All Forum Posts by: Alejandro Riera

Please don’t use ceramic tile or stone countertops. Mobile homes always move and settle a bit, so it would always have cracks.

Same for the walls. Keep the battens between Sheetrock to avion the cracks.Good point, Scott Swanson. 

Evaluate for how much you can sell/rent the home. Take in account same park, nearby parks, market, etc. That will refurbish provide a budget top.

Ask any mobile home refurbish contractor to walk the home with you to define scope of work together and get a detailed estimate for the renovation. Take account of major systems conditions: plumbing, electrical, HVAC (including ducting), gas, foundation (check leveling).

With that estimate, you can now decide which items you can do with your buddies and which should be done by the contractor. That would help you to balance money/time: you would take too much time to do some things the contractor can do better and faster, with the right materials purchased through their right providers. You could do the more simple things to finish the home after the heavy work is done.

Having said that, the renovation could be programmed to last between one to three weeks, depending on the particular conditions of the home.

Usually you go through this process:

1.- Releveling. Before any interior modification.

2.- Repairing drainage.

3.- Detrash the home. Furniture, food left overs, toys, clothing, appliances.

4.- Getting rid of any infestation. Bugs, fleas, etc

5.- Strip existing flooring

6.- Strip blinds, lights (leave naked bulbs to have light to work with), electrical faceplates, door knobs, baseboards, any screws on the walls, wire shelving, toilets (leave one for use), broken mirror, cabinets in bad shape, storm windows, shower heads, faucets, damaged tubs (and surrounds) and shower stalls.

7.- Repair subflooring, ceiling, walls holes, replace wall panels, door jambs, window sills, battens and trims, subflooring, electrical switches and outlet receptacles, etc. Replace any window, glass, exterior door. Repair roof decking and shingles.

8.- Repair/replace plumbing. Repair/replace vent ducting.

9.- Prepare everything for texture, if desired, or for painting. Use tape, paper, plastic to cover.

10.- Texture. Prepare to paint. Paint ceiling and walls.

11.- Paint kitchen and bathroom cabinets. Paint doors. Install doors.

12.- Replace/repair cabinet countertops, cabinet doors and drawers.

13.- Assembly: lights, smoke sensors, cleaned storm windows, door handles, cabinet hinges and knobs, blinds, lavatory and kitchen sinks, install shower heads and faucets. Install new tubs, shower stalls, faucets.

14.- Install flooring (vinyl, carpet) and floor/ceiling vents. Clean house

15.- Repair/replace/stain any wood deck/stair, skirting, exterior light, gutters. Coat metal roof. Power wash/ replace/replace siding, vents, window screens, etc.

16. Install HVAC and appliances.

17. Get rid of all the debris that you were dumping in your trailer or dumpster.

Any way, this is what we do for living. And we are in Indiana and Texas.

Hope this help you decide how to accomplish your goals, Isaiah.

Do not forget that you have yor deal profit when you buy the property!

Thanks again, Nicholas...

I have another question, Nicholas. I am a venezuelan citizen living in Venezuela. This year I formed my multi-member LLC with my wife and 2 US citizen as partners. My wife and I are the members with majority participation (35% each) and I am the one running things operatively. One member lives in Miami and the other in DFW. We conduct business in DFW, so I have to travel there 4 to 6 times a year. To get to DFW I have to travel Caracas-Miami-Caracas, sometimes I can´t make a direct connection, so I have to stay in Miami for the night. Or in another city if I don´t find a connection the very same day.

Can I deduct completely, for taxes purposes, all air tickets, hotels, meals, highway tolls, etc: a- During travel time, b- During my stay in DFW conducting business there (driving for dollars, house showings, material providers, driving to a meeting with insurance agent, or to the title company, etc)? 

I have the benefit of only pay the taxes in the airline tickets, and to stay in my son´s house in DFW or my daughter´s in Miami, and to use their cars, so the amounts are not high.

Thanks again

Thanks, @Nicholas Aiola. I supposed so. 

We are flipping it. So these closing costs are part of my aquisition costs. As our main bussiness is to flip (or rent in the near future) houses, we manage the houses we buy as inventory, as a t-shirt manufacturer manage his inventory.

Thanks again

Hi, @Nicholas Aiola. I recently bought a property from a wholesaler through a double closing. I agreed to pay for their closing costs and mine. Do that closing costs can be added to my "Cost of Goods Sold" account or do they should be in the "Expenses" account, as a Commission?

Hi, guys. I just finish my trials for the services. (Note: DFW area only, as this is where I am primarily operating.)

Propelio: Good tool for running comps. Need some polishing for a friendlier interface, but liked the result pages presentation for comps. Can use them in a copy/paste way to fill my deal analizing precambric worksheet.

Fast CMA from RealEstateIQ: Good for running comps too. Don't understand how they order the results (date, price, $/sf, area, etc) can't sort them in the order I like. Kind of difficult to copy/paste them to my precambric worksheet. Excelent to get alternative leads, as they crunch the data for you.

Investway: Very good system to get the comps for you analysis. Comps are sent to you via email, so you can manipulate them to organize to your needs. Very friendly interface. And you get leads form the MLS that the data they crunch for you tells are undervalued on the listings. Very useful.

So now I keep using Fast CMA and Investway.

Hope this help at least one of you BiggerPockets members!

Be safe

Alejandro Riera

Hi to all.

Tried Propelio for 7 days, currently suscribed to FastCMA from ReaEstateIQ to try for 1 month. Just suscribed for 7-day trial to Investway.

In a week I'll post my impresions as an investor. 

Wow!

Excellent, @Basit Siddiqi.

Thanks for your input. I appreciate your time on this.

Alejandro