All Forum Posts by: Sonya Hansell

Hey BP Friends

I am doing my first (minor) rehab work - using a contractor.  He has given me the quote and ready to start the work.

What is the protocol for paying a contractor?  I know that I should not pay for the entire job before he even starts the work.  But what should I pay?  How do I handle this as a property owner?  Do I need to check his insurance/bond etc?  And if so, how do I do this?  He was referred by another investor here on BP.  This is an $1800. job, so it is minor.

Thanks.

Thanks guys.

Afternoon everyone

Looking for referrals for a few jobs on a rental.

Need hvac installer.  I have a quote for a new a/c for $2200.  Trying to get it cheaper than that.  Will also need the furnace vents reconnected.

There is mold in the basement on one wall.  Not sure what that will cost.  It appears that the last owner just painted over it.

And then looking for a carpenter that will make a cover for one of the drawers in the kitchen.

Oh - and one other thing in order to get it completely ready for rent...I am going to need kitchen appliances.  I know there is someone in town that has them fairly inexpensive, just not sure who that is.

Thanks for any referrals that you can send my way.

House for sale
4bd/2ba with 1500sf
Very charming home with fresh paint and new flooring throughout. This beauty includes full basement , large 1 car detached garage, built-in cabinets, partially fenced in back yard, 2 bedrooms on 2nd floor and 2 on the main floor. There is a bonus room in the basement. Very easy access to I-70 to reach any part of the city in short time.
*Has a new water heater, new paint, carpet and newer roof*

Will need a new a/c and other light work to make rent-ready.

More photos available (too large to post here)

I would like to keep the property, but need cash from it.  

I will need some cash in Oct to use as a dp on a personal residence.  I have been looking at duplexes and I am not opposed to getting a 203k if needed.

I haven't done anything with this property yet, because I thought I had a mentor walking me through the processes, but he walked away.

I now question myself on the decisions I need to make for this property and futures.

Would anyone be willing to assist me with putting a plan together that I can follow for this and the next property?  I want to look at the options that are probably available, that I am not seeing.

Thanks.

Hi friends

I need your advice.  This is my first deal and not sure what to do now.  

I bought a property in Indianapolis in Jan for $30k cash.  It's a 3/2 1500 sf and 2 car garage.  It will rent for $725.  It needs approx $5100. to be turnkey (this does not incl appliances).  Comps in the area are $56k.

Here are some of the annual numbers:

Taxes:  $728

Ins:  $750

PM: 10%

I've had costs with the property this year.  It was vandalized last month so this had to be repaired.  The grass must be mowed, insurance cost and a tree branch fell on the garage from a recent storm.

It's going to take every penny that I have to get it turnkey.  But is this a no-brainer?

If I try to sell it, I won't get my return.

My thoughts are to do the rehab, get a tenant and then resell as soon as possible.  Time is going to be an important factor here, because I am currently renting an apt and the lease is up on Oct 31.

Thanks.

Sonya

Does the bank require reserves for each loan?  Example...I have my first loan for 50k and can show the reserves using my 401k.  Then I want to get my 2nd loan.  Do I have to show an additional reserve amount for that loan as well?  Then what happens with loans 5-10 (commercial)?

I've made no initial contact with the seller (not even sure if they would want to finance). Was asking because I wanted to know what conversations normally take place.

Just curious...how long do you normally sign the land contract?  30 days/60/90?

And do you tell the seller that you are looking for funds?  I have 3 properties that I would like to sign on - but not having done this before (still new), not sure how to start.

Thanks for the info @Bill Gulley