All Forum Posts by: Edward Moore

@Moshik Zemach Thanks for the contact. I will be sure to reach out. They are one of the more established companies around here, which means more money. But I like anyone who can be creative, and think outside of the box to help save any where we can. 

Best

Hey all,

I am running into lots of flips lately that need some degree of foundation repair. Does anyone have a solid contractor contact that you don't mind sharing that you have used in the past, who is also investor friendly? (aka budget friendly) Or maybe even someone who does consultations? I have a very extensive construction background, however foundations are a real niche trade that scare me a little. 

Thank you in advance 

I am looking for an experienced attorney who can draw up a couple operating agreements and some LLC documents in the Charlotte area.

Thank you!

All good stuff. Thanks everyone for your input and clever ideas. 

@Joe Splitrock Your probably right about it being an inside job. Which is infuriating to even think about. 

Thankfully insurance covers everything. 

What is everyone's best strategy to mitigate risk of theft and break in on your flips? 

Let's hear some war stories and how to corrected them!

Also, how does this tie into giving access to your project during construction to all the different subs and vendors?

Thanks!

@Liz Barcelos The best way I have found is to periodically walk the property and check progress yourself until your comfortable with the GC. If you cannot physically walk it, progress photos at the end of every week will help you know where the project progress is, and the GC knowing that your either going to show up or knowing the need to "prove it" at the end of every week should help keep them on track. 

Building in milestones into the schedule with completion bonus/penalties is a great tool as well. If they miss a couple milestones early on, you may be able to get out in front of a bigger problem before it gets to sideways on you. 

To @Evan Polaski point, Hold off on payment until you can verify the work has been completed through pics, and or a walk. Only pay for work completed. Hold 5% for 2 weeks after substantial completion to keep them motivated if they need to come back and fix something. 

Thanks @Tom Murphy I couldn't agree more that time is the most valuable commodity.

I am starting to lean towards more of a PM role vs the GC side to minimize liability nd maximize time.

 I have a lot of experience with construction, especially the MEP side, so I was thinking that I could save money by doing a lot of the technical(expensive) work myself. Especially if I am trying to keep the overall budget under 30k to avoid being "required" to use a licensed GC.  

Hey BP community, I am just getting started and would like some input. 

I am trying to get feedback on other investors experiences (good and bad) with acting as the GC..

I understand that your time is more valuable to build the business etc. But at least initially, till I can build a good team, I will be more hands on. 

The plan for my business partner (an agent) and myself (a commercial GC superintendent) is for me to run the work, and he finds the deals.

I have read that up to 30k rehab budget you don't need to use a GC. But if you go over that, you "legally" need to use a GC.(At least in NC)

Thanks in advance

@Elliot Landes For the win!  Thank you for that great info, that answers all of my questions. 

@Sue Hough Thank you! That is what I was looking for. I am assuming it is typical to open an insurance policy under the LLC?