All Forum Posts by: Mel Hayes

If he's the only contractor you know, you may be in trouble here as he holds all the cards.  Also he's on the permits as the contractor who is permitted to do the work.  I would be getting other contractors out there now.

Hi BP,

I've been working on a fix and flip calculator and I'd like to share it with the community.  It's loosely based on the B.P Calculators and some things I took away from J. Scott's book.  

The issue I kept running into with the B.P calculator was the generalization of important numbers.  Example: the BP Calculator ask you input the holding cost. Well if you're using hard money, you need to know how much you're borrowing in order to know how much interest you're paying per month.  It also ask about the purchase cost. Well lots of the purchase cost is based on the purchase price which BP does not allow you to give until the end.

I love the BP Calculator as a base and using it motivated me to create my own so my statements above are not meant to crap on the BP products but I'm stating things I was struggling with when running numbers or when I was asked to provide more detailed numbers from lenders.

Does anyone know how I can share files so that I can make it available for download?

Thanks in advance.

@Raymond Erickson Hi Raymond, Have you already read J Scott's book?

www.aldanremodeling.com

866.221.5969

@Heather Rummel Hi Heather is this a Tiny House or a garage conversion. There are websites that sell plans for tiny houses that you can have professionally printed. There are also ADU all-in-one shops that do the plans, build, etc.

I hope this helps.

That's awesome Steve.  Are you operating short-term rentals within L.A City or L.A County?

@Chris Jordison

Check out the bigger pockets book store.

@Stephen Lynch

Hey Stephen, I have done this a few times and here are a few suggestions:

1. Have someone who will verify all work. This could be the agent who sold you the house. The property manager who will manage the house.

2. DO NOT PAY BEYOND THE WORK PERFORMED!!!!

3. SEE #2

4. Make sure the contractor signs the SOW. Your scope of work needs to be extremely detailed.

5. If you can, find a project manager instead of a contractor. Contractors want to fix more stuff. Project managers want to have a successful project.

6. SEE NUMBER TWO

I might be wrong but simple invoices to keep track should be sufficient. 

Originally posted by @Cherie Ganesh:

I haven't used this company yet but they were recommended to me because they have residential focus and do remodeling architectural plans.  Most architects I've worked with over the years specialize in commercial architectural work. They should have the staff to do "as built" plans since they do remodeling plans.  https://www.legacyhomeplans.co...

I found this company through Houzz but have not used them. Would be great to get a referral. I guess I'll make some phone calls. https://conceptarchitecturalde...