All Forum Posts by: Avi Cohen

Between PEX replacement and much rewiring, that ended up costing about 5K. Yes you are correct.

Hey all,

I have 8 efficiency units in a building which we seem to be having a lot of trouble renting out.

Any suggestions from those who are more experienced? Or less too? :)

All suggestions are appreciated.

Thanks!

Sorry for the lack of updates. Here goes: We bought on January 28th for 36K. We estimated 30K in repairs. We went over budget, of course, but with all the unforseen expenses and work we only ended up going 5K over.

We were expecting to sell for 90-95 because those were the comps. Which gave us a nice spread. However, we didn't factor in closing costs, delays and commissions.

If we had sold for 95, after everything was said and done we probably wouldn't have even broken even.

However, once we were finished with the job, we realized it was such a beauty that we listed it for 130. Lowered to 115 in a month and went into escrow in June for 110.

After paying the contractor his share (15% of profits), we came away with around 13K in profits.

Although mistakes were made, we also learned valuable lessons.

End Result: SUCCESS!!

Thanks J Scott. Work is progressing nicely. We hit one snag so far, when we turned on the water we discovered water pouring into the garage from the bathroom above. Now we're getting quotes from plumbers on getting much of the plumbing redone.

Anybody have experience with replacing a bulk of the plumbing and taking Before/After pictures to use a selling point? What were the results?

Yeah, after the inspection reports came in from the house inspection as well as the municipal inspection we decided to put all our efforts on the main concerns. We also felt that making the basement "ready" to be finished might add to the appeal upon sale but not actually finishing it as that would cut into the budget. We'll see how it turns out.

UPDATE: We closed on the house last week. Electric and Gas are on and we are starting with the installation of the Furnace and A/C unit as well as applicable ductwork that needs repair.

Question: Does anyone have a General Contractor Agreement that I could use as a template for my contractor? We've started work but I think an agreement in place would serve me well.

As well, are there any suggestions as to what points would be crucial to include in the agreement?

Thanks!

Hello,

This is my formal intro.

I am 21 years old and 10 months into real estate investing. I own two properties which are cashflowing and am looking to invest in all arenas of real estate. Of particular interest are multifamily properties with a Cap rate of at least 11%.

I am looking to learn and connect with other investors in the area and learn what I can.

I am about to start my first rehab/flip.

I am buying the house for 36K, my contractor gave me an estimate of 25-30, probably closer to 30 and houses in the area have sold in the last six months for between 90 and 110. They are all pretty uniform and our house has an additional bedroom.

Another question, is there added value in a finished basement that would make finishing the basement worthwhile?

I have recently started investing in the area and would like to meet up and talk business.

Hello all,

I have been doing real estate for the last 10 months and have two rental properties.

I am about to close on my first foreclosure and plan on rehabbing and flipping.

Are there any basics that I should know about flipping as well as basic first-timer mistakes that I can avoid? I can give information upon request so you can understand my request better if necessary.

I am working with a contractor I have already used on previous jobs and trust. He is getting his pay as 15% of the profit on sale so he gets paid when we do, so he's motivated to do the job well and on-time and within budget. The larger the margin the larger his profit.

Thanks so much in advance!