All Forum Posts by: Bruce Woodruff

Lol, I'm just guessing based on experience that the value of the existing SF homes goes way down. Most people do not want to live next to MF unless they choose to move there. Maybe the SF owners will just sell out and then the city can build MF from one end of the city limits to the other. That's the ultimate goal if you listen to these people long enough anyway......

Well, doesn't matter to me I guess, cram those people in there....let's see how it works out....

I've done both. It's really all about the bottom line $$wise. Alhough I prefer doing high-end stuff, if I can get in and out of a small lipstick project and net more $ per days spent, then that's the way to go...

I didn't read it all, but I'm guessing that this allows multi-family housing into every area of the city? Is that correct? Wow, that's gonna destroy the values in a lot of areas, isn't it? Lose a lot of character too I would assume.....

Oh, well, glad I don't live there.......

Pre-listing Inpsections should really be done by every seller...speaking both as a seller, and someone who used to do Home Inspections, they are a great tool for sellers. I saw that only about 10% of sellers do them though, and usually only on higher-end homes (at least in my experience)

And sometimes, a buyer will not trust them since they were done by the other party.....

Just know right up front that it is a very risky business, particularly right now. Unless he is paying cash for the houses?

Here is the main part of getting a good property: how experienced is he at assessing the needed repairs on a property? If he is a retired GC, then that's good. But if his experience with construction is limited (or none) then you have a problem. You will need to hire someone to give you an accurate budget for the renovations.....and they will not be as precise about it as you would be. Of course after a few deals, he/you will gt better at putting a number on the project, but you may have slim or no profit on at least a couple of jobs.

I had decades of experience and a partner with unlimited deep pockets, and still lost money on a flip! So just be careful and get a lot of experience before you start in this business, it has a lot of room for error for sure......

Quote from @Aya I.:

Quote from @Theresa Harris:

I'd be reluctant to add him to the lease because if you do and she moves and he doesn't, then what are you going to do?  I do agree with Nathan, but I'd also find out what he's in for and a bit more about him.

We asked for more info, but the response wasn't good, to say the least. We’ll be chatting with a lawyer tomorrow to get clarity. Thank you for your response. 

"We asked for more info, but the response wasn't good"

There is your answer right there. Why go any further with them? Sure see a Lawyer, but plan on getting them out...or at least deny the 'fiancee' (but then keep a close eye on the place because he will probably try to sneak in anyway)

Any decent licensed Contractor should/will have their own contract that is specific to your state. If they do not, that is a huge warning flag and you should not go into business with them.

Any good GC will not use a Contract that was perpared by/for the customer as it will lack any protection for them.

You can ask to see a copy of the contract in advance of signing it. It should include details about property and customer/Contractor. Scope Of Work should be detailed and long and is not in the contract (contracts will vary by project) SOW will be a separate document and  referred to as 'Exhibit A', along with other attachments like evidence of license and insurance....

Good advice above^^^ And why even bother with a background check, Lol, you already know he's a convicted Felon.... What does your lease say about this? 

I would pass, just too many things to go wrong...I mean sure he could be a wonderful guy, but what about his friends and aquaintances? You know there will be 'bad guys' hanging out there at least some of the time. Do you really want to deal with that?

Are you sure you want to start with Multifgamily being a newbie...? Maybe get yourself a couple of SRFs to start, run them for a year or two and get some $$ profit AND (more importantly) experience. Then either keep those or sell and move up?

Just a thought....

Quote from @Tina Lee:

Thank you for all your replies, I got two different answer. So I will do more research and decide if I want to spend $500 on such small area if backsplash.

thank you!

Once again, this is NOT a $500 project. I would even suggest doing it yourself.......you can 'glue' the tile directly to the drywall with a clear silicone, and then use a premixed grout. Bingo - a $100 backsplash!