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All Forum Posts by: Matthew Paul

Matthew Paul has started 166 posts and replied 6745 times.

Post: Creating Basement Apartment in Howard County

Matthew Paul#2 Contractors ContributorPosted
  • Severna Park, MD
  • Posts 6,914
  • Votes 7,505

The only accruate way to know is to go down and talk to the building dept at the county .

The wholesaler is a salesman , he wants your money , no different than a car salesman .

YOU have the control its your money , and he wants it .   Dont believe what you are told by him , do your own research and go from there 

I bet the filter is clogged 

Post: partnering with your GC starting out?

Matthew Paul#2 Contractors ContributorPosted
  • Severna Park, MD
  • Posts 6,914
  • Votes 7,505

@Troy Zapp So the GC is your neighbor and friend .   I never do business with neighbors or friends . 

I value friendship more than money 

You can choose your friends , you cant choose your neighbors . 

It may not be as easy as it sounds , your neighbor is a General Contractor , thats good , you do realize his main tool is his telephone and his subcontractors . You will be paying for materials and the subcontractors , not him , he just wont be adding his mark up into the project . 

Post: Owner financing the appraisal gap

Matthew Paul#2 Contractors ContributorPosted
  • Severna Park, MD
  • Posts 6,914
  • Votes 7,505

Tell the buyer to come up with more money down 

@Chuck E. I am wondering since no one has asked , is the unit a heat pump or a Air conditioner .  That would make a big difference in its cooling capacity .

But getting to 68 degrees when its 114 outside wont happen with  either a heat pump or air conditioner 

Post: Tenant couples requested rider agreement to lease.

Matthew Paul#2 Contractors ContributorPosted
  • Severna Park, MD
  • Posts 6,914
  • Votes 7,505

So 1 doesnt pay and you only get 1/2 the rent , and you cant evict the other .  Great deal for them 

Post: Our first deal! What now?

Matthew Paul#2 Contractors ContributorPosted
  • Severna Park, MD
  • Posts 6,914
  • Votes 7,505
Quote from @Daniel Torres:
Quote from @Matthew Paul:

Doors , windows , kitchen , and baths plus holes in the walls , entire paint job , holding costs all for $40K .  I think you are WAY low . Thats not including things that you dont anticipate . 

Hello Matthew, 

Feel free to read my reply to @Dan H. the rehab cost was set at 40k due to the significant discounted price of materials. However, I’m still unsure if I should keep the initial estimate from the contractor even though we are minimizing labor and cost of materials. 

Also, you mentioned coming into problems we don’t anticipate. From your experience, what were something’s you didn’t foresee happening and how did you manage overcome it. In addition, what percentage would you recommend that we include in the rehab to avoid these obstacles. That is something we didn’t really think about and I’m glad you mentioned it. 
Again, we are new to the game and really appreciate your feedback. 

Thank you



 Your pricing on materials is super cheap . but I am no where near the border , so I have no idea . Sweat equity is always a good thing if you have the time and experience helps . 

As far as the unforseen problems that always arise , you just deal with them as they come up .  And they will come up .  Just factor in for extra time and extra money 

Post: Excessive "Make Ready" Costs from Property Manager

Matthew Paul#2 Contractors ContributorPosted
  • Severna Park, MD
  • Posts 6,914
  • Votes 7,505

Those rates would be low in my area by half .

I do service work , the clock starts ticking when the truck leaves the shop and doesnt stop until the truck and men return . Yes what appear to be simple easy jobs still take time , and we bill for time .  Drive to get materials , is on the clock . 

If you want an estimate before work , that also takes time , we would bill the same rate to go out and make a list , price materials . And it would only be an estimate , not a firm price , things go wrong all the time , so giving an exact number would be difficult . 

It does sound to me that a lot of that work should have come out of the tenants security deposit 

Post: Our first deal! What now?

Matthew Paul#2 Contractors ContributorPosted
  • Severna Park, MD
  • Posts 6,914
  • Votes 7,505

Doors , windows , kitchen , and baths plus holes in the walls , entire paint job , holding costs all for $40K .  I think you are WAY low . Thats not including things that you dont anticipate .