All Forum Posts by: Brian VanSickle

Definitely try it yourself just go slow until you get the hang of it.

A few quick tips....

Check the thickness of your floors, I have had several old homes that used a very thin hardwood. I have always been successful in refinishing them though.  

Starting with an aggressive grit basically cuts into the floor and gets rid of the finish that on them. If you try to skip a step and use a finer grit it will just gum up and you will spend a lot in paper. Its scary looking when you drop that drum down with a 40 grit but just go with it, the following other grits clean it up nicely.

Edgers are tough to use but are necessary, just be careful and go slow when using it. It is easy to cut into the floors and make them very uneven on the edges. The edgers are very powerful and they do not sit evenly on the flooring surface like an orbital sander would.

Most of the time I have used a dark stain as it will hide the discolored areas.

Consider using a sanding sealer. I have not used them in the past but kind of wish I did, especially with oak. It fills in all the low spots of the grain to give a very smooth finish. You would likely be happy with your results either way. Maybe test out an area or use some scraps.

Good luck

Thanks for the replies!

We have already partnered up and have three single families together. One that is rented, another that is almost finished being rehabbed and another that we have yet to start. The 4-plex is in line after the third is done.

I haven't talked in detail about how the transaction should look, this topic is on the agenda for this weekend. I have been trying to figure out what I expect it to look like before getting into the details. I was considering doing something different with it but I'm trying to be "all in" as a team. The building was bought at the right time in the right area and will give us a huge boost immediately and over the long term. The numbers easily work out all the way up to 100K all in.

I am thinking an appraisal is the way to go.

Hello all!

6 months ago I partnered up with another investor.

I am going to transfer ownership of a 4 plex into the LLC. I picked up this building long before our partnership. I have had it on the back burner and haven't done anything with it, its just sitting there collecting dust. We plan on making some big changes to it in order to maximize the rent and bring in a higher end tenant.

My issue is how do I value this building so that it is fair to both me and my partner? I could easily sell it as is for 60K. At a 60K price and 20K in updating it would have great numbers on it.

I know if we were to evaluate this deal together, we would be all over it at a 60K price. I don't feel its right to charge that much to our partnership but I also don't feel right handing it over for what I have in it.

On the flip side if I would have sold it 6 months ago and put the 60K in cash into the business, there would be no discussion of the moneys value.  

I'm confused as to what method of valuation is fair in this situation. I don't want either of us to have bad feelings over this transaction.

Any suggestions?