All Forum Posts by: Account Closed

There's a finite number of times hardwood floors can be sanded and refinished and a floor sander can do a lot of sanding really fast... so if you're not used to handling one, I'd suggest tackling some other projects to save coin... things that if you mess-up, don't cost you dearly.

Good luck with the project!

Don't believe they cover DC, but if you've got a project in NOVA, then I highly recommend AllTech Services, Inc. out of Sterling, VA. Ask for Abe.

Generally, the Building Permit would need to be obtained first (which, as the owner of the property you may very well be able to do) and the subordinate permits for the specialty trades (plumbing, electrical and HVAC) follow.  Unless your GC holds the specialty trade licenses, then they're not likely to be able to pull those permits - their respective subs will have to do it.

Your GC will need to have a MHIC Contractor's license and you'll likely have to let the permit office know who it is and their license number so the information can be attached to the Building Permit.

Ultimately, it's arguable that if you own the place and pull the permit, the buck stops with you.

Good luck with the project!

Thanks for the tag Russell... AJ, as others have noted, developing raw land requires significant capitalization and time.  Starting out, you might want to consider turning this over to someone with experience and have your deal with them include shadowing, so you can learn... if you can get the land at an attractive price point, you might have some takers.

That said, much like is done with real estate itself, what is your best and highest use at this point in your journey?  Once you're clear with yourself about that, I'd leverage and concentrate on maximizing that.

Good luck to you!

Interesting movie indeed... of course, typical Hollywood embellishment... solid acting performances... 

That's a slippery slope... I encourage you to check out the Maryland Code and consult an attorney.

@Paris Wilson (thumbs up on the name) - 

I realize that I'm lacking a lot of information, but from a macro perspective, if ARVs are hovering around $200K and you're talking about a knock-down and rebuild, I'm having a tough time putting together numbers that I'd call amazing.  Would you mind sharing your acquisition, construction, soft costs and holding cost projections?

I believe that involving an experienced investor from whom you can learn, would be prudent.  They may very well save you from investing in Fool's Gold.

@Ed O. - I'd be interested in something like that.

In the meantime:

1) Before deciding on a compensation plan, I suggest you have a detailed job description of the role you'd want that person to fill.

2) Planning and prevention are best practices in my opinion

3) Larger production builders usually have buying power and scales of economy that you probably don't, so I suggest not using them as a benchmark.  Instead, know what your margin goal is and plan on meeting or exceeding that.  I believe wholeheartedly that the best way to increase job profits is a well prepared and executed plan.

@Jochy Perez, the costs covered by the association don't go away simply because owners aren't paying... sooner or later, the association needs to be made whole.  The whole of the ownership group may very well likely have to cover that expense in some form or another (special assessment, increased fees, etc.) at some point in time.

I certainly encourage you to spend some time researching condo investing to be sure you have a good handle the topic before taking the plunge.

As the owner of the property, I believe you can ask BGE for a multi-year history of monthly usage from which to compare current bills when occupied to those when vacant.  

And while they may not leave lights on needlessly, or turn the heat up high, frequent long hot showers will of course run up the water heating bill (and be reflected in the water usage bill)... keeping the thermostat at 62 degrees with a window open will run a bill up lickety split... etc.!

I believe that the vast majority of the cost in operating utilities comes from heating water and space heating/cooling.  I'd start there if you think there is a problem.