All Forum Posts by: Bill Olivent

These are all great replies.  One thing I wanted to point out was just the overall headache factor as acting as your own GC.  When your plumber doesn't show up because he chose a bigger job or a client that he had a long standing relationship with over your job that's frustrating but it's a reality.  Especially if you have a sheetrocker scheduled for the next week and you can't get your rough-in inspection to pass, it's a hair puller.  

As mentioned above, there's also the discount that reputable GC's get with subs because of volume.  You may pay 1.25X - 1.5X for a roof because you aren't repeat business whereas a GC uses the same roofer many times a year and they get a great discount.  If you do go the GC route, just keep an eye on things as best you can.  Make sure your painters are respecting the finishes and not putting dripping paint cans on your brand new finished counters.  Prior to sheetrock and after final inspections, walk through the build out and make sure everything looks correct and there won't be any issues later.  If you aren't completely familiar with what to expect, find somebody who is and find a way to pay them that works for them.  Just be kind to the GC and let him know that you aren't trying to micromanage, you'd just like to keep an eye on things as quality is important to you.  Most of all, if something does come up, talk to the GC first and not the subs.  Then, follow up on what you talked about and make sure it was done.  If it wasn't done, ask the GC why.  He may have a good reason.  I've been on all sides of it and construction is hard.  A little patience and respect goes a very long way.  Best of luck.  

Luke, appreciated finding this old conversation about coffee that you initiated. We're setting up our first STR (going Live in about 6 weeks) and are wondering the same thing. Since you've now had 5 years to determine the best coffee vs. Keurig solution, what do you think? 

@Jon Martin

Thank you, Jonathan.  Good insights.  Borosilicate jar for the coffee grounds, don't worry about germaphobes, and provide a nice variety of affordable teas.  Sounds good to me.

Luke, appreciated finding this old conversation about coffee that you initiated. We're setting up our first STR (going Live in about 6 weeks) and are wondering the same thing. Since you've now had 5 years to determine the best coffee vs. Keurig solution, what do you think?

Also, in these post-covid days, I'm wondering what is considered "best practices" for bulk shared items like coffee (or loose-leaf tea).  Is it acceptable to provide a sealed glass jar on the counter with a scoop inside for all guests to share/use?  If so, is there a magic right amount of coffee grounds to put in the container for just one group of guests to avoid theft, but also make it easy on the the cleaning person restocking it?  Or are Keurig cups considered more sanitary because they're sealed for single-users?  

Any insights and opinions on best practices would be appreciated.  Thanks.

@Jim Piety

I just moved from Austin and had to replace my sewer line due to a collapsed “non-schedule 40” PVC sewer line. To save money, I met with my plumber and asked him exactly what he needed excavated and then hired out the labor to dig the trench. Plumber pulled the permit and did a great job. Then I hired labor to fill the trench back in and regrade. Get a couple quotes for the work. Some people may give you a deal if they have a gap to fill in their schedule.

Hope that helps, best of luck.

@Assad Oskuei

One thing to keep in mind if you decide to buy the components for your remodel is to make sure you have ordered everything your contractor will need to complete the job. Example, the tub will need a tub drain kit. A shower valve (the part you see) will need an in-wall valve (the part that you don’t see and the contractor will need first). Things like that... Typically, products online have a link below the product for additional items that are needed. You can get the plumbing parts line drains and whatnot at local plumbing supply houses but they may not have same finish or not be exactly what you want or need. Having a plumber run back to the supply house for extra parts cost time and money.

Also, if you buy everything yourself, your contractor isn’t getting paid for markup on the items. He may get a little grumpy if things aren’t organized and ready for him to install. Just a warning in that. Due diligence always pays off and keeps everybody happy. Good luck.

Thanks everyone for your comments.  I'm now have my toes on the shores of informed optimism for any Seth Godin fans out there.  My wife and I met with our realtor last night looking for a personal home and learned of a new term.  The "Zoom Boom" has hit Santa Fe it seems.  That's driven up prices and pushed down availability.  It was suggested that we might consider buying a potential investment property and move into it until the market evens out.  This brings up a great crystal ball question - will the Santa Fe market even out and go down slightly post Covid / Zoom era or will it keep going up?  I do know that as interest rates rise, that will cause a slowdown but that could be bittersweet in a way given we have to deal with higher interest rates.  

I know the Austin economy and housing prices are going to the moon right now but SF is totally different than there.  So, I'm in new territory here for certain.  

@Doug Otterberg, I'm curious if you've spent time in Austin.  Sounds like you'd know of the Continental Club if so.  It's a totally different place that it was 20 years ago.  Still great but very different and pretty crowded.  It's growth has eaten it's Keep Austin Weird soul from the inside.  Great old local businesses that made up the thread of Austin's culture have gone out of business or been torn down to make way for high rises or large development projects.  I used to live in NYC and moved to Austin to get away from the stress and overall busyness and now I left Austin for the same reason.  So far, Santa Fe has been wonderful to me and I hope to return the favor in any way I can.  

@Jens Nielsen, thanks for the Meetup Group invite.  That's a great idea.  I'd love to meet more local people in the area.  Cheers.  

Thanks both to @Joshua Young and @Janelle Hicks. Very helpful info. It seems like that code in Santa Fe really restricts MF STR's to the point of impossible. Based on your input I found this link on SF's website that speaks more to this.

https://www.santafenm.gov/shor...

The 1000 max permit issue raises an eyebrow as well.  More research is definitely in store.  Thanks again.

Hello everyone,

I just posted my first question on one of the forums and figured I needed to introduce myself to the BP community. I’m new to BP and real estate investing in general. My wife and I recently moved to Santa Fe, NM and are looking to begin our journey into real estate in this area. We are from Austin, TX and relocated to Santa Fe to improve our quality of life for ourselves and two small children.

I work full time at a design-build architecture company in Santa Fe and have nearly 20 years of experience working in high-end residential construction and design. My wife is a licensed architect with nearly a decade of experience in multifamily design. Although I have a construction background, I have decided not to personally rehab properties. Running a job site and managing sub-contractors is hard work, so be kind to your contractors.

We're working on finding our first deal but technically it's our 2nd. We sold our 3/2 house in Austin after renovating it for 4 years. It was a foreclosure we bought secondhand off the MLS and was in terrible shape. After a long fairly extensive rehab we sold it for 2x plus what we paid for it. Lots of sweat equity and late nights. It was tough because we "house hacked" the project and lived there during construction with two small kids. But, financially it was worth it. Now that we have some equity built up we're looking to invest in either single-family or small multifamily, as short-term rentals. We are weighing the pros and cons of either SF or MF with regards to short-term rentals. Does anyone have any input on this specific topic? Your help would be very welcome.

Also, your suggestions for investor-focused contractors, realtors, and property managers in Santa Fe and Albuquerque, NM would be appreciated.

Thanks everyone, looking forward to learning more and getting our 1st (2nd…) deal underway.

Hi everyone.  On the Airbnb calculator on BP (which takes you to the AirDNA website) there doesn't seem to a be place to put our MORTGAGE info under the "Rentalizer" tool. It seems like the annual expense of the mortgage should be listed under the “Annual Operating Expenses” column on the left (via the “Show Details” button), but its missing. We've been having to calculate the annual mortgage payment then include it via the “Other" expense category, which is weird. Its making us wonder if we’re missing something. Are we using this calculator tool incorrectly? Any input would be appreciated. Thanks.