All Forum Posts by: Patrick Knapp

@Joseph Arellano

Raleigh is a fantastic area. I own properties in raleigh and wake forest. I also help people flip in the area being a GC.

The big hurdles would be price but if you can stay under 500k you won’t have issues selling if you provide a good product

@David Lasky

I’m not in LA but I can help address problems you’ll face with any home of that age.

First off galvanized piping, and aluminum wiring .

It’s gonna be expensive if you have to replace it and especially if your on slab.

Termite damage will be another issue. Get a report/inspection.

Permits I would imagine will take a while being it’s the government and worse California lol

@Shane Lafleur

I heard those two listing are supposed to be pretty awesome

@Frank Greg

Prices are $175-250 on average in raleigh

@Christopher Aranguren

First step in the process would get structural engineer drawings in an architectural drawings.

If you’re asking a licensed general contractor for advice like myself, I would tell you to make sure and verify their building license or residential license is active and since you’re an attorney, you can also look up if they’ve had any issues with litigation in the past, or if there’s been a complaint filed against them .

 I’m a licensed general contractor and builder in Raleigh so if you ever come on by here link up with me maybe we can talk some more.

Talk with realtors and ask them what builders do they like?

Having architectural plans will get you further with being taken serious with any builder. If they can get started quickly, that would be a red flag such as next week or something.

It says your an attorney so you should know what what feels wrong.

@Liza Domenech

Asking them if they are licensed to do construction in the state, some states like NC you don’t need a GC license for jobs under 30k, not structural/plumbing/electrical and HVAC.

Ask about past jobs and what do they focus on?

If you are getting a subcontractor saying he can do everything that’s a concern, you want someone who is good at one trade.

Ask for a copy of what there contract looks like?

Ask if they are ok with funds being held by an attorney in an escrow account for safety.

What are realistic timelines?

Do they like pineapple on pizza? If they say yes that’s a big red flag 🚩

@Ryan Pritchard

Depends if your getting bids from (free estimates) guy or if you paying for an estimate.

I wouldn’t suggest you have everyone come at the same time, if someone is desperate they might low ball the bid, than later on either tell you it needs more or not show up.

You want fair honest bids, you don’t want anything to influence a contractor into lowering the price because typically when they lower the price you’re losing something they’re not gonna do something for less without taking away quality or time.

Just my opinion, good contractors are busy. Simple

The cheap contractor will cost you more in the long haul.

I suggest paying for estimates, why? You won’t have the problem most due, which is scheduling someone and they never show up, the show up and never get you a bud or worse the bid it and change the price later on by saying it’s more than they expected or i underbid myself. When paid they will take their time and focus on the details.

If a contractor says it’s hourly or a flat fee for a bid/estimate that’s a good sign.

@Nathan A.

Have a good game plan with a list of materials being used.

When asking/paying for a bud it’s important to know what you want exactly to get a fair apples to apples comparison.

Another thing would be knowing how to talk to a contractor.

Most people I talk to don’t say the right thing and can come off in a bad way. Saying the words cheap or asap. Instead tell them you are trying to focus funds in certain parts of the renovation. Contractors are the most important part of investing, without us you will have to work and trust me you don’t want that lol

My name is Patrick

I’m a licensed contractor in Raleigh NC and real estate investor.

I would love to help answer some questions you have?

What have you wanted to know that I can help answer?

Fun fact: more investors scare away good contractors by saying the wrong things like “cheap, needs to start asap, I’m an investor, pineapple is great on pizza.”

Instead learn to ask open end questions with a curiosity to your tone of voice.

Anyway comment away

@Tony Angelos

Fire damage is not an easy thing to bid for even for experienced contractors who specialize in restoration like myself.

You need to first know what the big number is (ARV/comps).than understand you will need at least 25% minimum contingency. There will be things unexpected.

Soot and smoke removal is a must, the smells can get stuck in the wood so it has to be cleaned and sealed correctly.

So the best way to under when a place is worth it, is to see how much of the structure is burnt. If the roof is messed up and the house is worth only 200k it’s gonna be hard to buy unless you get it for dirty cheap.

Also remember you will have to replace all the electrical because of the heat.

You need a contractor and partner who are familiar with this process.

Be aware you will have to pay a contractor to give you a accurate bid.