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All Forum Posts by: Ping Chen

Ping Chen has started 5 posts and replied 17 times.

Post: My latest "Flip" in Durham, NC

Ping ChenPosted
  • Cary, NC
  • Posts 21
  • Votes 4

Wow, really nice job! Amazing....

I have two properties that need remodel within the next few weeks for quick flip. Does anyone can recommend a good General Contractor (licensed and insured) in the triangle area of NC. Ideally I'd like to find someone who have worked with investor before and can complete a quality job on time and priced reasonably.

Can someone recommend one for me?

Any information is truly appreciated.

Post: Help with the finished basement with NO permit

Ping ChenPosted
  • Cary, NC
  • Posts 21
  • Votes 4

The county record didn't show how many bed or bath. I don't know if we can still find them for the old house (built in 70's).

I am a newbie, so I just don't have any idea how much work the city inspector will ask us to do. If getting the permit really opens a can of worm, I would rather walk away.

I am curious how other rehabber deal with this issue. I think it should be very common for old house (work finished but no permit). Will you guys go through the permit process or just do some cosmetic work without permit and sell it?

Post: Help with the finished basement with NO permit

Ping ChenPosted
  • Cary, NC
  • Posts 21
  • Votes 4

Yes, I asked city the same question that what "50 permitted" mean. They said they don't have record for that. Only shows "50% permitted" :-(

The previous owner said before they move in, the 2 bedrooms and bathroom have been finished already. They finish the kitchen and living room. But nobody knows what 50% got permitted when the house was first built.

Post: Help with the finished basement with NO permit

Ping ChenPosted
  • Cary, NC
  • Posts 21
  • Votes 4

Hello BPers,

I have a SFH under contract. Everything looks fine (no structure, foundation, mold issues, just need cosmetic rehab). However, I found out that the basement is only 50% permitted per county record but the owner has it completely finished. Since I plan to do some renovations in basement, I have to pull permit. I worried the city inspector will ask me to open walls and inspect everything behind. Does anyone have experience on this or any suggestions?I had tried to ask city building department a courtesy inspection before we pull the permit, but they refused.

The other issue is that my HVAC guy said the AC unit (in basement) is too small (3 ton) for the 3000 sqft house per code and need to be replaced but my house inspector said the size of the A/C has more to do with design and planning. The city inspector most likely will not make it an issue if it works fine.

So will you back out if you have an unpermitted finished basement and you need to get it permitted during rehab? The price of house is about 70% of market value. Any thoughts?

Originally posted by @Jacob A.:

I'll be happy to give you a name in a PM.  He's a GC that I've used and is a great guy as long as you are fair with him.

 Could you please PM me as well? Thank you.

Originally posted by @Lance Lightner:

@Robert Lenfestey 

Hi Robert, I invest in the triangle as well. My business partner and I currently have multiple rehabs going on between Raleigh, Durham and Fayetteville. I will be happy to forward you a few names. Can you provide the ARV and what type of neighborhood the prop you plan to rehab is in?

 Can you forward me the contractor name as well? I have bought a house in cary and looking for GC to do the renovation ASAP. It's so hard to find good one.

Thanks @Mark Bosworth:

 The price seems reasonable then.

Hi BPers,

It's my first flip project and I got a quote from Affinity for the insurance during the rehab period. The ARV is about 180k and house is about 1600 sqft built in 1984. Below is the quote. Is the price reasonable? It seems a little expensive to me though. Is there any agent or insurance company that you can recommend? Many thanks in advance.

#########################

Special Form Coverage

Renovation Location

Replacement Cost - $180,000

$1M per occurrence/ $2M aggregate – Premise Liability

$3,000 All Other Perils Deductible/$6,000 Theft Peril Deductible

$153.00 Monthly Cost

Post: Insurance for flipping

Ping ChenPosted
  • Cary, NC
  • Posts 21
  • Votes 4
Originally posted by @Jason Bott:

@Will F. 

NREI has the best program for your strategy.  I will send you specific contact info in PM.

Traditional policies require you to purchase a combination of polices depending on the stage the project is in.  Vacant to Rehabbing to rented or back to vacant when finished.  Each of these stages is a separate policy and usually requires a 90 day minimum premium payment.  The NREI policy covers each stage of the process without having to start and stop policies.

Good luck!

I will start my first flip in the next few weeks. Could you send me the contact as well? Thanks.