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All Forum Posts by: Anthony Joseph Kendall II

Anthony Joseph Kendall II has started 2 posts and replied 28 times.

I'm curious of your thoughts on the Baby Boomer Retirees rental market and smaller properties. I have considered getting into rental property that caters to this group even down to consideration of property layout etc. has anyone dabbled in this market or have considered it?
Can't say that I have a good answer I'm the kind of guy that would get those little pink flags and the pink construction spray and identify every place I seen poop. It would look like a poop crime scene I would then ask the tenants to walk with me to discover my findings. If the poop didn't disappear I might try to find a way to make dogs disappear (just kidding, kind of) hopefully your patience will help you find resolve but this one is unique.
Since my professional career is in contracting I have a good grasp on how most contractors generally estimate and it is an art and each trade is different. Also if you are in it for the long haul there are some good estimating software options out there that are reasonable ($200) if you have the time they are a great learning tool. Just don't get caught up in every detail or it can be overwhelming. Painters for example will take the sq. footage of wall space : example 10x10 room will have 40 Linear feet of wall by 8' height this is 320 sq ft. of painting area. If it takes 1 coat primer and 2 coats of paint they will have painted 960 sq ft of wall. For example Glidden paint says you can get 400 sq ft. Per gallon. 1 primer @ $20 + 2 paint @ 25 + Misc tape etc $15 = $85 and labor is usually by how many hours they think the guy will be there and if they are sending an employee they want to cover his 8 hours for the day. Let's say labor rate is $35 you are at $280 for labor + $85 in materials you could easily at $365 if it's just one room and obviously there are other variables but this is an estimate. If you have multiple rooms and are using the same paint color and go with a single coat there are some big savings. The employee can prime multiple rooms then come back and paint where he started the primer. Most contractors look at things like this and use it to determine how many days his guys will be there. Most do it by days because it's not efficient to be going to multiple projects a day and if there isn't a full days work the still estimate it in 8 hour increments. The big picture is if you think like a contractor who will be bidding your work your estimate will be closer to theirs.
Where in Indiana are you?
California is pretty cut and dry about what is wear and tear vs. what the tenant breaks. Check your states laws I believe you could keep part of the deposit. I'm on the other end of the spectrum where I have had to bring a lawsuit against a past landlord for keeping the whole deposit (over $2000.00) Every state varies and as long as you keep good documents you should be fine.
It's relative to the use of the space if it's likely to be a kitchen that is used a lot you may want to compare the quality of cabinets you are putting in. However if the demographic likely to live there would be using the kitchen on the lighter side it's safe to say IKEA cabinets would work well. I personally like their designs. If you have some time shop around. If you are in a larger metropolitan area it might be worth it to see if you have a local cabinet company and compare their prices and services. I think you will find its the countertops that can bury the budget.
If you have good credit and your family members are not marking up material there is a game I used to play with credit cards. First get a credit card that has 0% interest on purchases for 6 months and you purchase the materials on that card. Then once you are at about 2 months left look for company offering 12 to 18 months 0% on balance transfers. Then transfer the whole balance to the new card. Now when the 12 to 18 mos card is about 2 month from ending call the original 6 mos card and ask if the have any deals on balance transfers. I did this for about 4 years until I paid it off. There is usually a fee of $99 to $199 to balance transfer but it's cheaper than interest but don't miss a payment they will pop you for 30% interest typically.

Hey guys this seems like a positive outlet for like minded people glad I found you.

My major focus is on the Buy/Fix/Sell niche I've done 3 in the past but not buying a "True Deal" and buying almost at Market Value off MLS did not work in my favor. I'm also looking into wholesale niche to supplement when my Rehabs are going on.

Well it's nice to meet you : )