All Forum Posts by: Kenneth Hynes

Hello All -   Intermediate level investor (have 5 buy and holds) looking to do my first home hack / Multi family on a two unit .    

I am in the due diligence / home inspection phase after putting in an offer for a two unit property that was being offered as an estate sale (owner passed and the heirs didn't want the building) The listing agent made a point about saying the house was "As IS" (this wasn't in the Witeen MLS listing) . After viewing the property and looking at other inventory in the area , decided to put an offer in at ~$12 K below asking ( $200,000) . Offer was accepted the next day and we went under contract

After my offer was accepted , arranged for a home inspection . Most of what the inspector found I had already anticipated through my walk throughs, but one issue popped up was the third floor bathroom , specifically it leaked during flushing , both on the floor and small water cascade on the floor below The toilet did have a note on it saying not to flush , there was a drain problem , so the previous owners did know about it. Question is how best to proceed . According to the listing agent , they don’t want to fix it, but are open to offering a credit on closing .

How do I get an accurate estimate / correct credit amount without a plumber physically inspecting the unit , (property is vacant and arranging it to be opened is a big coordinations hassle ; and how much to ask for credit ?

@Dave Van Horn  have signed up and looking forward to event and networking with in my new area

@Seth S.  looks like you got a pretty good hold on it .  Look forward to seeing your progress

@Seth S.

Looking forward to seeing you document your success.  Your outline looks good, plus there are a bunch of investor deal diaries here on BP outlining sillier projects

One question -  can you clarify , you are in CA looking for an out of state deal, but looking to do the work yourself ?  How are you going to handle the logistics of that ?

Ken

@Lesley Resnick

Following - Looks like a great candidate for the BRRRR - Did you have to get any special permitting or certs from the city because it is such n old house ? Are you going to have to re-do all the electric inside

Great Work @Alex Babayev  Did you handle GC duties yourself for the project ? 

I am in the process of moving to Allentown and  will attend meetings in the future .  Is the plan 3rd Thursday at the same location ? @Justin Brown

New to the area and plan on attending 

@Billy Helvey   Great work .  You are making great progress.  Why the jump from buildings to an RV park.  

@Omid A.  

Great job on the renovation and the complete BRRR deal. Curious , after you rented it out , do you have any other expenses besides the PITI listed ? understand about the self manage and low CAPEX/ Repairs , but what about utilities ? Are the units separate meters for everything and the tenants cover all,or do you have to bill back some (example water and garbage) since you are still the owner and responsible for paying them ?