All Forum Posts by: Account Closed

Welcome to BP @Jonathan Lewis!

@Joseph Tate... "may be a deal breaker"???  It sounds a bit bizarre to me that you don't have the information.  If your contract states that they shall provide the returns, then it seems like they may be in breach.  What's your attorney say?

If you happen to only be at a non-binding LOI phase, perhaps they have received another offer and hope you'll walk.

The BP podcasts are a plethora of information (https://www.biggerpockets.com/renewsblog/category/podcast/) and they have book recomendations too!

@Kevin McElhaney, not only will you need to check the zoning, but some places no longer allow new MF on well and septic, so look into that too.

Welcome to BP @Adam Schwartz!

Given your parameters, it seems reasonable.  It still may not be a perfect match, but it's certainly doable and a good use of recycling.  Check to be sure the width and thickness of both floors are the same, as well as them having a sufficient wear layer (as one may have been sanding more times than the other).

Have them fill out a W-9 form, always pay with a check, and if total payments paid to them during the year are $600* or more, then filing a 1099 is appropriate.

Also, you should get them to add you as an additional insured (or at least a certificate holder) and have their agent send a copy of their insurance to you directly.  And of course, they should have worker's comp on themselves or if your state allows, a waiver.

*believe that's the current amount

Based on the information provided, you were fined for performing plumbing without a license, not that something was wrong with the plumbing.

My children are older (twenties - and I'm a late comer to REI so didn't teach them as they were growing-up), but as they start their careers and are thinking about housing, the opportunity to talk to them about buying something they can rent out to others while living there, versus renting is an ongoing conversation ever time they give me leash.

Kudos to you for starting while your daughter is young!  Their minds are clay then!

@Xeniya McBroom, as a matter of practice, and as minimum, I ask for:

- Property address

- Acquisition price

- Scope of work you think is needed

- Rehab budget you have used to calculate the deal

- Your expected ARV and comps to support that figure

I've seen some ridiculous rehab budgets, comps that aren't comps, etc.  I've been asked to visit properties, provide a scope of work, and an estimate, for deals investors don't have under contract, nor have I ever even met!  I value my time.

In asking for this information, I've saved quite a few newer investors from bad deals by vetting the deal itself.

And @Christopher Smith, if you have an understanding of rehab costs (as a wholesaler should), then an unscrupulous contractor wouldn't be able to capitalize on an investor's "home run"... and there are contractors who are also partners who take their cut on the back end.