Not So Bad
I know this post isnt very constructive, but i just had to say .. that i can not believe you can find a deal like this in the north east. 800 cashflow a month is un heard of in my part. (monmouth county NJ) everything im looking at here is ending me up in the red $2 -$300 a month. fixer up duplexs for 300K. I owuld give my left you know what for a deal like that.
Did ou ever think about a partner . i know it cuts you CF but it also mitigates any loss due to carrying mortgage etc..
good luck
And then what happenned?
You have lots of questions and many of them can be better answered by doing a business plan.
To satisfy the IRS that your endeavour is a business all you should need is a business license.
I have found that making a business plan helps me to really structure the business and makes the business more viable. Without a business plan I find myself floundering.
The answers to your other questions will be answered as you study your market and work out how you want to run your business.
Thanks for the reply. I was told that if I decide to take care of the problem myself and go into contract I risk having to pay any overrun. How accurate is this ex.
purchase price $335k
amount to fix oil leak $$25k
I ask sellers to give me a check for $25k upon closing.
to cover my cost. but I then take the chance of a overrun. But is there such a thing as the company I hire being responsible for any overrun issues that come up after they dig?
Hi everyone, the closing has been set back my attorney is talking to the sellers attorney trying to work something out does anyone have any suggestions. Any advise will be greatly appreciated.
Thanks
A friend of mine owned a contamination clean-up business and their job was to find more and more work to do to clean up the site. And increase their billing, and your costs.
When I asked him if they EVER dug up fuel tanks without finding environmental problems... he said "NEVER! They all have lines attached and the probability of a spill is close to 100%."
I would go on the assumption your estimates for contamination remediation will prove to be extremely conservative. Your actual costs will be much higher.
My suggestion would be to let the seller clean up the place!
[addsig]
fyi, I have a relationship with a co that does this sort of work. drop me a line at richard_williamson03 at yahoo