All Forum Posts by: Don McIlmurray

Thanks All!

@Account Closed I did include the closing and realtor commissions on the sales side but didn't put a lot of contingency in. I allowed for three months carry and paid myself interest on the money but didn't factor in the taxes (not sure how that will work exactly do they take it at close?)

@Aaron Montague the property is actually in Nazareth and my realtor is pretty confident on the range - we are considering converting one extra family room space into a fourth bedroom that should drive the value up a bit more but it will cost ~5k more on the reno and take an extra week or so. Will rework the numbers and let y'all know how it turns out.

Welcome @Al Carvalho! I'm farily new too almost ready topull the trigger on my first deal and much of the information and advice I've gotten from BP and members I've met with has been very valuable. Good luck and keep us posted on your progress -feel free to ask questions too!

Yes @Jay Hinrichs will be an all cash deal - plan to pay myself interest for the three months just in case the rest of the numbers are off somehow at least I'll make money on what I loan to the business for the deal :)

Thanks for all the replies and question! I've been struggling to find someone and my first guys is just too busy. I know this guys work is great and he is on the job every day doing it himself with one laborer and one skilled craftsman. We're around Easton PA @Jai Reddyand prices run a little high because of it's proximity to NJ.

@Scott C. and @John Moore it is a whole house rehab, about 15-20 days work pending a few questionable items. I do plan to pick up @J Scott's book thanks! My original estimate was about 25% lower than after I factored in his day rate estimates but partly because he pointed out some things I didn't take into account (like a rotted subfloor that wasn't apparent on my initial walk through).

@Adam Anderson he doesn't do full estimates, only T&M and wants us to pick everything out. I know his work is good but it's just a matter of how the job goes and what we find along the way

Thanks to everyone for your insights and advice! I'll keep you posted as I go.

My contractor says he charges $1000 a day for a crew of three plus materials of my picking. He gave me general # of day estimates room by room. It's difficult to get a contractor to even look at a house if you don't already own it so i was happy when I convinced him to go through it with me but the day rate seems a little high - am I of base since he is providing his time plus two guys and all his tools?

I am ready to pull the trigger on my first deal - nice 3br-1b Cape. Rehab is about 14 days labor estimates my contractor and I'm allowing a month to knock it out pending the usual unforeseen circumstances. Here are my forecast economics - what do you think?

Signed up 20 minutes ago but didn't get an email or link??

@Raymond B. Thanks for the tip - I've used the feature before but apparently when you back space to change the name it breaks the Java Script(or whatever technique is used) behind it and doesn't look up anymore in Firefox on Mac until you delete the @ sign all together and type it over!  Works great in Safari on Mac @Joshua Dorkin Let me know if you have a forum to submit bugs and if you need any testers in the future for new features I'm pretty good at finding broken things in software :)

@Eric Rosner I'm in the area as well - please let me know if you come across any wholesalers if they have any deals you aren't interested in send them my way!

Hi @Eric Rosner - I am in the market as well if you learn of any wholesalers in our area and get some deals you aren't interested in please let me know!

Good Luck!

That's great @Brendan Alvey ! Congratulations - I am still getting setup and looking for that first property. Keep us posted on your progress, I hope for a smooth successful experience for you.