All Forum Posts by: Jim Piety

@James Carlson

I disagree with this policy philosophically and, while it is nominal, will likely increase over time. Regardless, I'm not bothered by it because these type of costs will just be passed on to the renter in a city that's already experiencing skyrocketing rents.

@Stephen Brown solid answer! I was just looking for the same advice. 

Hey y'all,

Curious to know if anyone has recommendations to find a stainless steel gas range. Finishing up my flip. Already checked Habitat for Humanity Restores and have been googling "scratch and dent" but don't know which brands to trust. My next step is to try HD or Lowes and see if they have any floor models that I can get at a discount

Thanks!

@Brett Tvenge

I'll definitely be more cautious about it and do more research/due diligence. Being new to the biz, I just didn't expect their to just not be a sewer. Typically, you're warned of roof, HVAC, electrical, foundation and plumbing issues. We checked for everything short of opening up the walls.

@Brett Tvenge @Jay Hinrichs @Michael Gessner @Ryan Kelly @Jordan Moorhead @Matt Ziegler @Tim Hall @Matt Groth @Chris Szepessy @Danny Webber

UPDATE: Sorry for the delay. The rain in San Antonio has been making it difficult to dig and delayed this project. There definitely is no septic on this property and the city has no records of the original sewer line. All of the other properties have sewer going to the front. This one had an old cast iron pipe that went to the back and ended abruptly. Even if it was the correct sewer line, it had the entire backyard and the lot behind it to go through before reaching city sewer. In the end, we had the city locate the existing tap-in (which was never used) and the contractor was able to get the total price of trenching, permits, and installation for $6,640.

39' trenching: $4,000

Plumber Install: $1,670

Sand & delivery: $735

Permit & inspection: $235

True, I did not inspect the sewer. I had an inspection of the property but nothing indicated a non-functional sewer. You couldn't even smell it. Did not think to order a sewer inspection. My contractor and other RE investors have never heard of a missing sewer so I guess luck of the draw? Expensive learning lesson but now I know. 

I don't blame the wholesaler @Randall E Collins. I'm not sure he even knew. And there's no point to going after the original homeowner because it's near impossible to prove they knew about it. 

Fortunately, I had buffer in this project and the market is still going up. I'm not sure it's enough but we'll see. 

@James Carlson

Just seeing this now…am looking into properties in the CO area as we’d like to move to the CO area. Are you hosting any events in the near future? Would love to connect and discuss our next investment.

@Bradley Nuse

Hey Bradley, I’m currently looking into this myself. Curious what ended up happening. Was the process simple and did you pass? How has the Estes Park market treated you?

@J Scott @JD Martin @Russell Brazil @Rick Pozos 

Not sure why I didn't get notified of your responses. But to answer your question. No septic. All of the waste was piling up underneath the pier and beam. It was pretty disgusting. My contractor ran a camera down the "existing" sewer but it strangely went BEHIND the house and stopped abruptly ~1 foot behind the house. We couldn't figure out where it went. And considering all of the other homes in the neighborhood have sewers that go to the front, we assumed it just no longer has a functional sewer. It's really strange...

Fellow investors!

I certainly lucked out in my first flip down in San Antonio. Purchased it through a wholesaler after doing a walkthrough with the contractor. Per wholesaling contract, I have to do all due diligence upfront and did not do a thorough inspection. Turns out this house does not have a sewer connection. My contractor says this is a first for him after 18 years of flipping homes. How often does this sort of issue happen?

Regardless, I am now facing a significantly larger plumbing bill that blows my contingency out of the water. At this point, I don't know what to do other than accept the loss, hope the market continues to climb and increase the ARV, and move on.

Is there anything else I can do at this point?

Thanks!

I'm interested as well!