rent $650/month). I have more pics if that helps. Thanks!

Inside worst spot:

Outside worst spot (same spot as interior shot above):

Second worst spot:

to answer your question 'at what point does it financially make sense to have a valuable primary?'; if you listen to grant cardone he advocates renting forever! he owns apartment buildings but yet rents a huge skyrise condo in Miami. He believes that renting gives you more buying power. Now we all have tradeoffs and different situations but this is his opinion on the matter.

If you buy a fourplex and live in it, this gives you the opportunity to slowly rehab the place. It will also make you familiar with nuances associated with the property. This is what I will be doing next spring/summer when I sell my personal SFR.

As long as your debt to income ratio is not too high then you shouldn't have to worry about the heloc. You are correct that lenders want the funds 'seasoned' in your account. So if you are in fact using the heloc to fund your down payment then you will need to let it sit in your account. 2 months sounds right but I have also heard some saying 6.

Some folks will use a large heloc to simply purchase cash and then refinance afterwards. Without a mortgage application you don't have to worry about dti ratios and seasoning of funds. I am actually doing this right now on a hud home.