All Forum Posts by: Mitch Rice

Congrats Cliff!

As always, it's encouraging to read your updates and success.

Jeff,

Shoot me a PM, call, or email when you have properties available in Kansas City with the following criteria:

$80K to $100K ARV SFR

$100K to $150K ARV multi (up to 4 units)

I'm a cash buyer.

Mitch

@Arlan Potter

This is a rental and currently landlords that aren't classified as real estate professionals are not *required* to provide 1099's, although I will do so whenever I can. This is somewhat of a grey area so as I scale this will probably not be something I will continue since it could be required again sometime in the future.

http://tax.cchgroup.com/downloads/files/pdfs/legislation/repeal1099reporting.pdf

Here's a 2015 forecast on Kansas (including Kansas City) by Wichita State University. They produce it every year.

http://realestate.wichita.edu/draft/research/Web/F...

My 2 cents... it's a stable market and will experience longterm linear appreciation. Nothing like the booms and busts of the coasts. With that said, a lot of the areas in KC that seem popular on BP are in parts of town that are not as desirable and may not experience appreciation.

We got another contractor to bid today and he quoted $5500 on the spot for the entire scope of work including the back deck. I know several people who have had painting done by him and he does a great job. The downside is it will be an all cash deal and he can't complete a W9. It's for a rental and I'm not a real estate professional so technically I don't believe I must provide a 1099. Thanks again for all the help in this thread. When the work is done in a few weeks I'll update the thread with results.

I sat down with one of the painters this afternoon and got his bid down to $5600 by eliminating the power washing, deck work, garage painting, and the walls of the bedrooms. I'll do the bedrooms over a weekend. The painter will still do the trim work. He also took $900 off the top of the bid.

This includes: drywall repair, wallpaper removal, trim/doors, shelves/mantle in living room and basement, kitchen cabinets, ceilings where needed, and all walls except the bedrooms.

Thanks again for everyone's feedback. 

Also, all the flooring in the house will be replaced except the kitchen so they don't need to protect it.

I appreciate all of the replies. I'm working with both painters this afternoon to work on getting the quotes down.

Regarding the ceilings, there's about a 2 foot water stain on the ceiling in the living room, the basement has a 3 foot hole in the drywall that needs to be patched, and there is a 5 foot area in the garage that has mold from a leaking bathroom. 

We may be able to get away with trying to just repair and match the ceilings. Both painters also included the drywall work in the quote. I think that's another of my mistakes. A handyman can likely repair it for much less.

I'll update everyone once I get the quotes down. Thanks!

Thanks guys I really appreciate the feedback. One of the painters is a friend so I'm going to meet with him today and walk through the quote to see what work needs to be cut to get to around $5K.

The items that immediately come to mind when thinking about cutting are the garage walls, powerwashing the vinyl siding and deck. Worst case we could also consider doing some of the painting ourselves and leaving the skill work to the painters.

There are two things I'd love everyone's opinion on. This is a longterm hold in an A neighborhood ($1500 rent) w/ opportunity for appreciation and periodic rent increases.

1. 1. What type of interior finish is best? flat is cheaper but satin will be able to be cleaned easier.
2. 2. Trim and cabinets are a huge expense but are currently stained wood with scratches and wear. I think painting them white will have a significant visual impact on the house, allowing us to maximize rents. Am I off base?

Hey everyone,

My wife and I are working out the budget on our first rehab and are taken aback by the paint quotes. Everywhere we read says we should be paying a max of $2 per square foot for interior and around $1.5 for exterior. The below quote from a painter came in at $8800. Painting kitchen cabinets is included, but for the exterior only the front needs to be painted as the rest is vinyl siding. 

A second painter estimated $8200. 

The house is a 3/2 split level that's approx. 1600 square feet. There aren't any unique characteristics about this house that I know of that would cause it to be more expensive to paint.

Am I missing something?

Walls

all walls throughout the home... including closets and garage walls.

Wall paper removal in bathroom, kitchen, master bathroom.- should come of walls ?

Prime over and prep wallpaper in dinning room.

Mud and sand all nail pops, holes...

2- coats of Sherwin Williams Satin Finish

Ceilings

Family room ceiling- prime water stains, paint.

Back bedroom ceiling- paint.

Basement ceiling- patch holes and paint.

Garage ceiling- paint

Cabinets

Kitchen Cabinets- Prime, sand, caulk all seams, paint.

Trim

- all trim throughout the house

Prime, sand, caulk all seams, paint.

All doors to be sprayed with paint. Approx. 12 doors

Paint interior of front door trim color

Exterior of Home

Power wash vinyl siding (sides and back)

Paint front body, trim , front door, wrought iron hand rails.

Power wash deck, stain with a clear coat stain/sealer