All Forum Posts by: Patrick T.

Thanks @Ralph E. I wasn't sure of some of those abbr's. Good explanation.

@Ralph E. Could you please break that down. I'm not clear on your abbreviations and how it breaks out.

Vallejo is one of my favorite places.

Couldn't have said it better than Karen.

Good luck @Frank Coppola !

@Frank Coppola You received very good advice from @Bryan L.

It's a subtle difference, but very important. Your goal isn't to guess at the value after the rehab. It is to be sure that your rehab establishes the same value of other homes in that neighborhood. Maybe just a little better to give it an edge in the market.

Find out what other properties like yours that are in good condition have actually sold for.

Then ask yourself "what will I need to do to make this property just a little better than those.

You should not be guessing or speculating on the value. Work with the formulas you find here on BP. If it is a solid neighborhood with houses that sell, and you match those houses' quality, the dollar amount is already determined. Your job is to purchase, rehab and sell it within a budget that makes you some money.

Scott, @Aaron Mazzrillois right. The need to do something shouldn't overpower the need to do it right. You will get some good advise here on BP. Keep taking advantage of it.

@Kimberly T. @Wayne Brooks

"Crazy I know" is no reason to get screwed.

Kimberly, It is all in the way you go about getting what you need. You are an investor. You are part of a very big and influential industry. You know other investors, contractors, pro's of all stripes (hundreds just her on BP).

You're not a little pedestrian who they can roll over. You're more like a big city bus (lots of connections, options, support). That makes you a colleague of theirs. Start there.

Business owners (not the same as managers) gravitate towards other owners and decide in their favor. I had a problem where I had to contact the managers of two separate businesses whose employees had damaged my property in one incident. On my first try the managers of both businesses told me to take a hike. I looked up the owners on the web. I sent them nice e-mails explaining what had happened and that their managers had blown me off. I said that as a business owner I thought they should know what their managers had done before I pursued other options. Each one had their manager drive to my property with a check for their share of the damage.

I didn't sit still for the blow off. I mentioned attorneys and a bunch of things that only existed in my mind, possibilities. They understood, and they acted.

Don't make yourself uncomfortable by calling them personally. You might start with a certified letter, state your desire to take care of reasonable charges, mention that their assumption that they would be billing insurance was incorrect, mention that you have been advised that there is no contract or supporting paperwork from them on file in your office, and that it would benefit everyone to get this taken care of expeditiously. Use your own words, but take control. That's what good investors do.

Good Luck!

@Kimberly T. You're on the right track. Do some research to find out what a reasonable price is and offer to pay that. You're a BP Investor, be tough!

Just a minor point. I'm not sure a contractor can file a lien without a written contract, but I'm no lawyer. And over a certain amount of dollars there may be other disclosures they should have presented to you. I'm not suggesting you be a weasel, just know all the facts as you approach the situation.

@Bill Gulley Oh what passion, what insight, what fire! I think the last line of your last post here was actually the most insightful!

@Karen Margrave I love all of your posts...and I would never dream of disagreeing with you. You're awesome.

When I look at which of my licenses (RE or GC) is the most critical to understanding investors and the investment world, I lean toward RE, even though GC is my first love.

For new investors I think the most important thing they can do is focus on investing, not getting sidetracked with another career or license. Forget the business cards, forget the LLC, forget what your parents told you, just go put some deals together! The licenses can come later, if your'e not too busy making money.

BTW I'm jealous that you're in my home state and I'm slogging through snow and muck here in Washington.