All Forum Posts by: Amit G.

@Travis Wylie please share the commercial broker's contact details.. I am pursuing a deal for which might need financing options. Have you personally used him? 

Could you talk a little more about your seller financing deal? It sounds interesting.. So from what you are saying, she didn't want money outright and was ok getting paid 5% interest only for 5 years until balloon payment comes due? do you plan to refinance and get it under your name after that?  what kind of documentation/ contracts are involved in this kind of arrangement?

@Kyle McCorkel Would you mind sharing the portfolio lenders contact details? 

@Nick Hundertmark Congratulations on implementing a hopefully successful yellow letter strategy!  Sorry to hijack your thread!  As Travis suggested, if the deal is really good, equity investors wont be hard to come by.  What % of equity are you looking to raise?

Hey localites, here's a million dollar question for you.. does anyone know of a handyman that they had no (minimal) issues working with and would recommend? I am in urgent need of a handyman to work with my GC and help him speed up the process.. Any recommendation is greatly appreciated!

To add on to @Ali Boone's reply, you can also leverage that 100k to buy a multi-family for up to 500k! and if you shop smart (at least 1% rent to purchase ratio), you'll have 5k in gross rents coming each month.  How does that sound @Bruce Reeves?  One of the benefits of buying multi family - you have one transaction to deal with for financing the 80%, that's a cost saver in itself.

Would you mind telling me his name, so all in this area could steer clear of him!

Will surely add Penalty and Incentives for my future contracts @Andrew Kerr!  And I have also been thinking about construction status based payments, which I didn't put in! This is probably contract 101!

@Andrew Kerr that's a great suggestion! I think I'll do just that when it comes time to do the interior.. Thank you! I don't have penalty or incentive in contract.  I am more of an incentives guy :) and I think I'll discuss this with him too.. I am sure it will be a motivation for him to get things done in time.  I have seen incentives work more often than not in other aspects of my life too! Thanks for your invaluable suggestions!

Thanks @Andrew Kerr! Managing resources is actually handled by my GC and I don't want to pay additional money to sub contractors hired in addition to what I am paying my GC.  I have discussed with him about getting more resources because of the timeline.

Good morning fellow BP members! 

I am currently working on getting my 5-unit rehabbed.  This is my first experience with multi-family and with rehab of this scale.  This property is 2744 sq ft with a mixture of one efficiency (200 sq ft), two of 1 Bedroom (350 sq ft and 55 sq ft), and two of 3 bedroom (880 sq. ft) apartments.  This property was a shell to begin with and I am getting an extensive rehab done on this (close to 100 k).  Some of the major rehab involves Siding, portion of roof, new sidewalk, splitting electric (new panel boxes and meters), heating (new furnaces and re laying of duct work), water (new water heaters), portion of broken sewer pipe replacement, replace electric wiring to 2 units, new kitchen, bath, flooring, windows, doors (interior and exterior) in all units.  I know it is a job for a well experienced rehab person and I knew that going in.  

I have a good GC that I have worked with before on SFR rehab. This time around though I am not able to calculate the time it should take to finish this rehab. Our initial estimate suggested that it would take 6 months with 2-3 people working full time and subcontracting dry wallers and siding guys. But I feel we are seriously behind already!

I am just trying to get a feel of the time it should take for a job like this.  Will appreciate experienced BP'ers to chime in on this and suggest how you have done rough estimates of the timeline and what time a job like this would have taken you to finish.

Thanks @Raphael Cuthbertson!

Thanks @Anjali A. Thank you! Well this 5 unit had been on the market for quite some time and the reason probably was that it needed a lot of work. I have plans to keep this property for a longer term so do not mind doing extensive rehab on it.