All Forum Posts by: Michael Gessner

@Alan Francis first and most important question, where are you leader drains, ie gutter drains draining to ? Are the dumping right at the foundation ? Where is the sump pump duming to ? Is this dumping where you see flooding ? Is the grade upto your foundation sloped away from it, ie higher towards the foundation and lower as you move away ? Are you getting water in the basment ? A sump pump will run, that doesnt mean theirs an issue especially of you do not have water penetration thru the basment. I'd be more concearned if that pump wasnt running. You do not need a civil engineer, I good landscape or excavation company should be very helpful. I've fixed countless flooding basements and guess what I owned a landscape company, so the above comment where they mostly do plants is completely incorrect.

Good Morning BP, here id like to share my last property i flipped in 2019.

Purchase Price $325,000

Rehab Cost $85,000

Sale Price $590,000

Conventional mortgage for purchase and a VERY VERY expensive private lender for the reno cost

Found this property off market, took almost a year to get this one into contract as the seller was so determined to get way more out of it. Purchased end of sept of 19 and sold march 4 of 20 completed renovations mid to end of December, Full renovation inside and out, added a third full bath downstairs, added central air, removed 2 walls in kitchen for open concept, and made a dedicated laundry room. Im fortunate enough my fathers a plumber and with my experience and guys who work with me we handled every aspect, used no sub contractors except to upgrade service to breaker panel. One of the biggest hurdles in this career is finding reliable private funding at a reasonable cost. Deals for me have not been an issue to find, my goals are to try and keep this going and to move towards new construction while continuing to flip. Anyone whos in the area of NY NJ looking to connect please feel free and reach out !!!!!!!

One of the biggest mistakes a flipper can make is over listing a property. Is the market HOT !!!!! yes it is, doesnt mean you over ask, allow the market to bring it over asking. You should pull the listing and relist in 30 days. Buyers notice price drops and dom, this in the buyers and agents eyes may represent an issue with the property especially when inventory is moving at a rapid rate. If the comps your agent showed you prior to listing the property back up her representation that the neighbor is desirable then I doubt your the only property facing the tracks and that would be your issue. Another factor not sure when you listed but the market does slow a bit when the holidays hit, so always account for that decrease in buyers for the time being. Like I and others have mentioned, remove it for 30 days and relist and see where your activity goes. Also has the agent done a brokers showing? my agent did this on my last 2 flips and received alot of feedback from other brokers. If your agent did do one, id certainly ask what the agents are saying. Best of luck

@Ajay Sandhu have samples taken, do not hire an abatement company to take the samples, hit an independent testing company. If its present in the insulation I would prob say theirs a very good chance it's in other places as well, drywall, pipe insulation, flooring etc. What year was the house built ? If it's in the floor tiles, best bet would be leave it in place and go over with a gokd vapor barrier followed by a vinyl plank floor. If it's in the drywall, you may be able to go over it with 1/4 drywall, once encapsulated it's fine. The insulation I would say that should be removed.

@Seif Elkhouly do you have any experience at all in real estate or construction? Is the investor giving you 400k or 6 million to work with? If your completely novice you just got really lucky finding an investor willing to front that kind of cash to a newbie. In the event you are a newbie then you best bet would be to team up with a builder for your first few properties. Theirs alot that goes into turning raw land into buildable lots. Unless you fine approved building lots then that takes alot of the guess work and headaches out of the process, expect to pay alot more for an already approved lot. Also find and vet agents in your area who are well seasoned and know what they're looking for in terms of good buildable salable land.

@Ofir R. Have you contacted the health dept your self and ask if the permits are infact being filed ? If they are then they will be able to tell you what the delay is, you can also ask to speak with the inspector and see if theirs an issue that needs to be resolved for them to issue the permit.

@Collin Boyer do you work for lending home ?

@Ben Nantell since its clay pipe, yes find someone to hydro jet it, definitely dig up that section of pipe and replace it, since a cutter head would prob do more damage to the pipe. Sorry for all the replies I'm driving

@Ben Nantell sewer pipes shouldn't be going to a catch basin it should be going to the street

@Ben Nantell if the camera went dark and they never found the issue, you should of never paid the bill until they came back with a replacement camera, that is the whole reason why as have cameras with lights on them