All Forum Posts by: Bill Patterson

Jason is right....figure the capital improvements into your purchase offer. One other thing to consider is the RRP lead based paint issues that you have with a pre-1978 home. That increases the cost of painting and renovations, so I might tend to stay away from homes older than that unless you are getting a real good deal on a real nice property!
Bill

We also have our agents provide the BPO agent with comps that support our listing and offer price as well as needed repairs with written estimates of cost. If there is anything else (such as a large employer closing a manufacturing plant) that may make a difference in value for the subject property verses the other comps, they provide that information, too. Realtyman and Stan are correct.....get a new agent that understands what can be done without violating HVCC and that wants to earn their keep!
Bill

If you are using a General Contractor, he should have one (usually an Excell spreadsheet). If you are acting as your own General, your lender may have one that they prefer or your title company may have one that meets all of their requirements. If neither do....let me know and I can e-mail you a blank Excell spreadsheet that we use.
Bill

It looks like Steve's post is a bit on the old side! I hope he is still around, although his profile only shows that one post. I hope he has been too busy making $$$ to post again!

From Michigan, too!
Bill

Alice,
Going back to your original post, your assumptions on condos seem to come from a limited experience with a few condo projects. First, a condo refers not to a type of property, but to a type of ownership. With condo ownership, you share in open area, expenses and amenities. You also have an owners association that probably has rules and procedures that you will have to deal with. Any type of property can be a condo. I once owned part of a condo hotel where the owners hired a management company to operate it. You can have condo offices's, storage facilities, boat slips, etc. I guess what I see in this discussion is that when you make general statements about a broad topic based on a limited amount of information, you will get disagreement! I understand Jackie's disagreement since the condo project we are developing is everything that you are saying that condos are not. Thanks for your tenacity, though! You are sticking to your guns!
Bill

Jerry's numbers work for him in SE Michigan. You will need to adjust them for CA. The estimate sheet he uses is great for someone getting started and helps me not forget something if I get a phone call in the middle of an estimate. I am easily distracted!
Bill

Since my original post on this thread, I have moved up to a Droid X and that works great with BP. I have it listed as a favorite and move to it easily. Posting is easy, too with the large, intuitive keyboard. I'll admit that I don't like to type with one finger so I look more than comment, but it still is great to fill the few spare minutes that we get every once in a while! My son has an HTC and it is a lot like my Droid X so I think you may be happy with the change.
Bill

Yes, we care! As you are discovering...it can take a lot of offers to get the property that you can make the profit that you are looking for. I'd just let my 98K offer sit and make an offer on another property. You may have offers on lots of properties at one time before you get one that is accepted on your terms. If you don't get a response on the 98K offer in 10 - 14 days, re-submit it without an increase in price.
Good luck,
Bill

Are there any Investor Clubs, Rental Property Associations, etc. in your area? Those are a good places to start.
Bill

Great reply Dave! You are the first HVAC contractor that I've seen on BP. Your expertise will be greatly appreciated! Welcome to BP!
Bill