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All Forum Posts by: Gaby Liu

Gaby Liu has started 16 posts and replied 113 times.

Post: Inspection report concern !!SFH

Gaby LiuPosted
  • Investor
  • Los Angeles
  • Posts 118
  • Votes 102

@Joe Splitrock

Can I send me inspection report you may can give me advice ? I m scared now .

Post: Inspection report concern !!SFH

Gaby LiuPosted
  • Investor
  • Los Angeles
  • Posts 118
  • Votes 102

@Joe Splitrock

That’s so scary , I guess that’s part of the risk need to take when buying old homes .

In my country China , homes built 10 years ago we call old homes , and I only buy homes built within 5 years there :((

The structure to Buying real estate in U.S has wore me off, the condition of each house /the rules/the process /the law ,etc. feeling Exhausted .

I m hoping this house will bring good luck . Or if this is disaster then it is my last one .

Post: Looking for contractor /PM in Indianapolis area

Gaby LiuPosted
  • Investor
  • Los Angeles
  • Posts 118
  • Votes 102

Looking for contractor/PM in Indianapolis area. Have a property under contract and need a cosmetic rehab to make good rental condition. If you have one you would recommend or if you want to throw your own name in the hat, please message me.

Post: Inspection report concern !!SFH

Gaby LiuPosted
  • Investor
  • Los Angeles
  • Posts 118
  • Votes 102

@Colleen F.

I paid additional for septic well inspect and Radon test as well.

Post: Inspection report concern !!SFH

Gaby LiuPosted
  • Investor
  • Los Angeles
  • Posts 118
  • Votes 102

@Russell Brazil

Thank you for your detail analyze, I m thinking of it would cost 4-5k to fix it.

Post: $5800 closing cost for SFH $85k

Gaby LiuPosted
  • Investor
  • Los Angeles
  • Posts 118
  • Votes 102

thank you for all the help !!!

Post: Inspection report concern !!SFH

Gaby LiuPosted
  • Investor
  • Los Angeles
  • Posts 118
  • Votes 102

Hi

Every one!

First of all, thanks for all the help I got from BP community ,I feel like every step of the way there are people helping me,I m really appreciated!

From June 2019 I started searching on BP and now I am on contract with my first rental property(SFH,1960s built) and just got the inspection report back this morning . This will be my first investment property and I am not sure how to handle all of the suggestions from the inspector.

How do you typically handle that with your properties. Do you ask the seller to fix every little thing or reduce the price of the house to cover having stuff fixed on your own? how much would that cost base on the report inspector provided in your opinion ?

Major repairs/hazards in the report as follow:

PLUMBING - The septic tank and well do not have the proper distance between them, the drain field for the septic system may also be located to closely to the well. We were informed by the owner that the 2 stones at the South East end of the house are the septic tank and that the line then runs behind the house to the drain field on the other end, we were also told that the well was below the brick at the front of the house. While we found no signs of failure in the septic system today, we were not able to run the usual amount of water through the system due to the low pressure and flow from fixtures today. We recommend the septic system be fully evaluated by a qualified septic contractor once proper water flow/pressure can be used to test the system, and also we recommend the systems be evaluated for the proper distance between them. - (See Photo 10) - The pressure gauge at the expansion tank for the well is rusted and loose and not readable. Water flow and pressure was very low at all fixtures during today's inspection. It seems that the tank does not pressurize the water enough to functionally recover what is being used at the time. We recommend the well and supply lines be fully evaluated by a qualified well and/or plumbing contractor. - (See Photo 4) - (See Photo 5) - The water heater TPR valve is missing the extension pipe to the floor for safety. - (See Photo 7) - The well equipment did start to drip slowly during today's inspection, it appeared to be dripping from the gray box over the pressure gauge with the wiring going to it. - (See Photo 13)

ELECTRICAL - There are 2 electrical panel boxes, one in the bathroom and one in the hallway. We are unsure if these are 2 pain panel boxes or if one is a sub panel of the other, as we could only remove the cover and evaluate one of the panel boxes. The panel box in the bathroom is improperly located in a wet location (a bathroom) and the cover could not be removed due to the cabinet installed around it. We recommend that both panel boxes be fully evaluated by a qualified electrical contractor or engineer to properly determine the proper amperage of the property and the nature of these boxes (whether main or sub panels). - (See Photo 2) - (See Photo 3)
KITCHEN / LAUNDRY - Water flow and pressure was very low at the sink faucet. - (See Photo 1) - At the back corner of the cabinet below the kitchen countertop there is moisture damaged wood and drywall, there is some biological growth present on the drywall and wood here. - (See Photo 5)

BATHROOMS - Bathroom fixtures all had very low water flow and pressure, so low the shower heads would not fully engage. - (See Photo 1) - (See Photo 2) - (See Photo 4)

INTERIOR ROOMS - There are wires run along the top of the middle wall of the house and at the wall between the kitchen and living room that are missing conduit or protective covering to prevent damage. - (See Photo 1) - (See Photo 2) - Most of the outlets in the interior (bedrooms, living room, bathrooms) tested as being ungrounded. One outlet in the middle bedroom was damaged. We recommend that all the outlets be fully evaluated by a qualified electrical contractor or engineer. - (See Photo 3) - (See Photo 6) - (See Photo 12) - At least 5 panes in windows in the living room and bedrooms have fogging inside the glass from failed thermal seals. The repair for this many failed seals can be expensive. We suggest having a qualified window contractor evaluate all the windows. - (See Photo 8) - (See Photo 9)
ATTIC - There is biological growth present on the back of roof decking in the attic, both older and newer roof decking have growth present, as do wood rafters and framing in the attic. We recommend the attic space be fully evaluated by a qualified remediation contractor. - (See Photo 2) - (See Photo 3) - (See Photo 4) - (See Photo 11) - There is an unsecured junction box with an unsecured cover laying on it at the back of the attic and a wire splice outside of a junction box at the front of the attic. We recommend the attic electrical be evaluated by a qualified electrical contractor or engineer. - (See Photo 7) - (See Photo 8) - There is a rafter at the East corner that has 2-3 large cracks and may need repair, we recommend it be evaluated by a qualified framing contractor.

Post: $5800 closing cost for SFH $85k

Gaby LiuPosted
  • Investor
  • Los Angeles
  • Posts 118
  • Votes 102

@Bretton Wimmer

which way you would do if this property was your choice? pay points or no points? thank you

Post: $5800 closing cost for SFH $85k

Gaby LiuPosted
  • Investor
  • Los Angeles
  • Posts 118
  • Votes 102

Hi everyone,

I am closing on my first rental property in Indiana and this is the closing cost details that two lenders sent me. The property is $85000 and I am putting a 25% down payment on it. The total closing cost is $5600/$5800

which seems excessively high in my opinion. Are there any fees here that are out of the norm. Thank you for all of your help in advance.

Post: What address to use for EIN application

Gaby LiuPosted
  • Investor
  • Los Angeles
  • Posts 118
  • Votes 102

@Ronald Rohde

I don’t have agent , I registered on LegalZoom