All Forum Posts by: Bruce Woodruff

Quote from @James Wise:

Quote from @Bruce Woodruff:

Yes to all of the above.

I think this is a societal problem, not just an investor problem.

No manners. Entitled. Lazy. Not that smart. Expecting highly skilled professionals to work for free just so the poor newbie investor can not lose money. Been there, done that as a GC.

 Ignoring what we can't control (general societal sentiment) what can we do HERE on BiggerPockets to fix this obvious cultural problem with posters here on the website? 

IMO, not much. Unless we want to become authoritarian about this. These kind of posters are more entertaining than anything else (Once again, IMHO).

Besides, I think that once they get a taste of the 'real world' and learn a few life lessons, they will generally learn some manners.

You could also start with a good GC. They will walk the project, give you a rough price $$, and will know the pitfalls. They will also know the City permit process and will also know a few good Architects.

My thoughts:

1) Go with white shaker style

2) Do not use RTA to save a few bucks

3) Look at something like Diamond available at Lowes off-the-shelf

4) Don't shop for discounts. Go get something that is good quality and will last for many years.

5) Don't install them yourself, hire someone who has done it before...a lot...everyone thinks cabinet install is easy - just screw than to the wall, right? It's not easy at all.....

@Joe Villeneuve just makes too much sense. Listen up newbie investors!

Yes to all of the above.

I think this is a societal problem, not just an investor problem.

No manners. Entitled. Lazy. Not that smart. Expecting highly skilled professionals to work for free just so the poor newbie investor can not lose money. Been there, done that as a GC.

Quote from @JM Edward:

@Joe Villeneuve that's a different way to look at it! I thought I was on the right track when @Chris Seveney validated my point, but everything can be seen multiple ways which is what makes these things so tricky. I feel all-cash is less risk because unless the market goes way down I can still likely get most if not all my principal back, even in a half done rehab(?).

As you see it, the lender is taking some of your risk away, but how does that work if there is a loss on the project? The lender takes the title and you lose your down payment and rehab costs? And you end up with a credit record that prevents you from taking out (decent) loans for the next many years? That sounds like more of a nightmare scenario than losing some principal, but I don't think I'm as educated on what this would look like and why you think it would be a better scenario. Can you say more?

"unless the market goes way down I can still likely get most if not all my principal back, even in a half done rehab(?)."

Never ever assume anything like that! There are many factors at play that can take your money. Market direction is one, but Mr Murphy and his band of cohorts are always hanging around. The cost of doing business is usually under-estimated. And the big one is the real cost of your remodel/construction...especially when you are new to the game and don't know construction, permits, codes, etc....

Quote from @Jeremy H.:

Just cut it and see what happens - ideally slowly and with an escape route 

"Just cut it and see what happens"

Well that is one way to find out, Lol.... But sometimes it's th easiest way on a really complicated framing job. The idea of the ceiling joists running perpendicular doesn't always work out.
It really s**ks when your sawsall blade gets stuck because the weight of the house comes down on it....been there done that....

Quote from @Greta Andrews:

The roof has a slight pitch, it's considered a flat roof.

So a shed roof? Do the rafters run all the way from one end to the other?

It blows my mind how many customers...and even Contractors, go into a project with no SOW...none! And then complain when everything goes south. Amazing!

Also how many do we see on here working without a valid contract? That's for another thread, but....wow...

Lawyers are not allowed in SC Court anyway.

If you do go that route, do your research first. Getting a judgement (which you surely will) does nothing by itself. You will need to get that recorded. Most tenants are called 'non-collectibles' because of their lack of ability or desire to pay you what's owed....

But this Judgement will follow them around...every new place they rent, ever vehicle they buy or lease, every time their credit is checked, there it will be...so at some point, if they want to join society, they may pay up what they owe....but don't count on it!