All Forum Posts by: Malcomb Stapel

@Andrew Jones  my guy had not pulled one out of the ground before, but had significant experience in framing and finishing, along with a lot of personnel resources through his job and contact list. ALSO, I noticed you said hard money lender and my red warning light went off. They absolutely have a time and place, but are you certain the terms of the deal/ the holding costs aren't going to tank your project? 

I'm asking because I have come in after the fact and purchased properties after the hard money lender had foreclosed on the deal due to non performance. Be aware that if you have any issues with your timeline or late payments many hard money lenders will have an "emergency interest" rate. This is a rate that is above and beyond what is usually already a high rate. 

I'm not trying to steer you one way or the other, it's your deal and you have all of the skin in the game. Just something else to be aware of. 

@Julie Muse I'm in Topeka, how do we get on your buyers list? 

@Andrew Jones the lenders are trying to vet you out. Or, more likely, they have vetted you out, and they want some extra insurance on the deal. Think about it if you were in their shoes and lending out money. Are you eager to lend to someone who has never done ground up construction before? I wouldn't be. 

It's not unheard of. I have a friend who did a ground up with a local bank. The lenders came out to his sight and asked him all kinds of questions about his experience, who's doing this that and the other, etc. 

As far as requirement, have you asked them directly what they are looking for? 

 Ok, so your going to buy it, remove the renters in six months, then it will be your primary? 

 Is the house in another state that you and your family are planning on utilizing for vacations? If not, and if you are not removing the renters and living in it, then it is an investment property. 

 Pretty common for tree roots to grow into a cast line or clay. See if they can run the cutter through there and clean it out. There might be a product you can treat the line with to help slow the process down. 

If the LLC is owned by the holding company, and you purchased these other properties in the name of the LLC, then all of the documentation should have been taken care of between the bank and the title company. You probably signed a doc on closing day that showed you as a manager of XYZ Holding company of Wyoming.

I think what @Daisy Hawkins is trying to get at, is she is trying to make it more difficult for her to be discovered as said owner on the other properties. Essentially, she want's them to have to do three or four clicks versus one or two. We take for granted that a lot of folks don't actually know how to utilize an appraisers office or search through the states biz website. However, if they are determined enough to look up one of your current LLC properties, then search every one of them and look at transfer history's until they find that one link, they are probably going to find you regardless. Just my two cents, you really need to do what you are most comfortable with.

 Yes, i've done several. Hardwoods can be sanded down and sealed with commercial products that will kill the smell. However, the problem is the paint stains will often show up as darker spots in the stain and can look unsightly. Dark stain can mitigate a lot of that, but it's really a judgement call on your part. 

Carpeted areas will probably need removed down through the first layer of subfloor. I would then treat with enzyme (google enzyme for pet urine) usually available at local janitorial supplies. Spray it in the vents also. There is another product that you can get in an aerosol can that also treats odors. It's very similar to a bug bomb. 

Finally, you will want to seal up the walls about 3' or so with Kilz or Shellac ( I prefer pigmented shellac as it seems to work better) Another thing you can do is go through with a black light at night and run it along the walls. You will see areas where the cats have sprayed on the drywall, all of that needs to be sealed off. 

DM if you need to chat more about it or need clarification on the products. 

@Jaiden Alivera that is a lot to unpack for one post. I'll hit two things real quick and hopefully they help. As far as the job goes, if your working and making money, and don't have any financial burdens, just keep plugging away and saving money until you find something else. Your young and haven't built the experience to have big earning power. 

As far as learning the material; book work is a necessary step. When you went to drivers education, there was a manual and there was class time. At the end of the day though, you still couldn't operate a car well by just reading about it. At some point, you have to get behind the wheel and drive in order to learn.