All Forum Posts by: Don Hines

I wished I was on your crew. Yall eat good. You need to learn to feed them CC's pizza.
Reading some of your other post, I think you are guilty of the same thing I was on my first rehab. As long as I had money left in the loan, credit at HD and Lowes, and my CC wasn't maxed, I was going gang busters "over doing it". I am currently in the final stages of my first rehab that I hired two contractors. I knew what I was going to spend (or had a better idea) before it started. It is coming in around $5000 over budget instead of $10k to $15k DYI. Plus I am months ahead. I have literally spent over a year a peice on my last two rehabs before this one. I can honestly say the contractors did not do as "perfect" as I would have. But, I have not been stressed over spending an hour at the box stores gathering my stuff for each project just to discover I forgot the $2 item I needed before I could start. I bet if you put a price on those trips (time, fuel, ETC) your expeses would be 50% to 75% higher. I am not trying to discourage you. Just saying you ain't the first. I still love this business and for now, I think I will be involved with it until I can't go no more.
My grandfather watched me struggle with a project one time. He said "Son, I know you ain't going to do what I tell you to do. But, when I tell you what you should not do, it would pay you to listen". I sort of go through life like that. I know a lot more of what not to do rather than what to do.
Don

Not sure what you are asking here (except for help). I read in your post that this is a long term investment. Your numbers stink for long term. They are worse for a flip. But, unless it completely sinks you, I would weather it out; complete the rehab; get it 100% occupied; sell it and move on. Call the experience and education. I bet you are learning a whole bunch of what you ain't supposed to do. Don't do it on the next one.
Don

So, does the location of merchandise in the stores. I complained the other day about something being in a new location across the store. The associate laughed and said I would never see anything "new" if I didn't have to travel a different path occasionally.
Don

Andy
1st of all, a big thank you (to Jason too). I have wanted a detailed system with all of the HD sku's. Now if I can get the design department (the Mrs) to agree to use "builder's grade".
Now that you certainly have the tools to annalize a rehab, jump in.
Don

My latest rehab is a deal we found that my wife and I are rehabbing for us to live in.
I could write a book to explain everything that has happened to prevent me from working on the house DYI since we bought it last June. So, I have ventured of into hiring contractors.
The wife and I had a major disagreement on the "outside" contractor. She wanted the "prettiest" one with the souped up websight and black Mercedes. So far, I have made him call his roofer back twice. His siding guy is into his third week on a promised two week project. I am so proud I have a firm contract with him.
She relented and allowed me to hire my choice for the inside. They have finished demos, built walls, installed two complete baths, ETC, ETC in the last 4 days. I did not have to carry the first peice of mortor/tile out to his dump trailer. This contractor has made me realize, how nice it can be. I am in love.
Rehabbing DYI just may be a distant memory from now on.
BTW
The wife does not read BP. She don't know any better than to choose the wrong guy.
Don

Same here in Little Rock. Owner occupied needs to be underlined. Don't try to be cute and pull a permit unless you will live there.
Don

I have never secured a property with an alarm. Not saying that may be I should have.
My first thought is that I am always going to check on a property after I know it has been veiwed any way. So that is a trip in the evening where I could arm it. I always like to "run" by before veiwings just to make sure it will show well. Another oportunity to arm or disarm. I agree i would never trust the buyer's agent to handel it properly.
Don

I have a rehab going on plus my own home up for sale. That is about all I want to handel while holding down a full time job. The experience has taught me that Hiring agents and contractors is not a "bad" thing.
Don

When going to Home Depot or Lowes used to be a joy. Now it is a chore.

My favorite...
When you can bear hug a toilet to tote it away and not pay the sticky stuff any mind.

Don

Thanks Joel. it has been an eventful summer to say the least.
Don