All Forum Posts by: Mike M.

@Derek W.

Thanks much for the input. The house does feel level; no ghosting doors, although a couple that wouldn't close real well inside the frame, but nothing that appears to be uncommon for a 50 year old house.

The house is built on a hill. Is there anything outside of a professional opinion that can be done to determine if the soil is stable?

Groundwater drainage has been an issue with the house for awhile as well. Groundwater at the rear of the house is leaking into the house on a regular basis nowadays. Almost everything out here is built on expansive clay soil, so I do wonder if the expansion/contraction of the clay (especially with the groundwater situation as it is) is more responsible for the crack than any hill slippage.

I had a more thorough walkthrough of a house I have under contract today. Because of groundwater ingression via the backyard (another issue altogether), tenants have had to pull up the laminate flooring, exposing the original vinyl. Along with the original vinyl exposed was a crack in the slab. I was hoping to get some opinions on what others have seen/done with similar issues. I believe the deal is on thin ice as it is, and although I sitll have 15 days of option period left, I'd like to hear others' experience before bringing in a third party and/or going back to the seller with a potentially revised offer.

For what it's worth, the house feels level, and if the laminate hadn't been removed, would not have suspected a slab crack.

Thanks,

Mike

Jay Smith Don't assume because the house is rented it doesn't need much repair. You would be surprised how some folks will live and what the landlord will permit their investment to look like. I'd venture a guess your motivated seller's property requires a lot more work than you'd anticipate.

Scott Demots Expect the tenants to fight your "eviction" unless your lease paperwork is crystal clear. You may also consider having some paperwork (ex., police report) filed by "Bill" to back up your move-out request.

Christopher Reynolds if you want them gone, I would proceed with eviction based on non-payment of rent. I don't know MA law, but you may have to post notice to cure the condition before filing paperwork. If you terminate their lease effective July 1st and they stay, you'll have to start eviction then, and you'll lose at least a month. Cash for keys, coupled with late rent forgiveness, may work well. I just used a hybrid of this to help a seller get the property vacant before closing. Proceed toward eviction, but give them the option to leave by July 1 or earlier for some financial incentive. Ensure you have proper cash for keys paperwork so they sign and understand they are forfeiting all rights to property. Congrats on purchase!

Do a walkthrough and make a list of corrections per the move-in condition form. When the tenant is ready to move out, verify the items were corrected back to the original state, normal wear and tear excepted. Do not say the move-out inspection is complete until the tenant moves out. No harm in developing the list 30 days in advance. Do not make any promises that the advance list will reflect all defects as you may find issues when the place is vacated.

Do a walkthrough and make a list of corrections per the move-in condition form. When the tenant is ready to move out, verify the items were corrected back to the original state, normal wear and tear excepted. Do not say the move-out inspection is complete until the tenant moves out. No harm in developing the list 30 days in advance. Do not make any promises that the advance list will reflect all defects as you may find issues when the place is vacated.

If I had no job and wholesaling wasn't getting it, drop the wholesaling and find a job. Marketing momentum won't put food in your mouth. Real estate will be there when you get back on your feet. Best of luck - Mike

I agree with Paul - practice is key. Pass on bringing your GC until you've had a chance to view property and its potential. Remember that few properties are deals. Any wholesaler will tell you it's a volume business.

Derek LeBlanc set up time to see it. Hard to offer anything meaningful if you haven't seen it. Age of construction (did you mean 1906?) could present big red flags with respect to integrity and safety (electrical - dependent on timeframe done, asbestos, plumbing, etc.). Not all properties are deals - some have too high a risk level for all but the most experienced and well-capitalized investors.