All Forum Posts by: Bruce Woodruff

First - go get a permit. Ask the building Dept what they see as issues or problems as they will be the ones to make this a go or no-go.

Biggest issues are usually getting to the drain line. If you're on a slab foundation, this means jack-hammering up the concrete. If on a raised foundation, it's MUCH easier.....

You will also need a separate (usually)... 20A circuit for the GFCI. Sometimes you can splice into the other bathroom circuit, depending on how many outlets it serves....

Other than that, it's just basic construction stuff. Run your numbers....The cost will be around $20k for a basic bathroom, is there enough ROI to make that work?

Careful - a guy building a vacation home was mauled and killed a couple years ago in Prescott...just having his morning coffee....and all of a sudden bye bye...

https://www.nbcnews.com/news/us-news/deadly-arizona-black-be...

I prefer being close and 'hands-on'. But since you are in an expensive area, you most likely need to find a special property to make the numbers work. Even with a house-hack probably....

Drive around and look for properties, then contact the owners....find a severe fixer in a decent area that you are pretty sure will gentrify soon < 5 yrs, get a rundown duplex or triplex...

Or...how far south or west do you have to go to get to a more affordable area? I'm originally from NoVa and there used to be areas 100 mi south or so....a 2 hr drive 2x week is not too bad.

Just my $.02

I would say that you're going to take this opportunity to renovate the apartment, and need it empty for a while. Then just do carpet and paint (or whatever)...

Quote from @Carmen Savolainen:

Quote from @Marcus Auerbach:

Sorry you have to deal with this Carmen, but not unusual. That's the reason why I don't lend my contractors out to new investors, it took me years to assemble a good team and I had my fair share of deadbeats.

An attorney will probably cost you more than you will get back. I am guessing your contract does not have any provisions for timeline, milestones and refunds? Pay them for their time and ask for the rest back. if they are online you can threaten to leave bad reviews.

I don't pay a significant deposit to contractors I don't know. I would never pay ahead, always pay after the work was done. In your case I would have probably given them 1k and then more as soon as the job gets started, but not before. We pay contractors well and usually weekly on Friday. But never up front.

Hi Marcus

That is correct. They refused to put milestones and timeline in the contract claiming it for their own protection. They e told me verbally many time they can get this done in 10-12 weeks. I’ve told them multiple times this needs to start and the delays are unacceptable. But as many others have mentioned and I have realized it is time to move on. It is a hard lesson to learn but a lesson I will care with me for future projects and working with contractors.

Well, speaking from the Contractor's point of view, most will not put any specific dates/timelines/etc in the contract. The reason is that the customer -  particulary in today's world - can and will change the SOW frequently, which affects the timeline of course. Then the same customer will blame the Contr for not sticking to the schedule. Yes this happens continually nowadays.

So what is the answer? You must be on top of the Contr so that at the first sign of trouble, you can deal with it right away. And never let them get ahead of you money-wise, so that you can canx the contract and move on easily.

Are you positive that the sound transfer is coming primarily from the stairs? You start off by mentioning: "reducing sound transfer between floor/ceiling" but you only mention what you've done with the stairs....?

Welcome and best wishes! Learn as much as you can, but don't get trapped in the over-analysis trap. All of us were newbies who started from scratch, so just ask questions here on the Forum and get ready to dive in.

I would figure out your area of interest (seems like you already have, but be open to other areas, even out-of-state), then see what type of REI is most interesting or that you think has the best potential returns. Don't wait and try and time the market, just go for it.......

Good Luck!

Maybe...but I'd bet that there are still numerous investors putting their money into Austin. If you wait, you will pay even more and hence even higher taxes per yr. Buy now and you start building equity from Day 1, in 5 yrs you will be sitting pretty.

Discover a new strategy........ find a complete fixer........ go to a County with a slightly lower rate......Etc....

Maybe a combination of all 3? Since it's in great shape already, just fancy it up and do a vacation rental. You might be surprised at how much you make if you make it nice enough and offer amenities that no one else does. If the income is not enough, then go for the LTR angle.

(The current $100-$200 cash flow is not enough to make that worthwhile as the first option, plus most people underestimate that, so I'd guess you really have $0 cash flow)

I agree it's time to kick them to the curb and move on. They don't deserve another chance. Hopefully you can get your deposit back (how much did you give them?) You should be able to cancel the contract due to non-performance...if they balk, threaten to hire an attorney or at least call one, you can usually get a phone consult for about $300 hr...

Do not pay any significant money until work starts and even then, only pay as the work proceeds, i.e. when the framing is donem, pay for only that, when the tile is done, pay for that. And a little payment for them to buy materials is ok, but they should have operating capital or business accounts at suppliers to purchase most materials.