All Forum Posts by: Joseph Ziolkowski

Hi Stefan, welcome! I'm in the Chicagoland area as well. Try Chicago Reia. Best group I've found so far for giving guidance to new and experienced investors locally. Hope it helps. Joe Ziolkowski On Target Home Inspection 708-274-7279 www.OnTargetHomeInspection.com

My pleasure Rajeev. I hope it helps with your inspector. Where are you buying?

Also good to confirm if it's an historical property, as that will change your renovation options/cost and may turn a deal into a dog. Especially your 1st time out.

Hi Rajeev, As a home inspector, I would be looking at the following in a place that old: Structure: what is the foundation made of? (Stone, brick, etc), is there cracking? Signs of leakage? Are the foundation walls bowing in? (Horizontal cracks are a big deal, vertical cracks not as much), condition of main beams (if it has wooden structural components, is there wood-destroying insect damage?), definitely get a termite inspection. They're cheap. Plumbing: Is the pipe galvanized (silver) or is it copper? If galvanized, expect problems with pressure in the future, and expect to replace it, are there any improper connections (i.e. Galvanized to copper w/o a di-electric fitting)? Leaks? Electric: Does the panel have fuses or breakers? If fuses it will likely need updating, panel have double taps (2 wires to same breaker)? Aluminum single-strand wire (fire hazard), is the wiring in the house modern (conduit/Romex sheathing vs Knob and Tube), are outlets grounded? Are there functioning Gfci's where needed? HVAC: how old are the heating/cooling units? Do they function well? Does the furnace/boiler vent properly (to avoid carbon monoxide issues)? Is the fireplace/chimney in good repair and clean? Interior: are windows old or newer? Painted with lead paint? If double pane are all seals intact? Do doors open and close as they should? Are there door stoppers? Are walls and ceiling drywall or plaster? In either case, look for water stains/signs of mold. Are floors reasonably level? Is there significant settlement cracking anywhere? Roof: how many layers? More than 2 is bad, 1 is much better, is it properly sealed? If flat, does it have proper drainage/terminating strips? Do the downspouts discharge near the foundation (aim for 3-4 feet away)? Exterior: is the soil/ walkways graded away from the house? Damage to the siding? Soffit/fascia properly clad? This isn't a complete list, but it should keep you out of trouble :) let me know if you have any questions. Joe Ziolkowski On Target Home Inspection 708-274-7279 www.OnTargetHomeInspection.com

Thanks Bill, now if I offered seller financing, wouldn't that run me afoul of the safe act? My understanding (limited though it is on this) is that you can only offer seller financing on your personal residence w/o being a mortgage broker or some nonsense and only then if you jump through a flaming hoop whilst reciting something in latin and clicking your heels? Ridiculous...

Thanks Edward, that's a great persective on my initial question. That's what I love about this site. I started with one little idea and now with everyone's help it's grown into a monster :) Looks like I've got some work to do in the coming year, but I know it will pay dividends. I read your profile Edward, it sounds like you're set for success. Best of luck in your new business!

Thanks Ryan, I was hoping you would weigh in on this. So you're saying not only to have the financing hook up, but to be entirely full service.. I like that. I have a ways to go to get my network to that level, but I see the advantages of doing so. Do these services help your more experienced buyers too, or do you find that it mostly benefits the newer folks?

Excellent points Mike. Most of the successful wholesalers I know are either one person, or a small group of people. It seems that each property needs a personal touch as far as researching comps/rehab, etc. I've noticed that they also focus on an area or two and know that area back and forward. We have a big "wholesaling" company by me that not a lot of people take seriously because they're just a deal factory. Many properties in and out, and most of the people there just work on commission and couldn't care less if the end buyer gets a deal. I'm not in this for a long time yet, but them's my 2 cents :)

That's a good point Chris. That's the thing, I'm not sure yet. I haven't taken any action on this, I'm just doing a little market research to see if it would be worth the while. Thanks!

Great post Will. This exactly the kind of feedback we need. There are a lot of pretenders out there, and it's easy for new people to be led astray by that. Even those of us that start out with good intentions.