All Forum Posts by: Greg Palmer

Hello,

I am a solid contractor with good referrals wanting to get into flipping but don't have the credit score to make loans work. Is hard or private money out of the question too? Any creative suggestions on how to start?

Greg

Hello,

There is a first time (at least one I've coordinated) REI meet up at the Holiday store on Placer in their community room this Feb. 3rd. from 6-7:30. Nothing is going to be pitched, sold or otherwise, we are just going to network, hopefully share some best practices and see if we can help each other out! Please RSVP as space is limited. No cost to attend.

Greg Palmer

Hello,

Just looking for some ideas on how to go about vetting potential custom home clients without running them off but also not putting in a lot of time and then have them delay, stop or find someone else. 

Thanks

Tyler,

I've emailed you a SOW for floor coverings. I just googled Scope of Work residential and got this and a complete packet from a Builder's Exchange in Michigan. It's been years now so I don't remember exactly which town's Exchange but I'm sure you can find something now a days.

Greg

Hello,

I'm in Northern CA. and just stumbled upon a potentially huge opportunity for me but I need advice on how to make it work. Here's the scoop:

It's a 23 mixed unit apartment -16 two beds, 5 1 bed, and 2 studios, built in 1983 overlooking the river which flows right through town. It's in an ok part of town, needs a total re-hab. 

It's cash flowing currently even with vacant units at approx. $100k/yr net. Cap rate of 7% values it at 1.5 mil. should be listed for 1.1m, but with the re-hab could be negotiated for less possibly. 

Rents could be raised some after re-hab to value it at 2.2 + mil. All units will need all finishes and appliances replaced, possibly HVAC upgrades too. Thinking to try and keep re-hab per unit costs at around $20k average. 

Here's the problem, I'm a contractor with a solid 8 years experience but the last couple of years in the market I'm in has hurt and my credit score is not great. How can I raise the money I need on this? Should I try and form a team which could carry it and take my chunk at the end? Can I make an offer on it and use the due diligence time to try and make something work?

Greg

Hello,

I'm organizing a new REI meeting in Northern California and was looking for help from BP members who could suggest some good formats, topics etc. to make it a success.

Thanks, 

Greg

Marcus,

Way to go! I think it's always a good idea to take a step towards managing instead of doing the work yourself, you can produce so much more with that model. I don't know how big your urban area is out there but I know that where I'm from, Portland, OR, there are GC's who do well just looking for infill lots in the city and building skinny houses or whatever the lot will allow. Team up with a knowledgeable Realtor who can give you stats on the market conditions in your area. 

Greg

Hello, just wondering if anyone has experience gutting and remodeling a 1976 double wide manufactured home. The whole place has the old wood paneling on the inside and metal siding on the outside. I would like to replace the inside with drywall and the outside with hardi plank. I'm wondering if the amount of weight added with these materials is going to be ok. The "home" is not on a foundation.

Thanks, Greg

Up here in Northern Ca. we run about $1.15 per sq. ft. for insulating. 

Kyle,

I agree with Andrew, how many of those do you see on homes? I would tear it down.

Greg