All Forum Posts by: Account Closed

Surround.

Hi @Tamara V. and welcome to BP!

Hello and welcome @Account Closed! I'm very impressed... you're 21, sounds like you may have little-to-no-debt, some money in the bank, going to school and working a job - wow - it seems as if you're a minority among peers of your age - well done!

Youth have the added bonus of time - use it to your advantage!  Acquiring your first secured loan will help you build credit, so if you can get a loan that you can easily handle, then buying your first home is a great idea in my opinion.

If you're so inclined, research buying an owner-occupied small multi-family property using an FHA loan... for as little as 3.5% down, live in one and rent out the other(s).

On that note, to be specific about your question as to where to start... you already did by joining this site.  Immerse yourself here and learn, learn, learn.  Real estate is a huge industry with so many ways to go... figure out yours through learning and persevere!

All the best to you - good luck!

Welcome to BP!

Welcome to BP Keith!

Naturally I'm biased, but I couldn't agree more with this approach since it's near and dear to my heart.  And from my perspective, you're not splitting the profits with your contractor, you're splitting them with your partner!

Semantics perhaps, but if more investors started partnering with, instead of hiring contractors, I suspect that profits will rise and complaints will fall.  

Solid reliable contractors exist - they're in such demand though, they rarely need to seek work and get to cherry pick the jobs they want.  Not only are investors competing with others investors for the select few contractors available in a given area, they're competing with the retail consumer from whom they can command a higher margin.

It's a rare conversation I have with another investor that doesn't include me challenging them to answer the question: with the laws of supply and demand in play, and the shortage of high quality contractors, what do you have to offer a contractor to make sure that your project is their highest priority?

Paying them a fee, to perform a service, at a lower margin than they get elsewhere ain't it...

P.S. - Love the "previously used" reference - for those of us who have been in the construction industry for a long time, you can bet we've been used and abused!

I have no idea what the appropriate wage/salary is in your area, but keep in mind that a $50K salary is going to cost you a heck of a lot more when you factor in the all the soft costs of having an employee.

Welcome neighbor!

If the lot was something you purchased, then your settlement documents may very well include a site plan.  That's a good starting point as you can reach out to the engineering firm that prepared it for assistance since they already have information about the property and should be able to assist you understanding what is needed.

Civil engineering firms prepare site plans.  One who is local and connected is extremely valuable in getting things through the process.  You may also wish to check with your real estate attorney for a recommendation - they usually know several.

Lauan plywood with an exterior glue; marine grade plywood; pressure-treated plywood; T1-11 plywood.