All Forum Posts by: Darryl Putnam

@Michael Ndjondo makadi there is no need to sign a contract as a buyer.  Scott and Joel are each right.  Remember this is a relationship business.  Treat brokers as you would like to be treated.

I have my go to guy.  But I maintain relationships with several brokers.  If another broker brings me an off market deal he rights my offer.  If that same broker brings me an on market deal I have my go to guy write my offer.  

Hope this helps.

@Lauren Hogan great survey.  Thanks for all you do!

@Jon Holdman Hotels can be a great investment.  You own the real estate and control the tenant.  As you may know most hotels from the low end to the high end are franchises.  The hotel chains requires the franchisee to hire a management company that has been trained by franchisor.  With the right concept in the right location with a good operator the returns are impressive.  As an owner you also get privileges when traveling at other hotels in the system.  

There are a tremendous number of moving parts in the Hotel business. If you are serious I would recommend taking Cornell's online certificate course on Hotel REI and Asset Management.

https://www.ecornell.com/certificates/hospitality-...

I have taken these courses and they are demanding and rewarding.  Even if you never buy a hotel it will raise your analysis skills to a new level.

Good Luck

@Chris Lawson the bath fan is the fan you want to have tied to the light switch or on a timer. I prefer to former.  In the kitchen the tenant will use the fan when necessary.  But if it is  loud they my not us it as often as they should.  

@Chris Czekaj you are on the right track. To force the appreciation and max out your rents you need to be more on trend with your colors.  Beige is safe but will be found in 80% of all rentals.  Beige offers little chance to stand out in the market let alone ask for more rent.

Your floor will limit your selection.  Search beige tile kitchen floors on Houzz and see what come up.  Bring paint chips in and lay them on the floor the right colors will stand out.  At this point I would buy a quart of that color and maybe of the two runners up and bush a small section of wall to see how it works.  

With a little more work you can have a stand out kitchen.  Think about adding hardware to the cabinets this will also update the look.  

Good luck

@Chris Lawson A little more old school alternative is a flush mounted ceiling fan.  This is a low cost alternative to a hood.  They look similar to a bath fan.  But it is important to note they are not bath fans.  Each manufacture has a few models specific for kitchen use.  Some even come with removable filters.  

If you go this direction make sure the fan you choose is quite or the tenant may never us it.

Good Luck

I agree with @Brian Pulaski in a kitchen and bath remodel it is best to remove all the walls and cut an access hole in the subfloor.  This save time and money.  In most cases the ceiling rock can stay unless you are doing multiple can lights.  

In other rooms if you need to cut into the sheet rock cut large.  I usually cut 16"x 16" or 32" x 32".  If you can stay 6" back form trim and corners.  This will allow for tape and mud to not interfere with them.  If you need access in more than one location in a single wall then it maybe time to remove the sheet.  The labor that is saved not having to work around the sheetrock will more than pay for its replacement.

Good Luck

@Deddy W Code Enforcement Officers are not usually with the building department. Did they give you anything in writing for the corrections they mentioned? If you did not receive a detailed written report apply for a permit just for the current work you are doing. This will satisfy most building departments. Forcing a new home owner to tear out old unpermited work is very unusual. Unless of course it is completely unsafe and then it would be in your and your future tenants best interest to do so. But I am assuming that is not the case because it would have come up in your due diligence Good Luck

@Redgy Saint-Germain Good luck and keep us all posted with finish pics and final numbers. 

@Redgy Saint-Germain The project is looking good.  Sorry to hear of your difficulties.  To answer your question yes holding costs should always be factored into your Brrrr's and Flips.  Grant Cardone often speaks about how we all tend to underestimate how long and how much any project might take.  It is often a good practice to run your numbers both with what is desirable and then again at the longest it could take and numbers still work.  

Given that you are so close to finishing I would suggest you start advertising it for rent.  Push the rent higher than market and measure your response.  If there is little or no interest at this higher number you can bring the number down in a couple weeks when you are closer to rent ready.

Good luck!