All Forum Posts by: Jerry R.

I think you are right on about doing a prehab if you can get the scariest issues resolved at a good price.

Sometimes we just have to keep trying. I have problems all the time getting quotes whether it's from a GC or a sub contractor.

Let us now how Angie's list works out for you.

Wishing you the best of luck!

Hi Paul,

Good question. I know finding quality contractors can be a challenge.

How did you find the 5 contractors you already tried? How did you approach them? Did you issue them the plans with a spec? If so, that might have been a bit daunting to them. Not all GC's are capable of working through such a spec and plans as such. A GC that is a builder is going to be more comfortable with it.

Did you get them to the property before delivering plans? That works to your advantage, it gets them invested with time in the project and plants the seed of possibility in their mind. Discuss what you need done first before handing over the plans and spec.

As anything else, getting a referral for someone usually works best. Also driving around and finding other similar projects in scope can help you locate a GC to use. You might find one at your REIA meeting. While I prefer craigslist over the phone book, in this case the phone book may work better for you. Look for the larger ads. Ask your architect who he has worked with in the past.

Kitchen counters look great. I've used the refinishing kit on bath counters, but not on Kitchen counters yet. However, I do price it in on a good percentage of offers I submit for rehabs.

I also like bar style pulls. I'm terrible at picking colors.

Thanks for the clarification.

I have a home I am renovating now that I am partnering with my SDIRA.

I will not be borrowing any finds on this project, but on the next I might attempt it. My SDIRA company holds regular meetings with other investors which should be a good way of finding someone to lend.

Not Sure what Steven meant by asking the contract to wait for payment until you sell as the proceeds go straight back to the SDIRA. I guess you can still issue a payment even after you close.

The best way as others pointed out is to partner with your IRA (or get a different partner) if there are not enough funds in there to complete the rehab. Just keep really good books.

Also, your IRA can borrow funds. I am not sure exactly how this works.

Last you can always add more funds to your SDIRA up to your maximum contribution limits.

What is the ARV of this house?

What was your projected rehab numbers before going in?

Nice updates,

Thank you

Thanks Joe,

Sounds like working with a typical bank on a REO. I have put offers in on hundreds of Fannie properties and still never got one under contract (well not closed at least). Did a Freddie Mac which worked the same way.

Banks and the title companies they use are notoriously slow. I always wire my finds direct to the title company and suggest my buyers do the same.

That makes much more sense to me now. The hard part, at least where I am is actually getting a HUD home. Rarely do they make it to the extended phase and when they do there is a reason for it.