All Forum Posts by: Bryan Devitt

The contract is useless without POA. He has zero right to sell it until that is done, so him signing a contract is him essentially signing a few sheets of single ply. You knowing the owner has dementia and trying to work a scheme to lock in a purchase before POA is done could be seen as fraud if the sale is contested later

@Brian Tustin 28% doesn't seem unreasonable to me if they're doing everything and just sending checks to you. Them charging additional fees at booking is a problem to me because that shows me they're greedy and that might show up when there are repair issues and the bills are sky high. Anyone charging anywhere close to a LTR as a fee I would stay very clear of. STR take a LOT more time to manage and if they're not making much on the fees, where are they making it?

@Ashley Boyd offer to sell it with specified finishes for what you planned. They get to pick the finishes within the planned budget and anything above that would be an extra at the cost of actual cost plus whatever your markup should be (20%?) For management. They get have to make decisions with x amount of days or there is a penalty of $××× per day for additional holding costs. Also make sure you take a significant non-refundable deposit.

@Peter Kozlowski if the answer was yes, you wouldn't have to ask. It needs to be spelled out specifically in the contract with the exact damages specified and they have to be reasonable according to the courts or it can be tossed

@Adam Craig do you use the same contractors? If so propose they purchase a dump trailer and you pay them a lower rate for dumping it. We use our own and charge an hourly rate for the time and the actual dump fee cost, which is usually about 1/2 of what a roll off would cost

@Raymond Hill a tenant being so bad with money that they live paycheck to paycheck with no reserves/emergency fund is their fault and their problem, not mine. I have yet to meet someone living paycheck to paycheck that wasn't by their own doing in the past or present

@Kiersten Vogt there is 0 chance I would gamble with what around here is a $35-40k issue. The only way I would waive it is if the numbers just assumed we would replace it and if it was still good we got to pocket that money.

@Peter Brandon the reason it is tough to find a GC is because the GC has to float most of the money while waiting for draws. The draws are coming from a bank, so they should be safe but you never really know. If there is a chance you can float $50k and not get paid for months or ever, it is tough to take on that job. As a contractor we have to charge more to make up for the risk of carrying that loan and as incentive to our subs to be willing to wait a month or two for a job they normally get paid that week for. Waiting on the bank inspections and checks also drags out the process, so what would normally be a streamlined 6-10 weeks is usually 3 - 6 months. The only one I know of that does bigger jobs that I trust him and his work is GW Woodworks out of Gardiner but I don't know if he has dealt with 203k loans before.

@Philip Mullinax clips, channel and drywall can be installed over existing drywall but is isn't best practice. It also won't do a lot to fix your issue as the current ceiling will still transmit sound vibrations into the walls. Your best bet requires both units to be vacant for 3-4days. It should be closed cell spray foamed, clips and drywall with a gap around the edge. Any light boxes sound puttied, edges caulked with acoustic caulking and then painted. 5/8 is best for fire separation and sound. With everyone being there now you would have to cut a channel along the edges, caulk it with acoustic caulking and install clips and a second layer or just a second layer right over with green glue between them and caulk those edges. In order to do that you would still have to plastic off the whole room for 3-4days to do it right and run a negative air filtration system the whole time so their entire apt doesn't get covered in dust. Sorry, there is no easy way to sound proof something with tenants in place

@Nazeam Joseph they can bring in alligators as long as the money makes it worth it. They want to burn the place to the ground every 5 years? Sure! There is a cost associated with that. Everything is math. What is it going to cost you, how much do you want to make off the investment as a %, do the math and this is what it will cost if they want pets, to smoke, have alligators, etc..