All Forum Posts by: Michael M.

Hi all, 

Are there any developers /rehabers that have recommendations on a good architect company for development/design and permitting around the San Bernardino area (Southern California) ? 

There's a part of a property that I can build a separate home on and want to start looking into the overall approach /design for it. 

Tips/advise are much appreciated! 

Thanks, 

It'll really have to go back to how your contract was written,some contracts might be written like " All permits, inspections and necessary pro-active coordination to maintain the project's schedule shall be the responsibility of the Contractor and shall be included in this contract amount", or  " The Contractor shall comply with all necessary state and local codes including Authority Having Jurisdiction. 

Again just something along those lines that can help convey the point that it's the contractor's responsibility. 

I could be wrong on this, but to my understanding if the work does not affect the square footage of the house nor the structural components, and is simply replacing a "like-for-like" type product (swapping out an old light fixture for a new one, but the are on the same circuit and panel,  permits would not be required. 

Analyze and offer!

Like @Brandon Turner has mentioned numerous times in podcasts /webinars, start analyzing to see whats out there. When I was looking for my first property I kid you not, I analyzed literally every single property from my realtor's MLS link. Was it overkill? Probably, but I quickly started to understand how to more efficiency look for, and analyze properties that made sense.

Once you find one, run it by your agent/PM to get his/her opinion on the neighborhood, advertised rents etc to confirm, and start getting offers submitted. 

Good luck! 

@Edward Kiser

I'm not an attorney, but hopefully some of this would help:

For the insurance deductible, if it’s spelled out in the contract the deductible is not due until completion, then do just that. You have your end covered on that aspect.

Honestly the verbiage within the signed contract is the biggest determining factor on your rights for termination. I’d re-read the contract to confirm what rights you have, and then have the phone call with him that it was supposed to be completed a month ago, it still isn't completed and that you're going to get someone else, unfortunately you just need to be blunt about it.

Also I’m not sure how it would work since it’s an insurance claim, but possibly notify the insurance company that you’re going to be finding another contractor. 

One last thing, because I’m in the construction management field and deal with finances as well, I like to reduce risk wherever possible and I’d suggest looking into state specific forms to have him sign since you've already paid him: (might need to consult with an attorney for the verbiage, just depends on what you can find online):

• unconditional release of received payments
• receipt-release and indemnity agreement
• a sub-tier/third party release
• lien release form

These would all cover your end for the money you’ve already paid out, so that he can’t come back after you for “lost money”, or if his roofing sub comes back to you saying they were never paid. 

Hope this helps.

EDIT: Forgot to include this before hitting reply, but thank you for serving our country!

Have to love California with all their complexities lol. Thanks for the tips and I just sent you a PM as well!

@Lance Lvovsky Just sent you a PM!

Appreciate the suggestions Carl I'll definetly check them out. 

Also from what I'm getting, it sounds like a solid CPA should offer an open line of communication with them throughout the year for various questions as they arise for investment / tax purposes too. 

Thanks again!

Hi All, 

So I did some looking around on the forums within this sub-topic and it looks like there are numerous recommendations for CPA. A question I have is about how much does it cost you to get the taxes prepared with them? Not sure if it would affect pricing but I have a typical W2 job, some stocks and have a total of (4) out of state rental units.
 

Also any personal experience / reviews with the CPAs throughout BP? Any advice would be greatly appreciated!

Thanks,

Hi Ali, 

Yes I sent an email a week ago and it's still unresolved. I was CC'd in another email today so hopefully I'll get an update soon. 

Just concerned because its my first rental and I would like the money to go into my account lol :)

Thanks

Hi All, 

I picked up a rental property about a month ago and funds were to be distributed into my bank account August 31st / September 1st from my PM company however I have not received them yet.

Just wanted to get opinions on this situation;  and if this has happened to you,, recommendations on how I should go about making sure its taken care of / dealt with?

Thanks,