All Forum Posts by: Billy Smith

I have gutted wiring on 3 houses most were around 1200 Sq. ft, I hired a hand to pull the wire a licensed electrician to set the panel and wire the panel up. I get it done much cheaper, I am on the job checking everything out daily. This comes down how easy can the they access wire to pull.

Gutting a wire job on a house means cutting holes at rate top of the ceiling to access the old and pull new wire .and many other holes in drywall. So, is your quote fixing the drywall holes?

It is shockingly expensive, most charge by the hour to pull the wire because they are not sure how much work they may get into. That price is around $120 per for an electrician in my area to work.

If they work in the hot summer, they charge more to be in hot attic, do it during the winter time a tad cheaper possibly at least in attic work.

You need to ask questions, make them show they are licensed make them prove it some companies say they are licensed and have never been licensed. Insurance is a biggy too again make them prove it. I have seen bogus paper work I called the insurance company found out they let the policy expire.Making them get a permit !!

Study up a bit on what goes into a wire gut job.

Depends on the neighbor hood ,if it is common in the area you bought in then jump in .

This looks one of those humans who use a bucket for a bathroom then collect buckets of fecal matter/urine. I would bail on this one yes it going to  cost money to get up to par,buy  cheap floors carpet ,used stove etc.. 

I could never allow this it would keep me up at night for sure .

So you are filling a niche ,it appears this group who  is your target cannot mange money .

We can say that is because  fill in the blank .

I collect rent in person every 1 month, lots of folks  will not do that for many reason too many doors ,long distance .

All my doors are close by makes it easy .

They sale cars like what you are doing to folks who need it .

Hanging around a person  that is in the trenches is the key ,lots of this is the ability to mange people ,money .

It is tougher now because of the market is really hot making deals hard or a real haggling experience .

If folks know you have real money they may allow to take up there time  ,lots of folks are just talkers with no money so they have nothing to make the connection  worth while .

Is this what your back ground found out ? Or is it what they are saying?

For me the first fix is on me, if the second fix is quick after the first fix.

I then start asking nasty questions about using the residential machine as a commercial machine.

So, my lease says they cannot run a business out of the house and this issue would fall into that clause.

You need to hire construction  manger that shows up at each job for such issues and many others  .Who knows how many hired hands were in and out of the house might be a inside job .

"If the debt-service coverage ratio is too close to 1, say 1.1, the entity is vulnerable, and a minor decline in cash flow could make it unable to service its debt. Lenders may in some cases require that the borrower maintain a certain minimum DSCR while the loan is outstanding. Some agreements will consider a borrower who falls below that minimum to be in default. Typically, a DSCR greater than 1 means the entity – whether a person, company or government – has sufficient income to pay its current debt obligations."

= Shi.. hits the fan have to sale /refi fil in the blank.

So, we have different camps max your leverage out so you can GROW FAST!

In the other camp you pay as you go don’t scale up fast.

So, if shi… hits the fan the highly leveraged person could be forced to sale at the worst time when the market went down sharply.

The person who owns most of their properties they just set and watch numbers go down no panic wait it out.

Some markets are really at a tipping point but the crystal ball can never tell us when the markets are going down, we just look for signs of past down turns, yes history can and does repeat itself.

The number of doors I have/manage is small all are paid for but one all are worth around 1.6 .

I use a heloc for reserves that would be 50k ,I just blew through money remodeling my personal house still on going !!