All Forum Posts by: Chris Vail

FYI folks on this thread Meetup coming on Jan 15th

MeetUp

@Minka Sha 

@Jared Adamson 

@Jordan Thibodeau 

FYI @Leyla Simsek MeetUp coming up on Jan 15th

MeetUp

FYI @Ben C. Meetup coming on Jan 15th.

MeetUP

FYI @Taylor Comer Meetup on Jan 15th 

http://www.biggerpockets.com/forums/521/topics/159496-sacramento-meetup---jan-15-2015?page=1#p1120467

Not sure if it is user error or an issue with the IPhone app but any pictures that are in a thread are not viewable. This was the case on my older iPhone 4, I just upgraded my phone and now there is a link next to the pictures to "view image" however when clicked either nothing shows up or only a fragment of the picture shows up.

Welcome to BP @Nick Jenkins Start soaking in the information and listening to PodCasts. There is a ton of information in them around wholesaling and direct marketing for it.

Update:

The time line is taking longer than quoted but I feel like I am on the downward side of this hill :). Flooring is in except for the bathrooms, Painting is done except for some touch up and trim. Cabinets are installed except for the bathrooms, and counter tops will be installed tomorrow.  I switched to using my GoPro for pictures so hopefully they will show up right side up, I also like the wide angle shots it allows.

Kitchen Shot

One of the bedrooms which shows the flooring which runs through out the house except in the bathrooms.

Living room

Rent - Vacancy - expenses = Net Operating Income (NOI)

NOI - debt service (PI) = cash flow

You have not given enough information to calculate cashflow.

@Patrick Rowe 

@Minka Sha 

 I am going to echo what @Jordan Thibodeau said, pass on this deal or lower your price a lot.  I know you want that first deal badly and its okay to settle for a base hit on the first one but don't settle for what you think is a base hit that is really an out based on the numbers.  

Update:

Over the weekend I built all of the the cabinets for the house which I ordered from www.theRTAStore.com (got a great Black Friday price) and I am pleased with the quality of the cabinets, once they are installed I will post pictures of them.  Progress on the inside of the house has been slower than what I would like which is frustrating.  Mud for the dry wall was the first sticking point as it took much longer to dry than expected due to all of the humidity we have had lately with the rain.  Painting has also taken a lot longer than expected for the same reasoning.  Flooring should start on Friday and I am expecting at least the kitchen cabinets to be installed on Saturday / Monday as I currently have the counter top contractor coming out to make final measurements on the counters for the kitchen.

Lessons for the last few weeks:

When setting up your agreement with your contractor talk about the time line and don't take what their time line is for their word with out having some sort of clause that has contingency's of what happens when they fail to meet the time line they have given you.  This has been the most frustrating part of this journey for me so far.  I am some one that if I tell you something will be done in xx time frame  I will do everything in my power to make sure it is done in xx time frame and if I can't make that time frame I will update you with a new deadline with reasoning behind why the time line has slipped.  This has been like pulling teeth with my current Contractor.  I have accepted the fact that this unit will not be ready for Jan 1st like I was aiming (originally I expected the house to be done by Friday Dec 26th, which is 1 week longer than was originally quoted by my contractor).  This would have allowed me a few days to clean and market the property for this week (while final items were being completed) and place someone hopefully next week.  Since this is not the case anymore I am going to use the time in January to really take my time in looking for a tenant and possibly have a slightly larger pool of applicants for a Feb 1st move in date. 

How have other investors dealt with contractor time lines slipping (if you didn't have this in your agreement)?

I will try to take pictures on Friday or Saturday so I can post some new upside down pictures :).