All Forum Posts by: Bill Krayer

You'll learn what you need to with time. It's good to have a general contractor to look over your prospects and advise you the potential costs beyond your purchase price for any deficiencies requiring attention. Whatever you buy will have costs to do repairs that should not exceed it's ARV. There are often hidden problems so you'll have to be comfortable with the GCs opinions and optimistic they can keep costs within line.

Don't try to learn without a competent GC or two in your corner. Do learn with every flip so you will become comfortable with your own assessments that can be bantered with your GC. Relying on one contractor with a specific skill set is going to lead you into more uncertainty and hidden costs.

Raising rent from $550 to $1100 in one shot is dubious at best. With big ticket items staring down on you ... I'd forget about it. If it is overpriced, being within 5 minutes should not be compensated with your money up front. I do not know your market but it does not sound like a $400K investment is compensated by $2200, even if you could get that much.

Fees, points and down payment will get you a mortgage that will cost you $1400 per month. Add in taxes, insurance and maintenance you'd need to be charging more that $2200 to have all your money tied up in this rental.

Keep looking and never pay more than you calculate based on proximity to the investment. A wiser buy and you'd be able to contract a property management company to mind the store.

Have you looked at a commercial loan. Perhaps this is a deal you could partner with someone? What are is the complex in and what kind of rents does it promise? Is it already rented out and is there an opportunity to upgrade and get higher rents?

All sorts of questions. The one answer that should reign supreme is don't be so creative that it looks like mortgage fraud. FHA doesn't sound like the right deal. You'd do better with partners and a commercial loan.

I have an immediate need in Erwin, NC, Harnett County for a General Contractor for a rehabilitation project

I am a new real estate investor/wholesaler looking for general contractor in Erwin, North Carolina. Please help me avoid analysis paralysis. Repairs are not my core competency ... project management is.

I would appreciate references from seasoned investors as to the names of contractors you trust. In addition, contractors please feel free to contact me directly and I'll be the guy to trust you.

The home needs bathroom work ... cabinets ... tiling ... fixture installation ... HVAC examined ... electrical checked. But nothing extraordinary. The home is just 1000 square feet and in good shape.

I'm looking for an estimate and someone willing to share their insights with me. I can see what needs to be done on the surface and need professional help to shape my vision. The estimate will turn into work ...

So, I ask my fellow investors here in North Carolina to please introduce me to some of your contractors. Erwin is today's need, but I am in as many counties as will have me. BiggerPockets seems to be the right forum to find contractors with great reputations with our investor community.

Pleases respond here. I think it will help other newbies to see conversations around and with those who work to make our dreams come true.

Please help me find great contractors a new revenue stream, me. As I mature my young company, Project Properties ... we will always remain anxious to share our success with others.

Watch my back and I'll be looking out for yours.

Kind Regards,

I've got a bank always in trouble, problem. As many of you may know one of the big guys has run into a bit of trouble in their business account department. That makes my accounts among the many under their control. The teller advised me last week of some changes to the process that require much more effort on my part. I've had accounts with them for 20 years and the disruption will take some unwinding.

That said, I'm looking for somewhere to transfer my accounts, my business to a bank that loves real estate investors. Plays well with new business and perhaps some incentive to help with the costs of transfer would be welcome incentives. I'd appreciate any recommendations and perhaps a reason or two, just why.

Thanks a million from Durham, North Carolina.

"My perception is everything is insurable. Insurance where lava WILL flow a couple of times in a lifetime is NOT a good place to invest."

My wife and I took a vacation there 3 years ago. I poked around and found many people living to the east without insurance. What insurance that was available, was not affordable. Those in the eastern zone, as Misa noted, are not covered. Much of the area is technically unincorporated and services can be difficult as they are not supported universally. Bring your own ... everything.

Hawaiians are hearty.

Real Estate on the northern coast of the Big Island is where an investor could prosper. I am optimistic that when this settles down there will be good opportunities. To the North and to the West. 

I plan on looking for some land in the fall.

My perception is everything is insurable. Insurance where lava WILL flow a couple of times in a lifetime is a good place to invest. Otherwise, Hawaii will survive and those who invest wisely will do well. 'Invest where you can insure' , would seem a good mantra.

I've got a lot to learn. I do everyday. Wholesaling is not new to the world, it is new to me. I'd love a real life example of a wholesale deal going bad. 

Anybody got a war story!

Hey @Will Stahl ... I believe support is one of the best reasons to up the ante on a membership. I'm going Pro knowing I'll outgrow the tools, but never the networks.

I will certainly be asking. Thanks Tim.

Anyone with wholesaling experience in NC that can share a thought ... it is appreciated!