All Forum Posts by: Adam Anderson

 It would be difficult to give you a number based on the information you have given. Rehab costs vary by what needs to be done. Are you just talking renovations to make it look new? Are you talking about moving walls? Does it need a new roof? Are there foundation or water infiltration issues. 

Prices will also vary greatly based on types of finishes.

If you are hiring the work out I would get prices from contractors in you area.

The city building department would be the best place to find out the turn around time for permits.

I can't tell you the cost. You basically need to remove the triangular area of brick that should have been supported by the lintle above the window . Remove the mortar off the bricks install lintles and reinstall the brick.

You need to be careful withe the demolition not to damage the bricks so you can reuse them otherwise you have to find matching brick.

I would call some brick masons to come give you quotes.

I see nothing morally wrong with not renewing the lease with your tenant so you can move in.

There may be another option. You said is a multifamily. Would one of the other tenants whose lease is not up like to move out?

 There are other options if you don't have a kindle. There is a kindle app for any iOS or android device as well as a reader for the PC.

Just bought the book. I would rate it a 5. When is the audio book read by the author comming out?

Can I ask how much cash flow you are getting per unit? Are you planning on selling in the future or holding onto it for cash flow?

 Is there a reason you are using flame retardant lumber instead or regular lumber?

Assuming you made a typo and mean Wichita County Texas there is a Home Depot in Wichita Falls Texas. 

 But retainage is different than final payment when everything is complete. What you are doing with retainage is you are saying Mr contractor i agree that you have completed 25% worth of work and I am paying you for that work minus a portion we agreed to until the end of the project. In your example if the contractor never finished the last 25% of the work you would have that full amount plus 10% of any work he had completed.

 Standard retainage is 5-10%, but that would be 5-10% of your progress payments. For example if you have a contractor that is doing work for $40,000 with 4 payments of $10,000 as 25% of the work is complete. When 25% of the work is complete, when you pay your $10,000 you withhold $1,000 in retainage until the project is complete. Your last last payment comes around you are looking at $13,000. $10,000 for the last portion of work complete plus $3,000 in retainage from your previous payments.

You are basically holding onto a contractors proffit on the work they complete until the end. 

I should also add that this has to be agreed to beforhand, but it is a standard practice that any good contractor shouldn't have a problem with.

A basic principal in dealing with contractors is to not pay for work until it is complete. With projects with multiple draws to ensure the project is complete it is important to withhold retainage.

Retainage is a standard construction practice where 5-10% of progress payments are withheld until the entire project in complete.

Basically you are holding onto the contractors proffit until the project is complete. If a contractor can't afford this they may not have the financial stability you need in a contractor.

Has anybody used retainage on their projects?

This might be obvious, but a local real estate agent might be a good place to start.