All Forum Posts by: Bryan Devitt

@Stephen Moskowitz can help you if you're looking for hard money loans. If you need longer term loans Drew Mortgage on Rt9 across from Whole Foods does investor friendly loans to get you out of the hard money. My team can help with rehabs but we're in that "good work isn't cheap and cheap work isn't good" category. 

Most investors I meet with as a contractor eventually tell me that would love to work with me... if I can do it for $xxx because that is their lowest bid so far, but this is just the beginning and they'll give me 10 jobs like it every year. Most end up never going past deal 1, if that one ever gets completed. You might as why but the above posts already pointed it out, good labor isn't cheap and cheap labor isn't good. If you want it done right the first time, quickly, hire a good team. You will make more in the long run with "expensive" contractors than you ever will with the cheapest bid. The few investors we deal with that are successful are so either learned the hard way and worked through it or knew enough from the start that $5k in "savings" will cost $10k+ in fixing their work and additional carrying costs when a 1 week job takes 6 

Why not charge more? If there are few or no options locally then you can charge a premium for convenience and to at least cover the cost of malfunctions, wear items, eventual replacement, etc 

@Charlie MacPherson is @James Wise going to be making money off the YouTube monetization or documentary that would offset these costs in the end? If so what happens to the money that was donated to pay the legal expenses? Not being a Richard I just ask a lot of questions before I donate to anyone or anything

@Robert Collins nothing is standard, it's a big country with lots of markets and even more approaches to PM contracts

@Mauricio A. The contractor is either incompetent or screwing you, find another one. This isn't a 1 day job, there is no need for part of that work and half of it should be written as a worst care scenario and change order if needed.

@Robert Mittendorf I will take $110k guaranteed now instead of a possible $200k in many months any day. You don't know how much that rehab will balloon to, how inspectors will be or what they'll find, if contractors will rip you off and they'll need to be replaced, if the property will get robbed of tools and materials, etc. In the end you might make less than that $200k or even the $110k and then trying to sell it in the winter or early spring? Who knows how the market will be then

@Ryan Collins I would not use Ring. You're stuck with a monthly fee, you have to use a tenants wifi or have your own installed for the property and they don't record much. I have them on my personal property instead of the old hardwired system they replaced and I will be getting rid of them soon. I have had many issues with them and the doorbells are ok, but I would never put them in again

@Charlie Moore if you don't want them then make it so your unit doesn't pass their inspections. In MA they have ridiculous standards and find nitpicking crap just to justify their jobs of inspecting. Some people I know accept it and jump through the hoops though because they can charge much more than they normally can so it is worth the risk

Make sure you do a LOT of research into who you hire. There aren't as many regulations in Maine as other states in New England. I don't know if he works in that area or does 203 jobs, but the only contractor I know and trust in that area is Garrett Davis of GW Woodworks in Gardiner