All Forum Posts by: Jon Moore

Hey twin brother. @John Moore Thanks for the validation on the two jobs. I keep hearing people say it takes 4 to 6 months to close your first wholesale deal. Yet another reason to have another source of income.

Welcome to BP! It's always good to have a Realtor that knows how to find deals. I'm sure you will find a wealth of investors looking to buy.

@Jerry W. Hey thanks for the response. It's good to see your actually out there doing it, whether perfect or not. Like they say, "experience is the best teacher. "

Thanks for the warm welcome. The problem with the flip was I put all of my cash in it, over improved it. Then instead of selling it and getting a small percentage of my capital back, I held out for more as the market moved the wrong direction. It's now a rental I'm upside down in. Here is what I learned or what I call 'my $20,000 education'. Cash flow is like oxygen, without it your business will die. Make sure to have a job, business, rental properties or some sort of cash coming in. Don't try to do all the work yourself, even if you have all the skills. The time it takes will cost you more than hiring subs. Especially if you are using Hard Money. Use permits if required. (Most of the time you can get by without) Don't be a perfectionist and over demo a rehab. Everything you take apart you have to put back. Have a budget and timeline for every part of the construction process. It's really easy to put your nose to the grindstone and just try to get it done. I realize these May sound like common sense but at the time they just didn't seem that important. The profits really are in the pennies.

Thanks for the great info. I'm going to try to make it tomorrow night to the Denver BP meet up.

Hey guys,

I'm back in the Real Estate game after a bad flip sunk me 5 years ago. I'm a Journeyman Electrician and am getting my masters in march. I plan on going out on my own and doing electrical work half time and wholesaling half time.

Anyone have thoughts on staring two business at the same time?

I look forward to meeting all the crazy BP members in Denver at one of the up and coming meet-ups.

I live in south Denver (Centennial) anybody live close?

Thanks for the input. I think I will check it out as it's never a bad idea to meet new people and get more knowledge.

I'm prior service Army so I get a 10% discount at Home Depot. Be jealous @Anson Young be very jealous.

I just got invited to an IRROC meeting. Is anyone in Denver involved with this group or know anything about it?

J Scott very true. There does seem to be two prices in the construction world. One for contractors and one for homeowners. I would recommend anyone get three bids unless they are experienced and know exactly what the job should cost.

As an electrician, when I work with Realtors I usually just write something up saying how the two prong outlets were up to code when installed and are therefore legal. It's not cost effective to pull new wire and that is the only way to get a ground.

If you do finish the basement everything has to be up to current code which may include upgrading the panel. (Usually $2,800 to $4,500) If you finish the basement without permits and don't disclose it to the buyer you really put yourself at the risk of being sued if something happens.

I rehabbed a house without permits a long time ago and I'm pretty sure it's going to be a buy and hold now.