All Forum Posts by: Kyler J Sloan

@Scott M. It is in Clyde, NC: Western North Carolina on the south side of the Great Smokey Mountains, near Maggie Valley. The house is also difficult to access, at 3500 ft, and one-way road. This would also affect the price. 

I am new to handling renovations, and was hoping for some advice regarding the estimate I got for my next project. 

My current contractor has completed two jobs for me in the past, and overall does good quality work at a modest pace (we ended up going a week past our agreed upon completion date on the second job). 

While I would like to remain as loyal as possible to contractors who have completed work for me in the past, the pricing may be a bit high. I realize this is to be expected, considering the scarcity of free contractors and distance he has to drive from the job. I just want to be sure it is not absurdly more expensive than I should expect. 

The estimate is for 15 K, and includes the following (see pasted images below). 

Thank you in advance for any advice you can provide. 

@Paul Sandhu You've probably had your fill at this point. 

@Bill B. I guess I now know not to expect any kind of precision from appraisals.

@Joe Splitrock I was told that it would be possible to file a quit-claim deed after the process you just mentioned to transfer ownership to the LLC. Is this not possible? Then again, the "due on sale" clause may take effect at that point.

As I understand it, it comes down to whether or not an improvement can or cannot be classified as a fixture, regardless of what it is. Fixtures, in turn, increase the property value. 

I am just curious as to why I have never heard anyone on BP make a standard of attaching all furnishing and/or appliances when possible, in order to do as much as possible to increase the value of a STR? -- Considering that many STR's come fully furnished, and an appraiser does not count un-attached appliances/furniture/etc. toward the home value. That would appear to put one in the best position long-term, if you intend to get a HELOC or Cash out Refi. For instance, the hot tub I will be getting costs 5 K, which is not negligible.

In particular, it would be absurd to attempt to move furniture out of the rental I recently purchased at any point down the road, as its driveway is an old on-way logging road which requires 4WD. The moving cost is prohibitively expensive. Just trying to think ahead. 

Thanks. 

@Tony Brown 
Thanks; this is what I figured, but just wanted to be sure. I have only just started the pre-licensing course.

I am considering getting my own license, and was wondering if it is possible to represent myself and a seller on an off-market deal in NC? 

This seems like it would be or should be prohibited. 

Should I be worried if a contractor asks for an excess of 50% up-front, on the day of a contract's execution?

The job is a staircase renovation at 6.5 K, with 4.5 K upon the execution of the contract, and 2 K after its completion.  

He has completed one job for me before, but did not request so much upfront. Then again, this is a relatively small job. 

@Matthew Ollis Thanks. I need to look into those for my next property. Since I am already under State Farm, I figure I will just add the Short Term Rental extension to my current policy for this property.