All Forum Posts by: Steve Yoo

Property not listed. Owned it for very long time they say. Compared to many of the other apartments it's actually better maintained on the outside. The maintenance guy lived there 7 years already. Property was not always like that. Owner has another property nearby with more units. He wants to sell that as well but I am not sure with the details. My client should know better. I just know he wants to sell and just leave.

We actually met with the maintenance guy. He lives in the property. He maintains the exterior from people throwing waste on the property. He showed me the problem. I am the contractor. My client and I went to the area to see another property. I advised him because the extent of work it didn't seem worth while. We decided to walk the neighborhood and this is how we found this place. Current owners contact info was given to us from the guy. It is not listed. I am thinking going in with my client together so this why I ask. I will be doing the construction. My client has numerous single family home and 1 six unit. This would his first with so much work that needs done on the property. This would be my first as an investment property.

Thank you everyone. Definitely a lot of great info. Yes will have to think a lot harder and it may be something that is too big to deal with. Thanks again!!

Hi everyone! I looked at a 20 unit apartment building. Currently it is 100% vacant. The area is developing and I am assuming in a couple years the area will go up in value. The city is building a huge park, stadium and public transportation is with 2 miles. The apartment is vacant because there are plumbing issues and not suitable for tenants to live in. The landlord is not making any money except paying expenses. He is asking 260k. Each unit will rent for approx $550-650/month. Renovation will be approx 200k. I don't know how to value this property and if what the current owner is asking is worth it. Any feedback would be very helpful. Thanks! Steve

rashad,

Where is the property? I hope GA. Let's connect. I'll be in multiple areas today hopefully it's near.

Steve

Derek,

I am a contractor and I have worked with a few investors consistently. Most of my clients investors are buy and hold and flippers. There should be more than enough contractors in your area. Obviously by looking at the pictures and just having you state general floors, bathoom, kitchen and paint I would not have any idea where you came up with 5K and 1.5K. 

If you had a couple contractors go out for the estimate and they have not replied, then most likely they assume your price is no where near close to what the their estimate would be. No matter what they should still give you an estimate. 

An example: with all that furniture doing the floors and painting is difficult. Just takeup of tiles will cost you about $1200. No matter what you decide to put on the floor you have to assume you will be paying minimum $2.25/sf includes labor and materials approx $1,900.  If your thinking about replacing those rainbow tiles in bathroom tub and floor minimum would be $1,500. 

I have gone to numerous estimates and honestly some were a huge waste of time. Some prospects are not realistic on cost for certain scope of work. Right now many contractors are extremely busy (should be). Many contractors are not willing to take any job that comes their way. Contractors are in business to make money. 

I think you need to do some more research on what exactly you want done to the units and what will make sense to the contractor. If you get another contractor to go do an estimate tell them you expect to get an estimate immediately at the home. Tell them prior to them coming. Lets not waste your time, tenants and contractors. 

If I sounded rude It was not my intension. Just trying to let you know from a contractor's perspective. 

Steve

Being a contractor and specializing in painting and flooring I hope my input will be helpful. I suggest if you have the time DIY it. Anything too unsafe like high ceilings leave it to the pros. You can paint the rooms and hire the pros for the difficulty areas. I have given many quotes on painting just the areas homeowners don't want to paint. Typically you the homeowner buying the paint will be more cost effective. Painters usually charge more even though we buy it for less. I usually have my customers use my account to purchase the paint at my contractors discount price. I make the money on the labor. Refinishing a floor is something I would highly recommend hiring a professional. Many DIYers I know contacted me after they screws up the whole job. It's usually not the sanding part. It's usually applying the stain in uniform. There are too many dark and light stain areas. Sanding the perimeter of a room is extremely back aching. Since we do this on a daily basis our bodies are used to working in this position. Also the sanders people rent at big box stores are really not too good. They do get the job done but from my experience I go through more sandpaper with those machines and trust me the sandpaper a add up a lot. I hope I as able to help... Steve

they don't have to but I think it's perferred. Sometimes you may have a problem with the rehab couple weeks after completion and if the contractor operates his/her business far away they may not come back as soon as you need.

Steve

as being a contractor myself I never charge. What's really wrong is if the contractor has done work for you in the past he/she should feel comfortable you would most likely hire them. I have gone to some bogus estimates buts that my job as a contractor to sell myself and my company. There are a few big box store contractor who charge for an estimate but most do not. 

I agree with Roy Vinyl flooring is another option. Now they have many that has a wood look appearance. I have used them in many bathrooms. I have not had a client who wanted them for the basement though. 

Cons:

•concrete floor must be flat (no holes no high spots) concrete must be as flat as possible. High spots will show and also damage the new flooring. 

• when people hear vinyl they automatically think cheap. Actually vinyl has changed significantly and has many designs and value.

• some nice vinyl are around $2.50/SF. There are many nice tiles around this price. 

Pros:

• installation labor usually cheaper than installing tiles. No major tools required

• many designs to choose and methods of installation.

• very water resistant