All Forum Posts by: Marcello Di Gerlando

Hi all I've been with the Bigger Pockets community since 2011 late 30s starting out in REI working full time, 250k Heloc and 50k in savings. With alot of help from family, friends, agents, attorneys, title team, skilled laborers and handy folks of all sorts ,and, while avoiding pitfalls, buying right, and staying engaged I feel very lucky to be working on my $2M. BP has been an indispensable part of my journey. Questions and assumptions confirmed or denied, accessed incredible resources such a leases, calculators and people, all of which have contributed to the position I find myself. I have only completed a hand full of deals all have gone well. Including, flips, loans, and LTRs. I'm currently venturing into STRs with my first opening in November and I will be BRRRing for the first time.

The city inst the problem. Its the particular property you chose to purchase. If you have to mitigate for meth you may just go broke.

@Mark Waite @Patrick Franta @Luke Carl @Michael Baum Thanks all! Not sure on the specifics myself. Realistically my budget would be somewhere between $500K and $1.25M. I think I would need partners above $850 but I'm not sure how I feel about that. I have never owned a condo and don't anticipate I would at this time. Single family homes are more my flavor also not opposed to multi family. As far as location...I'm wide open as long as its in the United States in a sunny beach town. Laws and Regs for STRs are a moving target and I don't want to get caught up in legal bind for renting outside the law. So at this point its the Regs that are causing me the most concern. @Mark Waite thanks for the update on the Maui regs. that's just the pitfall I'm trying to avoid.

Hi BP family. Its been a minute since I've been on the forums. First, I want to let everyone know that I have had great success with BP since 2011 hope you all have too. I don't do a ton of deals but the ones I have done are thanks to the BP community. Thanks to BP my net-worth has shot through the roof. Not to brag but I'm working on my 2nd big M$. Thanks @Joshua Dorkin and @Brandon Turner for making this a real thing. I have two single family flips under my belt both purchased at trustee auction, two hard money loans I issued to flippers', two buy and holds one is commercial and now I'm about to open my first STR ski vacation house up after a full rehab....but the reason I really called is...I'm now looking for a STR beach house and need advice from BP on where one would find the best deals on real estate, ROI, occupancy, friendly STR laws/regulations etc. I'm already working with Evolve on my current STR and have used AIR DNA. looking for folks that have personal experience with beach STR's. Maui sounds nice so does San Diego. Any input would be appreciated.

@Greg H.

see posts above.

@Ken D.

I have no doubt he knew there was a problem with the furnaces. He may have been ignorant of the CO but there is no getting away from the overpowering smell. He may claim that he didn't know it was lethal..but the smell? Saying that I strongly believe he new it was dangerous. 

@Greg H.

The inspector turned the units on and stated that everything seemed operational at the time. This inspector was some kind of amateur. There are many shortcomings in his report separate and apart from just the furnaces. 

The report looks as if it was a fill in the blank type document. Total crap.

I believe the inspector turned furnaces on and then off. He probably noticed a smell but was not experienced enough to know what was going on. I get the sense I may have been his only customer ever! I found him on google. I never met the guy. I was not present during the inspection and they guy sounded like he wasn't a day older than 17 on the phone. I really needed the 65 year old crusty former contractor on this one. 

Natural gas line was installed to the neighborhood June 2014. Don't know when the furnaces were converted.

As far as the bids. Couple important points. It's a fair size house 4400sqft. Basement is a mother in law and we currently have two separate HVAC systems. Also, we are located in the highest municipality in the United States. The house is at 10500ft abl. Every type of work done at this altitude comes with a premium. Saying that, the first estimate was a verbal bid based on complete replacements and moving exhaust and intakes. 

Its doubtful the damage can be repaired if so we are looking at about 5K. The realty is going to be somewhere in the middle. I don't expect to come out of this for less than 10K. more bids will follow.

@Mindy Jensen @Tony Wooldridge @Account Closed

To be clear. The seller had an agent. I did not. Unlike the seller I found his agent to be professional and forthcoming. This was not a traditional sale. Initially I was dealing with the seller directly until he became irrational and abusive. I then contacted his agent to continue with the sales process. I don't believe the agent knew of any furnace problems. 

I say this because, during our final walk through inspection on closing day the agent noticed a smell when we addressed how cold the lower two levels were and seller turned on the basement furnace. The seller explained  to me, my wife and his agent that it was the start up procedure and normal.   

None of us thought anything of it. 

As far as the CO monitors. I am in your camp. I believe they were chirping and he removed them. But, how do you explain the presence of the CO monitors when my home inspector was there? Why were they not chirping? I think I know why... if I'm correct I'm dealing with a murderous and evil individual.

@Bill Schrimpf

Thanks for the kind words. This house is a second home for us so we are lucky enough to not have to suffer through this as the bad weather heads our way. We will get it repaired and work within our rights to seek damages. This is going in front of judge. It is no exaggeration saying that we were in mortal danger.

As far as a second inspection, we completed an HVAC specific inspection today. Below are are some photos. What I cant get away from is how the owner could not have known. There was a 15min gap from his departure and our occupation of the property. 

As far as I understand home inspectors in Colorado do not need a license as is the case in many other states. I'm pretty sure the home inspector is relieved of all liability. The inspection report isn't worth the paper its printed on. I paid $400 for it.

@Steve Osowicz

Not a flip. He lived there.