All Forum Posts by: Alec Sithong

@Jeremy C. It's going well. I've decided to start another business entity LLC to do passive income rental properties and keep the C-Corp as an active business flipping houses. Tax for LLC will be S-corp. Hope this helps. PM me if you have further questions.

When is the next meetup?

what was done illegally?  Did the architect's drawing meet code or did the GC not construct properly?

Does anyone have a recommended construction attorney in Charlotte NC who may understand the RE side?

@Willie Webb Orlando, FL are my contacts. Some will extend to other parts of FL.

@ Willie Webb I just moved from Florida a year ago and have contacts for many architects and contractors. Let me know if you need any connections. Good luck!

That's right Nicole just got to do it! Keep at it and we're (BP'ers) all here for you.

nice work! Who's your architect? He/she did nice design. Can you say how much construction cost was per SF? Curious as I'm also interested in building new. 

I would agree with David Hood. After the clean up get some numbers in and see where that will take you. See how you can stay on the positive side with prehab and sell or sell as is after gutted and cleaned up. It will be a good learning experience. Keep your head up and update BP'ers as you'll get some helpful advice along the way.

Sounds like a daunting deal for a newbie - especially if you don't have construction or architectural background. You've done the right thing in bringing in a structural engineer and contractor to look at. I did not read or see that you've brought in an architect - sorry if I've missed it. It would be a good idea to have an architect review the mold condition and see to what extent the damage is and where the moisture penetration is coming from. Hiring an architect, structural engineer, and contractor can run up your tab quickly. If you can find them to do an initial consultation for free that would be a bonus - or find friends who knows one. Get their recommendations, do the math and see where the numbers are in relation to ARV. This might be out of your budget (or anyone's budget) and you may have to prehab (like one person said earlier) and get out earlier and not lose money. Numbers are key here to be on top of this deal. Get quotes on mold mitigation (removal and cleanup), rehab numbers and then see if you can stay on top of profit margin. Good luck and wish you the best!