All Forum Posts by: Kevin Martin

We are building single family homes here in florida for around $55/sqft. They are stick framed and come with a 5kw photovoltaic solar system as well as a solar hot water heater included in the price. They are close to net zero energy homes and are being built as energy efficient as possible without driving the cost too high.

I think the cost really depends on the type of construction and all the smaller finishes that go into the house (windows, doors, flooring, trim, appliances, fixtures, cabinets,etc.) Obviously you can't build the same house in Florida for the same price in Southern California, so location is also a big factor as well.

There is no "average" cost to repair foundation issues. It depends on the extent of the foundation damage, the soils the foundations are bearing on, and the remediation program selected. Even if it's a just a small surface crack you still have to deal with the termite issue as well.

If you do decide to move forward with this property, hire an engineer for the foundation issue and someone who specializes with termites. These could be potential big ticket repair items and I would get a professionals opinion before moving forward.

Good luck with your decision.

The price all depends on the type of soils, what type of foundation remediation program is chosen, and how bad the foundation is. I would pay an engineer a few hundred bucks to give you a recommendation on how to fix the problem then go to a contractor with your recommendation and get a price. Usually, a good engineer will give you a few recommendations that will work to fix the foundation issue and you can figure out which way is more economical for you. Goodluck!

Bill,

Ask different contractors in your area if they can use helical piles. The cost of the helical might be a little higher but you can install them in minutes, which would save time and money. Basically its a giant screw you install in the ground and attach it to the existing footing. Once it is attached, they can jack up the footing if needed.

This is all based on the type of soils but usually helical's can be used in majority of soils unless the house was build on limestone or a giant rock. If was the case you probably wouldn't be having issues with the foundation unless their was an earthquake or some kind of void in the rock. Hope this helps, Goodluck

Although I am a new investor, I am also a geotechnical engineer and have been searching for a place on bigger pockets to give back and help others with my knowledge. This seems like a good place to do that.

Foundation problems are serious and if not fixed correctly you could be spending a lot of money trying to fix the same problem over and over. You really should get an opinion from a professional engineer before you make any decisions on how to fix the problem with your foundation. They will do a site exploration and put together a report with recommendations on how to fix the problem.

The site exploration could be as simple as a few hand augers or it could be multiple deep SPT borings using a drill rig depending on the size of the structure, the expected soil conditions, and how bad the foundation problem is.

Take the recommendations from the geotechnical engineer and get prices from multiple foundation contractors to fix the problem. Some of the bigger foundation contractors have engineers on staff and can give recommendations and do the work.

Just a little free advice: water is what causes most foundation issues. Obviously, if the foundation was built on muck, very soft soils, or a sinkhole then this would be a major issue but usually it's water that causes the cracking or shifting. Especially if the foundation is bearing on clay or clayey soils. Clays shrink and swell depending on their moisture content/plasticity and you don't want your foundations to do the same. Make sure the water coming off the roof is property drained away from the house and not right by the foundation. Even if the foundation is not on clays, storm water runoff overtime can wash away the soils on the side of your foundations making them weaker and more vulnerable to issues down the road.

Also, if your are going to hire a geotechnical engineer make sure it's one from that specific area where the foundation problem exists. Soil conditions are very different across each state and a local expert would be your best bet. If you have a specific question about a foundation problem feel free to ask me and I will try to help.

Thanks

the $350 for the structural engineer is a good price. He will draw up a small detail or write a letter explaining a new 2x10 or mutiple 2x10's will hold the applied load. He will sign and seal the letter or drawing and the contractor that will do the actual work will include it in their permit package. I'm sure a few architects can do simple calcs for this but I would recommend using a Professional Engineer to make sure it gets done right. I am not exactly sure, but in my state only Professional engineers can sign off on structural components or anything that requires calculations. Most contractors and architects already have engineers they work with on a daily basis.

Congrats on your new duplex!

I know I can ask my realtor these question but sometimes I disagree and most of the time he can't answer the second question cause its against the rules, or at least that's what he says....

1. What is the best way to figure out how much you can get for rent in a certain area or a particular property?

2. What is the best way to figure out information on different neighborhoods or areas? i.e good area, bad area, crime, ect. I know I can always drive around but this takes up much time. Also, the property appraisers website usually only gives limited info.

Thank you in advance for the help!

Thank you Jeff and Jesse for your comments.

Jeff,

That is why I asked the question because my loan officer told me he has been in the business for over 20 years but is completely new to homepath Reno loans. I definitely don't want to play with fire especially when I can afford putting down 10% as an investor. If so, I am concerned if I go in as an investor Fannie Mae might not like that as much as an Owner Occupant and reject my offer or not even consider it. Any thoughts on this subject?

Jesse,

Ill ask him about putting his commission in an escrow account just in case and let you know what he says. ;) . I have never heard of USDA 100% financing, I would imagine the interest rate is high and there is no renovation cost included in the loan but I have no idea. Where is a good place to get more information on that?

Jeff,

Thank you for your reply. I actually just got pre-approved for a homepath renovation loan this morning. Its has to be a minimum loan of 50k (including the reno) and its only 3% down. I plan on living in it which is why the down payment is only 3% but I also have to sign a document with Fannie Mae saying I will live in it for at least a year or else I have to pay 10k in liquidated damages. This is were it gets weird, I asked my lender (approving me for the homepath reno) if I have to stay in it for a least a year and he said no, I just have to move in it and make it my primary residence. Did you have to sign the same document? Did you live in it for more than a year? I would appreciate any feedback on this matter.

Any advice for these types of loans? Good or bad experiences? I plan on using this type of loan for my first real-estate purchase.