All Forum Posts by: Robert D.

Instead of my obsessing over how many showings I've had, the comments from Realtors who showed the property, wasting my time by trying to follow-up with people who've seen it, I just keep dropping til I have an offer.---> don't you think you just leaving money on the table not know what's the problem with the property ? perhaps adding 4th bedroom for 10K will bring 2 offers during the next open house ? I think feedback is very critical. once you know what mistakes to avoid your next flip will be better...

State specific question IL :

Part of the rehab will be dealing with many trades. Some are more professional than the other. My idea is I will never pay ahead of work done – that’s my only leverage I have. If needed I will buy materials (paint, cabinets, flooring, tiles, sheetrock, mud etc and have it delivered to job site or picked up by contractor from the supplier) and pay for labor once the job is done. I am planning to set clear expectations on paper regarding quality of work. So before they start doing anything we will have a signed contract in place. I might run into the following issues : job is done, it is not to the expectation (some imperfections exists), the final or any payment is NOT done until the issue is corrected, the contractor stops responding to the calls, I wake up with mechanical lien the next day. I am not sure you can bond out of the lien for closing purposes in IL. I am not trying to screw anybody but if the electric outlets are all messed up with paint or tiles have multiple (½ or ¼) grout lines that needs to be corrected. What happens next ? I cannot close with a lien on the PIN. then ...what would be my next step if contractor refuses to cooperate ?

disclose to the owner that you are an agent/broker, give owners a no agency disclosure (whatever your state requires) and check with your local board on proper steps to purchase property directly from the owner.since you are licensed you have advantage over owner who might not know anything about value, comps, etc

I would like to introduce myself. I have been looking at this webpage for some time and found it very interesting. Especially both books are very good on getting idea of the process, estimating cost of rehabs and much more. I am interested in purchasing a SFR, remodel and hopefully sell for profit. I do have 9-5 (which I hate) as of now but I am thinking of quitting it and doing rehabbing full time. I do have some experience with rehab projects, I usually worked on my friends and family condos (never houses)..scope of the project usually included light plumbing jobs (new faucet, sink, connect plumbing underneath the sink, light electrical job : installing new fans, demoing non-load bearing walls, framing around pipes ducts rewiring/running romex from point A to B, new flooring – allure, painting, light carpentry like installing new cabinets, overseeing granite installations, tiling work etc). Basically I got to the point where I am "skilled" enough that I can accomplish certain projects without hurting myself or burning down the place and my work does not impress at all, typical C+ rental quality. If I wanted to be successful in selling rehabs I think I should not touch anything and let professionals handle all aspects. It will be done faster and will look better I should focus on the process, optimization of the business, potential savings areas and building good working relationships with the right ….well here it is…

Here is my dilemma : I need to decide if I want to work with GCs or maybe try to call around and have multiple trades quote me the prices? I was thinking that since GC should have a working relationships with trades hen I should get a better price but then I need to factor in to pay for GC time. As I said I do have a general idea of the steps that need to be accomplished with reno but once I start inviting trades then I think I might get higher prices (for homeowners) since they don’t know me they never worked with me, etc. Are there trades out there (painters, plumbers, electricians) that are willing to work with investors ? I am planning to be onsite all the time at least thru my first 2 or 3 projects and learn from trades as much as possible. I also have a good working relationship with a realtor who is my friend and we browse thru listing on a daily basis, submitting offers on REOs, pulling CMAs of what sold in the area etc. so I guess my question is. If you had some knowledge and you pretty much know what the finished product should look like …would you hire GC or oversee the whole scope yourself. I will bother you some more once I select a project ...have a good one !