All Forum Posts by: Michael Ablan

@Trevor Bond - Edit **  I misunderstood the question.  Deleting my post

@Intan L. - Facebook marketplace is our honey hole.  Hands down, no second place.  But, you have to have location, condition of the unit and price dialed in as well (pictures too, but that should be a given these days).

@Mike Mefferd -  Haha, good luck (sorry for not offering much help).   It's an amazing software, but they're severely lacking in the customer service department.  

I'd gladly pay more money just to know that I'm getting a knowledgeable rep when we need high level assistance.

All I can say is it'sa learning curve and takes awhile.  Don't expect your BK to pick it up overnight 

@James Somers -  The answer is different based on the individual.

I'd definitely say take the free money (employer contribution), especially if that still leaves you with a significant amount of left over $ to invest with.

From here it's tricky without knowing more about you and your situation.   You should definitely reach out to a financial advisor who has clientele in both real estate and money-market investments

@JD Martin - I think the last election cycle put a spotlight on the fact that the news is used to manipulate us.   There's no better way to get people to do what you want them to do than to scare the hell out of them.  "The crash is coming!! Listen to me and you'll be saved!"

I'm personally proceeding with caution, but that still means converting cash into long term, low interest debt secured by multi-family real estate.  People will always need a roof over their head and protection from the elements.

Please don't take it personally.   I'm not trying to bash anyone working in the trade or cause any unnecessary fear.

I'm giving my opinion based on a lot of personal experience.  If you're investing from long distance, then you need to do everything you can to work with people who've been around long enough to build a strong reputation for doing solid work.

I'll leave it at that.  Good luck

All I'm going to say is this.  My vendors will give me a receipt that shows my order at market price.  They will then give us a receipt that shows the price we actually paid.

If you actually got the quality of materials you paid for, then honestly, who cares.  Our goal as investors is to get the jobs done the right way and with durable materials so we can continue with our plan and know we have true, long-term cap improvements.

BUT!  Most contractors warranty are as good as Superbowl tickets the day after the Superbowl....unless they're a long term established business.   But even then, a lot of contractors are operating overscheduled and don't have time to come back and correct their employees mistakes.

@Account Closed - Let them buy the material, but force them to provide receipts w/ their invoice.

Most contractors who buy in high volume will get "contractor pricing".   They normally charge a customer the walk in price, and pocket the savings they get from their relationship w/ the supply store.

I think we are the #1 customer at our markets Home Depot.   We get some pretty ridiculous deals that would never be given to anyone else.   But we've spent an absurd amount of money and dealt w/ a lot of Home Depots bullsh%t in order to build this relationship.  

Unfortunately I will never give anyone the pricing we get when doing work for people (except family and close friends).   We never charge more than a customer would pay if they bought it themselves though.  A lot of contractors try to pull this one.  

Say you can walk in and buy a pallet of shingles for $3k.  The contractor might charge you $3500 or $4k (even though they probably paid $2600).  They take advantage of peoples ignorance (or at least try to).

Always get a receipt for the materials they purchased.  You can see exactly what was used on your job, and you can see if they're screwing you by overcharging.  Better yet, ask them if they'll let you share a little on their discount.  Let them pocket some on their discount, but also give you 10-20% as well.

@David C. - It takes a large team to pull off anything of significance in this industry.   

Some people build it (and should own it).  Others join it (and get to be part of it).  

@Shane H. - If it's a partnership then that requires a lot more information if anyone's going to give any advice on what to do here.

If they're only providing labor and GC (management), then half equity in the flip could be fair compensation.

I need more info to give any kind of proper advice