All Forum Posts by: Michael Hicks

How many beds/baths?  I would say you will end up having to not only add floor joists to the attic to withstand the additional load and would have to be fire rated as well, if not sprinklers as well.  Depends on your local building codes.  The big question to me is the extra return worth the expense?  

@Carrie Giordano, he was recommended to me by the poured wall company.  I had used them several times before and trusted their recommendation. 

I recently purchased a home on the courthouse steps and it had horizontal cracks the full width of the basement with a 2-3" bow in the wall.  To repair the wall, we drilled holes 12" on center on the floor and 12" on center going up the side walls.  We ran rebar from front to back, top to bottom, and tied it all together.  We then formed a wall and poured a 12" thick wall against the original block.  This was done based on the recommendation of a structural engineer.  The report and recommendation from the structural engineer ran $200 which I thought was very reasonable.  The poured wall company charged $5000 and concrete ran $900.  That was the side wall which had 8' of fill on a 9' wall.  the back wall had horizontal cracking but was not bowing.  Again, at the recommendation of the structural engineer, we knocked holes in the top block at every other cell.  We then used a concrete pump to fill the cells full of concrete for the full length of the wall.  All was included in the price I noted earlier.  Hope this gives you an idea.  Maybe hire a structural engineer before you make an offer and use the report as leverage in negotiating.  $200 may be money well spent.  Good luck, Mike

I am not sure if there is a way to find out exactly what someone owes on a property without them telling you.  I have a way that I use to estimate a number but it is not exact.  The security deed should have the original mortgage amount on it.  take that amount and put it in an amortization calculator and play with the interest rates.  Run it at 3% and 6% if it is a relatively new loan and 6% to 10% if it is from the 90's.  this is not foolproof but it gives me an idea.  If anyone else knows an easier way, please mention me in the reply as I too am curious. 

Usually people living in situations like this are hurting for money.  In the past, I have offered $500-$1000 if they are willing to be out in 15 days without any additional damage to the property.   I have it in writing,  witnessed and do a walk through of the home with them and make sure they are clear on the terms.  If they comply, I pay.  If not, proceed with eviction as normal.   Good luck,  Mike

I agree with @Joshua Nudell

 It's possible but I have found that realtors only complicate matters.  I would first talk to the broker.   If you want the realtor to submit your offer you must put it in writing.  If that doesn't work,  go to your banker and see about obtaining finance.   If you plan on staying in the business, don't go around the realtor to the owner.   That's a good way to get a bad name with the realtors.   You may need their help one day.   

Kilz walls and ceilings.  Also, fire restoration companies have a machine that will pull the odor out.  They close up the unit and run the machine for 48 hours and it takes care of the odor.  I used ServPro but I'm sure there are others that have similar machines.  Very affordable as well.  

If the terms are similar, I would go with the private lender as it would not hit my credit.  That would leave your bank option open for future use if private funds were not available.  Good luck, Mike

I'm with @Linda Weygant and @Brandon Turner. If it is a true HELOC, you should be able to pay off and re borrow as you wish within the terms of your loan.