All Forum Posts by: Ed Matson

Hi David,

Welcome.  You might want to attend the monthly meet up.  Last Wednesday of the month at Anna Liffey's in Fairfield.  This is a no charge, no pitch, monthly networking event that may be very helpful to you.  Set o keyword alert to Connecticut or Fairfield County and you'll get the notification.

I would agree to wait until the house is complete or 99% complete. We had a couple ask to look at our flip while it was about 2/3rd's done. It was framed, wired, plumbed, and the sheetrock was hung, but no flooring, kitchen cabinets, bath fixtures, paint, etc. Since they walked up while I was there, i said sure. After 15 minutes they said the "house isn't for us". They phoned me the day after the listing hit the MLS with 30 photos. "Saw the house on Zillow. Looks great. When can we see it again?" We will close with them shortly.

I would be careful about buying MF in PDX. Prices are sky high. CAP rates are very low. Now is the time to be a seller, not a buyer in this MSA. Note: we own a 46 unit MF in Beaverton.

That should be "If" the siding is in good shape.

Pdf the siding is in good shape, I would keep it and add an accent, like shutters, or decorative trim above the windows/doors, as long as it is consistent with the home's style.  You can get a lot of bang for your buck with accents such as these.

If you haven't already done so, I would suggest buying Jay Scott's books on flipping and estimating rehab costs, available at the BP store.  Really helpful.  We just finished our first flip.  I partnered with a carpenter, who was more knowledgeable than I, but I still had the same emotions as you.  We made some mistakes, but the house came out great and is now has a buyer.  

The quality of the epoxy "paint" job is all in the preparation and application. We had good luck in our house.  Ask the company for references from jobs that were done more than 5 years ago and call three to see how their work is holding up over time. You lose the grout lines, so appearance isn't as nice as a new tile job, but I think its great for a rental.

Another option is to hire a specialist company that will paint your tile after acid etching so the paint adheres.  Years ago we did a tub in our house this way and got ten years out of it.  You can end up with a nice fresh white on your walls without re tiling.

Hi Edward,

There is a Central CT meet up of RE investors that meets monthly.  If you make "Connecticut" a key word on BP, you will get notified.  I go to the Fairfield County one, which is a great networking event without sales pitches.

Mike,

I have such a partnership, and although fairly new, has worked well. I concur with David's comments. We created a new LLC for the partnership and the division of responsibilities and profits are clear. Both partners are motivated by staying on schedule and budget to maximize profit. You can never anticipate every possible scenario, so selection of the right partner is very important.