All Forum Posts by: Account Closed

it seems you deal with a much different tenant type than I do, even so....I have always followed the principle that if it isn't there, the tenant can't destroy it. Be a minimalist.

Many variables exist that must be answered to answer that question. But in general, regardless of who, how much, what needs be done etc, i never front labor money. No deposits ever. I never pay for what i dont already have. Signed contract no problem. I pay in predetermined intervals as work is completed, holding the largest portion until 100 percent completion. i also always buy materials independent of contractor, which avoids conflicts of interest pertaining to quality of materials bought and reducing material costs to have more money pocketed to contractor on flat money jobs. How much to pay them depends on what the job is specifically. but i never pay someone hourly, always x amount labor paid in predetermined increments.

This seems to me a case of getting caught in numbers. Aka not seeing the forest through the trees. 550 a month with a 190 condo fee+repairs? How much will cleanup cost? What if you had to evict? Vacancy? Just doesnt seem worth the headache......and thats only after you pay off the 12g

I hate water, i will literally start punching rain drops. I drink only juice out of spite ( i know it has water but it makes me feel good) 1. Locate leak/ leaks 2. Hydraulic cement crazy 3. Drylock on top of that Problem with "crack repair"...in addition to expense, they know once filled, another eventually appears. Do what i do Sump pump if under doors or all ground penetration in one area. Run a length of perorated drain if necessary to it. Still less expensive

Originally posted by @J Scott:

Originally posted by @Seth Sherman:

I own 40 rentals throughout baltimore

Yup, sure you do... :-)

Im guess im flattered you think im lying. Didnt i give you some insight into weeding through section 8 tenants? How do you think i know about that? Is dealing with section 8 bs a hobby of mine?

Originally posted by @Account Closed:

@Seth Sherman

Not sure what your "x2" means... Care to explain?

Again you (not you per se but some REI's) often believe they know from years of experience what a re-hab should cost (what maybe 5-7 projects). That is awesome! So find a contractor whom agrees with you and is willing to do the agreed upon work for the fee and terms you both agree too. As a very experienced (30 years in construction as a hammer and nail guy as too which I also have 26 years of combined project management and ownership in various construction service businesses and have done work at THOUSANDS of properties) I am often shocked what inexperienced REI's think a projects cost is "A" but it really is "Z" because they really do not know what it takes to get from where a property is to where they want it be. The nice thing about being experienced is that I can say "NO". Which often shocks my potential clients. It is not because I am the greatest contractor nor I need to make boat loads of money. It is because I can tell from years of experience the supposed investor that is trying to hire me has very little real world construction experience and to much HGTV experience. For the record I not only just recently purchased a great mixed use property that I am going to make money on by having some of my professional associates work on along with me I also just finished laying 8 courses of brick at 40' each course by myself to get a project for one of my clients don on time and under budget. Cause that is what fair contractors that get paid a fair wage does. PS & FTR I LOVE AMERICA Try doing what you do as a REI in most other countries as you do here and let me know how it goes as I am always open to opportunities...

No problem jeff. A contracting company with workers comp, secretaries, office space, trucks etc often carry the principal of attempting to price by taking material and labor costs and doubling them to the homeowner, at least ive been told by several management guys ive befriended at few different larger places i know. Ive also witnessed this principal firsthand. My woman decided years ago that she would change her heatpump system out for a new one. Wanted to get estimates from bge home. Fine but dont agree to anything i say. Her estimates for a midrange carrier 15 seer heatpump changeout?? 9500. I got a guy to do the swap out for 1000 in cash upon conpletion, same carrier comfort series airhandler etc new from the distributor at cost...how much you ask?? 3200....so i pay 4200 for what bge home wanted 9500 for ( lowered to 8500 2 days later). Girlfriend didnt beleive that it couldve been done correctly, hired an hvac company to go throught he whole thing. Turns out i saved 4000+ just by cutting out everything but labor and materials. .....what the true markup really is, whther its x2 or x3 or x1.4 who knows. What i know is that i pay labor direct and buy materials myself. X whatever is something that a knowledgeable thorough rei should never pay

Originally posted by @J Scott:

Originally posted by @Account Closed: James here is making an assumption and crossed an imaginary bridge based off of it. The assumption/resulting bridge is that we/i are determining a cost for work based on what we have alloted vs what we have determined to be appropriate based on years of experience dealing with contracting and knowing how to pay someone only for labor and materials instead of the previous x 2, which is the standard practice to unknowing homeowners. Many contractors don't believe they should have to forgo the x2. So screw them.

As far as your dealership analogy, i would never by an american made POS

I've read hundreds of thousands of posts on this site and have met/spoken with with hundreds of the contributors, and I think I have a remarkable ability to be able to tell from someone's posts whether they are a successful investor or just a wannabe.

After reading a few of your posts, I certainly have my hunch about you, Seth... :-)

You really think youve read hundreds of thousands of posts? That would probably mean your too busy on this website Wilt Chamberlin of bigger pockets. as far as your "hunch" you know **** about ****, at least as it pertains to me. lets do an experiment, shall we??? You have a 3 bedroom semidetached rowhome and want to rip the existing radiator/boiler+oil tank out, put brand new duct every where including now finished basement with brand new 90k out gas furnace and caged in 2.5 ton condensor. Everything new, 410a etc. You tell me what you pay for all that, then ill tell you what i pay.

Originally posted by @J Scott:

Originally posted by @Seth Sherman:

@Kim H. I shed a mental tear for you. I know that your lack of knowledge is goingg to end up costing you lots of money, to the point of putting you out of business.

Was that really necessary?

Hows your rental property going? Found a section 8 tenant to ***** incessantly and destroy your house without being accountable for any of it? I cant wait to read your updates as your tone gradually changes when dealing with tenants. Clearly if i wrote it i felt it to be necessary, dad. Being a landlord is a harsh world where nice landlords get stomped on. I hope she doesnt suffer the rude awakening of carrying a half million nut while depending on people trying every way to not pay their rent to cover it.

Good luck

Originally posted by @James Wise:

Originally posted by @Account Closed:

Guys like you are great, problem is that guys like you are hard to find for the prices we need to spend to get something done. Hence the headaches. Plus many guys LIKE you (not you) often think their s--- doesnt stink and there services are iirreplaceable, and take it as a personal insult when people like us tell what we need ti get a job done for....how dare we...

this is like walking into a car dealership and telling them you need to get a new Escalade for $10k.

The scope of work dictates the price. Not what the investor penciled in on his spreadsheet for rehab budget.

James here is making an assumption and crossed an imaginary bridge based off of it. The assumption/resulting bridge is that we/i are determining a cost for work based on what we have alloted vs what we have determined to be appropriate based on years of experience dealing with contracting and knowing how to pay someone only for labor and materials instead of the previous x 2, which is the standard practice to unknowing homeowners. Many contractors don't believe they should have to forgo the x2. So screw them.

As far as your dealership analogy, i would never by an american made POS