All Forum Posts by: Adam Drummond

I do enjoy doing finishing work.. from cabinets to crown moulding. I am waiting on another property to sell that i own free and clear, to free up more money. This particular house that i'm doing is my first brrr property. i need to get it mostly finished so i can refi it, and pull some money out of the house. I would love to pay people to do all of the work, but it would cost me $25k+ , and can't justify paying someone else that much to do work that i have the time and knowledge to do. I do hope to be on another level in this business sooner than later. I have def noticed that people who make real money doing this have crews /conttractors that do the work for them. I'm just not there yet. Thanks for the response.

Adam

Originally posted by @Joe Splitrock:

@Adam Drummond some people like to do the easy stuff themselves, like demolition and cleaning. If I do anything, I prefer to do the complicated work because it saves more money. I can hire anyone to do the dirty work for cheap.

Really this comes down to the value you place on your time. Is your time worth doing a $10 per hour job? My time is worth more than that.

The other side of this is time to complete the job. I have seen people do all the work themselves and it takes 6 months. Other people have a crew knock it out in two months. How much value is there in turning the property four months sooner? Four months of rent for me is thousands of dollars. I also hate vacant houses, they are a problem waiting to happen.

It sounds like you enjoy the work, so this is partially a hobby for you. If it is strictly a business, there is no reason to do any work yourself. An investor will find their time is best utilized finding deals and managing the work being done.

1 Vote

Originally posted by @Mason DeJarnett:

We really enjoy demo day- and can gut a place pretty quick. However having a full time job- rebuild is quicker and smoother with my contractor in charge. If we tried night and weekend work we would never get one done. So we get dirty... but not through the entire project.

I learned a lesson on our first flip. Stayed up until midnight laying kitchen floor- was extremely proud of the work... until the next morning we went and it was crooked and coming up in places. :)

LOL. Hey man... over ten years ago when i first started learning carpentry skills.. my wife ripped up my backsplash after i went to bed because i was tired, got in a hurry to finish, and then went to bed. i will admit, that it did look like garbage. :)

1 Vote

Originally posted by @Molly MacGregor:

Flipping a two bedroom condo on Cape Cod. I went to install a new ceiling light fixture but could not figure out where on the electrical box to screw in the mounting bracket. I see where it would fit, but there is just a void- nothing for the screw threads to hold onto. What am I missing? Do I have to replace the box or find a longer strip/ mounting bracket and secure that to the ceiling? It’s a very light weight fixture but that’s doesn’t sound like the solution. Is there something like a putty I can fill the voids with then screw into?

Hi Molly-

Pretty much the same as what has already been posted. There should be a set of screw holes on the light fixture box in the ceiling that are located on opposite sides of each other. There are sometimes two holes on each side for different allignment. Make sure too that the mounting screws you are using are the right size. If the screws are not wide enough... they will just slide in the slot, and not grab on to the threads.

0 Votes

Originally posted by @Mark S.:

We do much of the work ourselves. In fact, I just got home from laying subfloor. Although we have found there are some things you are just better off hiring out, such as sheetrock work - and of course trades such as electrical and plumbing.

I have subfloor work and joists work to do in a bathroom myself. I dont finish sheetrock, and i also hire out hvac work. The attached picture is a bathroom that i had to completely gut. I am going to be able to redo everything in this bathroom for about $2k total. If I had to pay someone that number would be way higher (ofcourse, it would get done much quicker)

2 Votes

I have done a few flips, and currently rehabbing a buy and hold in greenville, sc. I do most all of the work myself, which is pretty slow going since i only have so much time to devote . I enjoy carpentry, and the feeling of turning an ugly house into a nice property. does anyone else out there do the work themselves, or do most people hire everything out. Once my youngest son is in school next year... that will free me up more time to make more progress. Just wanting to see how everyone else is getting it done. Also, it seems when i do hire certain things out.. i am usually not satisfied with the results. Thanks for the input.

Adam

2 Votes

Originally posted by @Jason Griffin:

Here is the link to my Easley RE Meetup

Join me at Bring a passion for Real Estate Investinghttp://meetu.ps/e/DK1mF/1C00Y/a

@Jason Griffin

I am in Greenville. Is your meeting open to anyone? if so, i might come by and check it out. Thanks.

0 Votes

@Leon Lee

I sold real estate back when the market crashed, but didn't have means to do much investing back then. I think owning rental property is fairly safe in a down market /economy. Not unless you are living in city that turns into a ghost town overnight... people will always need a place to rent. Ofcourse, you might have to lower your rent to keep your properties full. I do know for a fact though, that lending changes drastically when the market tanks. If you have a balloon payment due on a rental in 2019, and the economy is down. Then it will definitely be harder to refinance that property. I experienced that personally on a triplex building in Clemson, SC years ago. I think it's key not to spread yourself out too thin, and know that a rocky market will def come prob sooner than later. Anyhow, just my take from a part time investor.

Adam

2 Votes

Originally posted by @Enna Shulga:

Hello! My name is Enna. I recently moved to Greenville Sc. I am finding some great properties in the are but I have some debt and no money for a down payment. Where can I find an investor that won’t look at my credit and look at what I can do?

Hi Enna-

I live in Greenville as well. I am not sure I understand the last sentence in your statement. I am a part time investor, and a Realtor as well. There are quite a few older neighborhoods close to downtown where investors are buying homes. Right now it is a very competitive market though. Best of luck.

Adam

0 Votes

Originally posted by @Adeel Makda:

I want to implement the BRRR strategy, but before doing so I had a question because this would be my first time possibly doing it.

If I would pay for a property and rehab in cash, how long does it typically take to pull out Equity from the property? From my understanding it can take up to 6 months. Is there anyway to pull it out sooner? Are there any lenders that will allow you to pull out the equity quicker this way I can work on the next project?

Thanks!

Adeel Makda

Adeel,

I am currently doing something similar to you. I found out that to refinance before the 6-12 month "seasoning" period.. the most you can cash out is the price you purchased the property for, along with closing costs. I found a credit union that is willing to do a quick turn around cash out on a rental. They told me that they handle mortgages across the country.

Sharonview Credit Union is the lender i am going with. I called 20+ lenders before i found one that would do it. Good luck.

Adam

1 Vote

Originally posted by @Robert A Garcia:

regular cleaning rules apply here as it most likely has polyurethane if finished in the last 20 years. soap for fats and sugar, I use Coleman stove gas (white gas) for tar or oil based stains, and water for most anything else, go easy on the water as you don't want it to get on the other side of the polyurethane (through cracks and grooves). I buff and re-coat my rentals almost every time I re-rent as it makes them look beautiful and uniform again.

Hey Robert,

Yeah, the floors have stain (not paint), and poly on them. Thanks for the input. Never heard of coloeman stove gas for stains.

Adam

0 Votes

All Forum Posts by: Adam Drummond

Adam Drummond has started 28 posts and replied 247 times.

Post: any investors do the dirty work??

Post: any investors do the dirty work??

Post: Mounting bracket problem- installing light fixture

Post: any investors do the dirty work??

Post: any investors do the dirty work??

Post: New to Greenville South Carolina! Where do I start

Post: danger of buy and hold in a downturn market

Post: New to Greenville South Carolina! Where do I start

Post: BRRR Strategy - Question

Post: cleaning dirty hardwood floors??