All Forum Posts by: Dutch Langley

Congratulations Nick!

Last May, my husband and I took a trip to Palm Island Resort in the Grenadines..for 10 days!  No TVs in the rooms, Wi-Fi only available in one area on the resort.  We had international access on our phones in the case of an emergency, but we intentionally set everything up to really try to disconnect and focus on each other.  We let our clients know and our subs.  It took me a day or so to adjust but I will have to say it was the best vacation ever.  Private island...38 of us guests, 80 staff, white sand, blue water...no shopping, no crowds, nothing to do but relax and have fun.

It was also a tremendous learning experience.  We realized that we should be doing more "working to live" then "living to work".  Since that vacation we have been adjusting our work to fit the lifestyle we want.  Turning down jobs, focusing only on the type of work that gives us the flexibility we want, sold our primary house and moved into a lake house we have been renovating (further away from the city and people...but it gives us that "Ahhhh feeling" so we are exchanging convenience for emotional needs), etc.  The world interestingly enough keeps turning whether we participate or not.  Life is short...time to consider what really matters.

I would choose #2.  Communicate upfront and inspect to take care of any potential "sloppiness issues".  I've had many experiences working with newer contractors...great opportunity to "train" them a bit on your expectations and create loyalty.  I have one in particular that we actually helped put in business about 7 years ago, and his company continues to do most of the work for us to this day.  Also...unless the materials are an allowance that you are choosing, we don't separate out materials and labor cost.  If it's a flat fee to paint including materials, it's a flat fee...I don't like to waste time calculating every gallon of paint I might order.  I never do time and materials except when we do consulting or building forensics work.

We opened a Solo 401K with checkbook control.  Rolled over funds from other retirement accounts.  Love the fact that I can invest passively through real estate instead of the stock market.

@Mike Franco  I got it through a company here called MyNewFloor.com  I got a discount that was going on for that month and bought for two of the houses I am flipping.

I just had an Armstrong LVP rigid, click floor put in a 2100 square foot house.  12 mil wear layer.  Gorgeous.  Got 1.99 per square on materials.  1.99 on install.  Complicated house with lots of angles.  Wonderful job.  

@Byron Scott  Wow!  Congratulations.  Not just for getting the property but for staying the course...for staying strong and proud.  You are a true example of what it takes to move beyond your old beliefs and experiences to a new path!  Way to go!!!

I pay a structural engineer about $350 to come out and then do a quick design which is submitted to the inspection/permit department.  Worth the money.

The only way I have been able to be successful in anything is to screw up a bunch of times.  (Boy the stories I could tell!).

What I have been very good at is diving in, head first.  All in.  My strategy has been to think "What is the absolute worst thing that could happen?"  and then "If that were to happen, could I deal with it?"  If I say yes to the second question the game is on.

The other thing that I ask myself when I have a negative thought is "Who would I be if I didn't have that thought?"  That will shift all kinds of paradigms for you...at least it does for me.  

(Note:  I spent years as a speaker, life coach, trainer...the exasperating side benefit to that is constant self diagnosis...and some vodka for self medication).

We are a general contractor and also flip houses.  Our work for clients consists of only high-end clients with good profit margin...only word of mouth.  We are very experienced and have done work in the NC area since the 90's.  As fellow investors  we know we can't make a decent profit on small rehab/flip jobs for other investors.  On our own properties we are buying and flipping, it does of course because we are doing everything at cost and then getting the profit off of the sale.

We have some of our client work on a facebook page but fortunately we aren't in a position where we need to advertise for more work...so we aren't going to spend money advertising.   In fact, we have lately been turning down a bunch because we are booked out until the end of the year. We went through the downturn in 2008 and yes, at that time we were doing everything we could get our hands on.

So for small rehabs, you are generally going to have to look for newer general contractors perhaps and be flexible with time and costs.  The economy is great here, so everyone is busy, busy, busy.