All Forum Posts by: John McDonald

Here's a generic bid sheet for a basement finishing project. First job-cross off anything that is not in the plan.

Design and Planning
Permits and Inspections
Demolition and Disposal
Framing and General Carpentry
Electrical Work
Plumbing
HVAC
Insulation
Drywall and Finishing
Painting
Flooring
Ceiling Installation
Interior Doors
Trim and Finish Carpentry
Lighting Fixtures
Bathroom Fixtures
Kitchenette/Cabinetry (if applicable)
Countertops (if applicable)
Appliances (if applicable)
Hardware and Fixtures
Built-Ins and Custom Details
Cleanup and Final Touches
Contingency (for unexpected costs) --

I have not considered this as an investment avenue. I will be following to read how others have used this strategy. Thank you for posting!

I would research doing a lease option for the person willing to rent. 

Each have their own unique qualities that may be a better fit.  Take a trial of all 3 and see which one works best for you. 

Cheers

Quote from @Ben Scott:

Hey @John McDonald, what platform do you use to show you were deals are in OKC? Is this a software? Just curious. Thanks!

Hi Ben. Sending DM as I can't post the link here. 

@Jason Hutcheson I would suggest moving everything to an LLC ASAP as it help limit your risk exposure. As @Ko Kashiwagi mentioned, its also import to separate your business and personal bank accounts, so once you have your LLC setup, setup a bank account and begin transacting there. 

Create new LLCs for joint ventures using the same process. This keeps the books clean and helps the members avoid unnecessary liability. 

Cheers and good luck. ,

Both are very tough markets for investments with any prospect of near term cash flow. There are very few "deals" in the area as solid investment properties are snapped up before they ever hit the MLS. Long term appreciation outlook is solid for Sacramento. Many of the bay area people are moving there for a better lifestyle. I lived there for 15 years and just moved recently. My brother-in-law has been in an investor and commercial broker in Sacramento for 30 years and these last few years have been brutal.

Good luck. 

@Lily Rodriguez Charlotte is in deed a great market. We're showing more than 250 undervalued properties and the Charlotte market is experiencing strong growth. 

A Flip or BRRR strategy for finding an undervalued property for LTR would be ideal in this market.

Best of luck. 

Make sure to follow up with the costs after you get your GC with the final bid. Let us know how it worked out.

Check referrals on the contractors and handymen and keep several in your back pocket for emergencies. Assume they will no show or leave for another project. Constant communication is crucial. Managing the project is key. Don't underestimate staging.