All Forum Posts by: Brian Ploszay

Jiff set is what I use to fill in dips.  It is advertised as "floor leveler."    The white spots may have been old Jiff Set.  

I believe you have a floating type of floor.  The edges need some minor room to expand, so don't cut them too tight up against the wall.  It can buckle.  Looks like you used Jiff Set floor leveler.  Perfect.  Make sure the subfloor is nice and tight, so put a few extra screws down where it is loose.  If there are soft spots, you may need to remove the subfloor to see the problem.

I am from your state.   Anyway, I always am skeptical when "successful" investors start teaching classes.   Investments take a lot of time.  Who has the time to teach classes and mentor?   Takes your eye away from the ball from doing more deals.

Lots of training, information and materials are cheap or free.  Make sure you get your money's worth with this guy.   I don't know Phil, so I pass no judgement on his program.

Try to get the seller to give you the survey and phase 1.   Very often, with commercial real estate, this can be negotiated.   Else, you will probably have to pay for it.  And well worth it to get these due diligence materials.

This is one of the problems with wholesaling, if the seller doesn't know that you are flipping the contract.

Pick your buyers carefully, so they don't do a full blown inspection.

That is the best way.  Give him a rate of return.

Give them a preferred rate of return.  And then a portion of the profits after that.   If you are getting loans, which you are signing, then you need to be compensated for this risk.

I created my own.  It really wasn't that hard.   Break down your construction expenses.   The hard part to figure out are your closing expenses when you sell a property.    I used to take other similar closing statements to use as an estimate.

Once you develop an accurate spreadsheet, you'll find it to be an invaluable tool.

Possibly give them a "pref" or preferred rate of return.  And then a split of the upside.  If you promise a big number upfront, it could cause you problems down the line.  

1% rule of thumb is not so good.   He leaves out expenses.   Get the building expenses and model what you are really making:  The "Net Operating Income."