All Forum Posts by: David Avery

Collin,  Your a Rockstar!!!!!

Great sense of everything you listed!!  
When you help someone that much you will be rewarded!!

Take that money and reward yourself ( just a bit).

Invest that money, put it away for a deal for you.  Don't spend that

great profit!!

Learn and become your own boss as soon as you can.

Use your God given gifts and fly with them!

Once I bought a house for $14,000.  My father whom is a Real Estate Broker approached the family and told him that the property would have at least $20,000 of work and product put in the house within 20 days.  It had a fire and lose of life of the sellers.  My father told the seller that his son didn't have all the funds to buy it and work on it.  So I bought it for  $1. and to have the remaining $13,999 be given to him within 90 days or due on sale which ever came first.

Get creative with you thoughts that the Aunt needs to hear, to feel protected.  

Is your son handy with his hands ? Does the Aunt have a close connection with your son?

All of these things will l go into play on your decision, and approach to her.  Maybe your son needs to pay market price for the unit when finished.   Maybe he can be paid hourly towards equity or down payment on said unit.

I have done several  creative partnerships because I love to work and am good with my hands.

Be creative. and good luck,  I would not gut the triplex,  I have never gutted a property of 2700 Flips!!

Plumbers and Electricians charge almost 1/3 for new construction than existing.  Maybe your son has experience in either field?!

It cheaper to build new on bare land!!

Put an Earnest money of $10,000.  If you have those funds available!!

E.M. always talks!

Or a non returnable E.M . and that should work also.

Congrats!   Go do it.  But remember 90% of first flip deals are not a good ending.

Since family, friends, etc, will talk you into doing things that are not necessary.

Do your Due Diligence !!

Find out what the house is going to be worth after repairs, find the house, do the flip, and make a profit!

Here are the starters for flips.

Most expensive items almost in order are.

Roof

Kitchen redo

Bathroom redo

Electrical

Plumbing

Structure

Floor coverings.

Painting

New aplicances 

Repairs

outside painting

landscaping

curb appeal

cleaning before and after.

Most of your wholesalers and real estate agents in your area should have a pretty reliable contractor that can give you the numbers,  I will give numbers to someone twice before I charge for my expertise.  If they just pick my brain and don't give me anything back after two  trips and my time.

Stay away from family and friends, are you and your son handy to do the painting, maybe install the cabinets and do the tile in the bathroom, install light fixtures,etc?

If not, get your son on U tube and have him start to learn.

You can ask me anything and hopefully your Forum will take off now!!!

As a pretty active contractor, flipping properties here in Phoenix I have noticed when I go to Lowes and Home Depot that several contractors are buying the seconds.  ( it is marked down materials that can be bought at 30 Percent of cost).  The material is either twisted or damaged and as a contractor I know how to fix the issue and use the product.  Especially if it is going to be covered with sheet rock , sheeting etc.  It takes a little more thought and skills to use them but it works.

Crazy market, supply for materials at some stores are empty and window orders are now out 7 weeks at best.  

The said part about everything is that the cost goes to the end buyer,  The contractor, builder, just ups their price and keeps working!

I think the solution is for someone to create a product that bi passes lumber. Such as cement cast, plastic.  There is enough extra plastic to build cities!  I know 15 years ago that there was a big push to acquire the plastic in the ocean by several business men.  To build houses out of the product.

I think their Ego's got in the way and it did not monopolize.

Go ahead and correct  my  spelling while your trying to do Real Estate!

its not the backer board that makes the tile crack.  It is the sub floor that is not level or secure.

You never put backer board on a floor that is not ready for it.

There is a tool called a level and it has a bubble on it,  it is used to level construction jobs. some contractors even have a 8 foot level.

This is the step the  skinny jeans people don't mention!

ps  never nail backer board,  there is  a tool called a screw gun that will install the screws that 

I encourage every 6-8 inches on the outside edges and every 10-12  inches in the middle.

If you know construction and tools it is very easy to properly install backer board.

Ready instructions versus doing the work is miles apart!

Have laid more square footage of tile then could be stored in a college class 10 x 20  by 8 feet high!!!

One word to describe Serge 

       ROCKSTAR  

My suggestion is those oil filled heaters,  i don't know the name but they are sold at Home Depot and Lowes and are about $30-45.  They are vanilla/cream in color and stand about 18 inch high.

They heat up and you can touch them and they are very safe/tenant friendly!

We know these two cities well.

The Springs is one of the most desirable places to live according to so many publications.  It is a happening place with successful people everywhere.  The mountains, scenery and ability to just get away and enjoy nature is almost out of this world.

"Garden of the Gods" is a donated 47 park that is craZY  CooL!!!

It is less than an hour drive to Denver.  I really don't like snow and ice and traffic and it can be a pain there sometimes.  Sometimes the people will honk at you and show you the finger.  But Real Estate is going crazy there and you I have a good connection with one wholesaler that I have bought property from and have worked for.

Phoenix,  Its big here, best economy in Nation,  our governor did not close much down and we have more freedoms then in Colorado  ( democrat governor their)

Real Estate is very competitive here and their is a lot of money here.  Summer is hot as Hell.  Over 110 day of over 105.  Winters are in the 55-70 almost everyday and sunshine.

My vote Phoenix!!!

Springs is second .