<p>Coralbrook, since you have the expertise and the contacts, tell him you’ll do the kitchen and stairway for him for a fixed price. Seems to me that would be a nice no-risk quickie for you.</p>
<p>Just be sure not to give him any free advice.</p>
<p>Based on my observation, working for that home owner is not worth it, too much of a cheapskate. You need to work with him on the numbers.</p>
<p>Received a hart breaking call. Our new sewer lateral is based on a sewer pump system. There is not enough natural fall from the house to the sewer main, the codes require a 1/4" fall per foot and we will never make it. </p>
<p>We have to install the sewer pump OUT Side of the house in the front yard because three different existing house drains all meet there. Well, as expected, some one took the advantage of the setup and stole the sewer pump. It is not worth much, $300 new. But if I fix it now how can I prevent it not be stolen again? :(</p>
<p>Wow, artlovers, can it go into a shed with a lock or will it still be too tempting?</p>
<p>Yes math mom,
I can have it fenced in. But you know fence is only for honest ppl not for criminals.</p>
<p>OMG, that is ridiculous!! What in the world is some thief going to do with a sewer pump? I can understand stealing Air Conditioning compressors from the outside of the house, but sewer pump??</p>
<p>I skated by without having to raise all plumbing in the house for better flow to City line. I had no idea you can install pump to improve flow, but it makes sense.</p>
<p>Who discovered the theft?? Plumber, worker or neighbor?</p>
<p>PS… that Seller has definitely been working me for my ideas on transforming the house. When we left after inspection my contractor said “You gave him too many good ideas on what you were going to do with the place.”</p>
<p>
</p>
<p>Told ya’ so.</p>
<p>a used sewer pump could be sold for steel scrap for about $20, good enough for some cracks. It only takes 2 min to saw off the 2" PVC and open 8 bolts to pull the pump, guess it is worth the trouble.</p>
<p>I hired a lot of local people to repair the house and they do keep an eye on the house for me.</p>
<p>Put a new sign on the sewer pump “Warning, do not disconnect, property of City of X. Raw sewage” I cannot imagine how such idiots want to steal something that’s full of poop.</p>
<p>Not a chance. High tension wire won’t even stop those determined. Recently, the law has been changed so that steal copper wire from public utilities has been escalated from a misdemeanor to a felony and carry a jail sentence of 3 years. Because they found that the lights on the highway 80 for several miles were not working because thieves stole the connecting cables between the light poles.</p>
<p>I also found that on Amazon or Ebay, used sewer pumps are for sale for about half price. These are kind of beat up and mine is brand new.</p>
<p>Tenting the house today for termites. Cleaned everything out yesterday and realized that there was no mailbox for the new owner. I didn’t have one because I didn’t want to get any mail at the property. Had to make emergency run to Home Depot and get a cheap mailbox and nail it onto the front fence. </p>
<p>Small snafu with buyer’s loan. The bank sent the buyer’s Verification of Employment form to the wrong department in the massive government (buyer is a government employee, I have no idea how she is transferring down to San Diego). So, one day delay in getting the loan documents produced and out to Buyer for signature. We probably will not close by Friday, as the Buyer had hoped. I think she was really hoping to move over the weekend into her new home.</p>
<p>I have been very very lucky that this buyer is living out of town. Usually a buyer comes to the house many times and then the rose-colored glasses come off and they start noticing all kinds of little things they don’t like or that they want fixed. Not a word from this buyer, she just sends her agent over to check that the 4 little things on the Request for Repairs got fixed.</p>
<p>Here is some thing came on my desk that you can make some serious money(or lost some) if you have $3Million cash on hand!!!</p>
<p>120 single family houses all rented in Raleigh NC(with diverse locations), the home of silicon valley of the east. Total price:$12 million, cash requirement $3 million, net income after debt service is about 415K(13.5% return on 3M) and depreciation has not factored in. Assuming the average home prices in Raleigh increased in value is 10% as indicated in 2013, there is a huge potential profit for a patient investor.</p>
<p>You need money to make money.</p>
<p>OK, I’m in!! Who wants to join me? :rolleyes:</p>
<p>That is 100,000 per home in an area where the median is over 200,000. </p>
<p>I wonder what those homes and the area looks like?</p>
<p>What is the cash on cash return? 7 percent?</p>
<p>I have some photos of the homes, very nice. As I said, it has a diverse locations, meaning all over the city. I am sure some are good, some are not so good. I guess you have to be there to see each and every, that will take a week or so.</p>
<p>Assuming there is an increase in home value of 5% only that is 600K over 3 million initial investment, a huge profit in addition to that 13~14% net income after debt service.</p>
<p>OTOH, if there is 5% decrease in value, you will be losing your shirt.</p>
<p>BTW, the net income has factored in all repairs, maintenance, professional management, reserves, insurance, property taxes, utilities and other expenses, so it is supposed to be a true net income. Buyer, of course, must perform a comprehensive due diligence before buy this portfolio.</p>
<p>Cash on cash is 13.5% per disclosure</p>
<p>What is the return if you dont use debt?</p>
<p>You invest 12 million…</p>
<p>Your return is 7%?</p>
<p>What is the interest rate if the borrower borrows 9 million?</p>
<p>If you qualify, interest rate 5.5%</p>
<p>Cap rate prior to debt service 7.5%</p>