All Forum Posts by: Brandt Tingen

I am just starting out with leveraged rehabs to fix & flip, and to fix & hold.  Quickly I have developed a desire to raise private $$ for deals to increase margin.  I have seen so many posts about "Raise private $$ this way and find yourself in the orange jumpsuit."  I would like to avoid that if possible.  So what is the easiest legally compliant way to raise private money capital?  I have heard friends and family.  Okay, but what is a "friend" (legally speaking regarding raising investment capital).  Is it the family doctor, my childhood best friend, or is it be anyone who used to work with me at a W2 job, anyone who worked at the same company as me, and facebook friend, my college friends and class mates, people at the country club I just joined?  I know some people are probably shaking their heads right about now with this newb question, I just want to make sure I am approaching this the right way.  My plan was to put together some type of pro-forma presentation on a deal I am working on to show (a) the process & expected success of the deal and/or (b) the returns a private money investor could hope to make, and fire that off to my network of past colleagues, family, friends, college friends & acquaintances, etc.  Will my plan work, not work, wind me up in the orange jump suit? Thanks :)

@James W. If you don't mind what was the solution you used to fix the water issue or which comment was it that led you to a solution?  Can't feed the trolls though they won't understand the wit and intent of your title.  

There must be some middle ground between selling and razing.  You didn't post pics but it doesn't sound like the mold or water issue is too severe.  If that's the case a good contractor can replace moldy materials, treat the rest, and apply mold preventative coverings/sealants to the treated area.  They can also put in a drain & pump, and waterproof the rest of the affected area (it sounds like a basement?) slab & masonry walls.  Don't know if there's a crawlspace but you could look into a conditioned crawl space or vapor barrier as well - we have a lot of crawls here and a good vapor barrier has helped to dry out a lot of the subfloor and reduce humidity throughout the whole house.  I've received quotes from the dedicated waterproofing companies and they were astronomical in my opinion for what it is.  CrawlSpace Depot has a 5-part vapor barrier installation series on YouTube that is very helpful, after watching it any skilled-laborer can achieve the install.  To achieve a fully conditioned crawlspace is just a tad more complex but is easily doable by anyone who studies- it's basically deleting any ventilation ingress/egress from the crawlspace, adding insulation to the walls, deleting insulation from the joists, installing a vapor barrier on the ground & walls, and installing a tiny air exchanger that will force air periodically from the conditioned main house into the crawl.   

Hopefully some of this will help somebody.  Unless the foundation or walls are actually failing (didn't sound like they were) there will be a good fix that won't result in having to tear it down or sell it.  

I am curious to know how you fixed it. 

@Mark F. It helps, thanks!

@Mark F. Thanks Mark. You know what the typical credit score requirements are for 95 LTV refi? Also if I refi out of an FHA into a 95 conventional, will I be able to use FHA again to purchase a owner occupied 2-4 unit?

@Account Closed Thanks Tod for the response. What about 95 LTV, any refinance options there?

Hi, I heard from multiple sources recently that Fannie/Freddie are insuring 3% down conventional no or low PMI loans. Does anyone know if you can refi with this program as well, and if so what the limitations & rules/regs are? Thanks.

@Account Closed Thanks for the thoughtful reply.  Yes building pitched roofs before the snow starts to fall has about a negative 100% chance of happening.  I can lean an extendable ladder on the face as it's a masonry building, put a few sandbags at the base of the ladder, and use an extendable snow rake to get a few inches off... perhaps.  I talked to my inspector and he said if it's been there for 75+ years it's probably seen worse, but they are predicting this could be a 100 year snowstorm.  I do not think however there is a real danger of collapse this is from a time when things were overbuilt I think they are 2x12 roof joists back when dimensional lumber was actually the quoted size and everything was hand nailed.  There is a skylight so I may get leaks around that and if the snow climbs above the parapets then maybe the flashing there will fail.  I guess it's a wait and see thing.  Good thing is that the duplex I am worried about most both tenants keep their thermostats at 90 degrees in the winter (thank god electricity and gas are separately metered) so my hope is that the high heat in the interior of the home travels the thermal bridge of the roof joists and aids in the melting of the snow on the roof... may be wishful thinking.  There is a 1:12 or 2:12 pitch on this roof so it's not like it is literally flat. 

On the NE here and have multiple properties with flat roofs.  Could be up to 2ft of wet snow.  Any suggestions to prevent roof failure or leaks?

Question for the cost conscious (so everyone lol). What's the best way to buy appliances? Is it worth it to bargain hunt for used, or better to go retail and get a warranty? I am looking for a stack W/D for a Sec8 apartment.  Definitely does not have to be high end, but I don't want some clunker that'll be breaking down all the time.  What are some of the best strategies for buying, and then maintaining appliances like W/D, Fridge, Range, etc., etc. ?

Marco, Thanks for posting.  I am looking for something with a bit more cashflow, and mulitple units.  Let me know if you come across something like that.

Also, that is the best simple breakdown I think I've seen.  I always want to see tax & equity information mixed in, it helps to see where the upside on a deal could be.  Was this your personal spreadsheet, or is there a resource you can direct me to for this spreadsheet?  I'd love to geek out with it this weekend, Lol!