All Forum Posts by: Mike Reynolds
Mike Reynolds has started 31 posts and replied 2028 times.
Post: Can you sue subcontractor
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Originally posted by @Greg H.:
Keep in mind in Texas contractors do NOT need to be licensed nor bonded and insured. My guess is this contractor has none of these. While Pete may very well get a judgement he is aware his likelihood of collecting is very very low In Texas, we cannot garnish wages nor attach a lien to a homestead and the chances this contractor owns non exempt property is low at best
What do you think @Mike Reynolds?
Greg is pretty much correct. Some cities do require a token license and a token bond. The bond is usually 5-10k though. I have never built anything in the Streetman/ Fairfield area(if that is where we are talking about) so I can't say for your job.
what I would do is go to the code dept and ask them if they require a bond. If you have to call a bond that alone may get them to finish. He won't be able to get a bond if they pay out unless he covers nearly the whole amount next time. Often they can convince him to finish.
Of course that assumes they do require one. The liability could cover you on the other stuff.
Mostly though if you want to finish you just need to do what it takes to make that happen. What you offered the plumber and electrician was the right thing to do. Unless I missed it, I didn't see anything on the AC guy. Is he ok the permit too?
Post: Why is Arkansas Real Estate so cheap?
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Originally posted by @Account Closed:
These are 2200 sqft homes fetching $132-145 per sqft new. Its absolutely absurd! The footers of the house are CMU block and filled in with concrete, no footer below the cmu block, just SP2.
Notice that brick goes all the way up, no footer or brick ledge only sitting on sp2, has 1 tie in 16" up from the sp2 and up the wall..nothing to hold the brick courses in place, not to mention missing water proofing/vapor barrier.
I have been investing in Arkansas since late last year. Been doing really good so far. I am also a very accomplished builder. These guys need to be stopped. Is there any statewide license or arbitration? New to the state as far as builder so I dont know.
Post: Why is Arkansas Real Estate so cheap?
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Originally posted by @Account Closed:
Go check out the homes in the circle...
they are very poorly built and wouldn't pass an inspection.
attached are some photos. I do recon work on all my competition 😂
Back when I was still a framer (long ago) I tried to get with a large builder. I gave them a bid per sq foot and they told me they didnt pay that much. I asked why not. They said "We just dont put as much wood in ours as others do. There is not as much to nail up."
HMMMM,,,,
Time to learn how to remodel I guess lol.
I hate hacks.
Post: Why is Arkansas Real Estate so cheap?
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Originally posted by @William Gay:
I am a Realtor in Jonesboro, AR. We are a fast growing city with a population of around 70,000. Our housing market is pretty affordable due to having plenty of ground to build new homes on. I would say that the median house price for a nicer 3 bedroom 2 bath home would be around $160,000. If you ever make the decision to come to Arkansas, let me know. I would enjoy helping you find a place here to call home.
What is Osceola area like? Asking for a friend lol.
Post: REFI/Finance MHP question
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Originally posted by @Jason Shackleton:
Happy to help at @Mike Reynolds If you end up needing another quote on your MHP refinance or purchase let me know. I know a lender that lends on these. Won't be better than a bank rate but can likley move quicker.
Hey @Dave Rav you are likely best to use the bank you are at now for a MHP refinance. As you mentioned, yes it is difficult to find these lenders. I only know one lender that lends on these.
Do you lend in Arkansas?
Post: REFI/Finance MHP question
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Originally posted by @Dave Rav:
Good post. Which financial institution is doing your refi/financing? We have a smaller MHP here in SC and are looking to do a refi. Thanks!
We haven't gone that far yet but a local bank did the original loan. We may use a broker or not sure who we will use on the other. We dont have the other park under contract yet and haven't heard from our realtor yet.
Post: REFI/Finance MHP question
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Originally posted by @Jason Shackleton:
Hey @Mike Reynolds Those are some amazing numbers on your MHP congrats! I think I would just do a refi on your current MHP. Then have a separate mortgage for the new park. I feel like this will give you more flexibility options in the future. You are likley to refi this next MHP once you bump it's value. If you have the two parks in a bundle you would likley pay more fees on that future transaction.
Hadn't thought of that so thanks. That makes the most sense.
Post: Screened in porch flooring help
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
@Derek Larson Part of the problem you will have is change in seasons will cause it to expand and contract. That is probably why the used carpet. What is under it now? Is it concrete?
Post: Estimating dumpster size
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Originally posted by @JD Martin:
No good way really because it just depends on the house. I have used 10, 20 and 30 yards from the City on my properties. Where I am, the 30 is for heavy demo - it's the biggest the city will allow to be parked in the street - and they give you one free haul-off when you rent it, so typically I will get 2 hauls. Last one I used was on a 2br 900sf house with most of the furniture left behind, a full kitchen & bathroom demo and 3 old water heaters left in the basement - though these were "stolen" by local dumpster divers, much to my delight since it saved me space and cost for hauling. That took 2 full hauls. Abandoned furniture is the worst because it takes up a ton of space. Demo usually packs in pretty tight.
I love those dumpster divers. But they have to do it while I am there. Otherwise I come back and have stuff strewn all over the street. I'll leave them a number saying something like more free stuff inside if you call first.
Post: Structuring a deal on mixed use RV/Mobile/SFH/Storage property
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Originally posted by @Kyle Stueve:
Hey BP community!
I ran across an interesting deal and wondering how to proceed?
About the property: Mixed use property with a SFH, 5 RV spaces, 3 storage units and a larger separate garage. Everything is currently rented. Cap on the property is 16%
There seems to be interest on the property but it is not able to be financed so I think that seems to be drawing people away. I think that some creative solutions could make it work.
Property is 385k, total rents 5400/month. Expense ratio is about 40%.
Question 1:
I don't have a lot of cash so I am thinking of structuring as follows? Hard money at 50% LTV @ 10% 2 year balloon(Talked to a HML that is interested), owner carry 150k at 7% 2 year with balloon(Agent says he is open to carry, owns property outright), and me coming in with the rest of the cash.
Question 2:
At the end of two years how do I know a commercial lender will want to lend on the property? I didn't try initially because I don't have the down payment that commercial typically want. I'd hate to get to the two year mark and have balloon payments to deal with and not able to refinance?
Just trying to think of some smart solutions to make the deal happen.
Any insight is very helpful. Thanks so much!
Not a lender but I dont see why not. Just in case though, would your HML consider a refi or long term after 2 years? Some will and some wont.