All Forum Posts by: Karen Margrave

Rich,don't take it personal. Everyone that is on here isn't on here all the time, and some are members, but have fallen off the wayside. With you being a contractor in Texas, some of the stuff will translate to other areas, but much of the construction stuff is local and statewide, but you can always give general education! Welcome back!

How extensive is the work? Is he doing it all himself, or subbing out portions of it? How long does he have to finish the work?

Obviously you know that your best bet is with an agent that belongs to MLS. It seems to me that the time you are wasting not wanting to pay an agent, is money down the drain. I assume you don't do your work for free, therefore; you should understand agents don't either. Do you have any idea how many people there are out there, that have suddenly decided to become "investors"? If agents work with every one that calls wanting free information, they would never have time in this competitive market to work the hours they need to eek out a living.

If you want to get "free" info, look on zillow or similar sites. Go down to the county recorders office and look up properties that sold. Yes, it takes WORK. Contact your local title company and talk to the people in the title plant, explain what your needs are, and ask how they might help you. Again, you may need to pay a fee for their research, etc.

How clever!

The fact of the matter is, you have to be able to invest something into the project. If you have no credit, and no money, you need talent that adds monetary value to the deal. The advice offered above is a good place to start.

You are not reponsible for the tools, etc. of subs or workers. If they aren't using them, they should put them in their locked trucks (it's called being adults), if items were in their vehicles, their auto insurance may cover it. As for change orders, they should always be in writing, signed by both parties, showing full amount of upgrades etc. so there can never be a discrepency. If you pay more than the contract stated, make sure you get a receipt, and something stating that it is PAYMENT IN FULL, and releases you from any liability, so that contractor can't come back and lien you, demanding more. Plumber doing cabinets, etc.? Not sure what state you're in and what is allowed; however if you let him do the work, and there's no problems with the installation, no harm no foul. Contractors license issue, you should have verified he was a licensed contractor, had bond, and insurance, BEFORE you hired him. Remember, you have an obligation to be responsible when hiring people, nobody can take advantage of you if you don't let them.

It depends on the area. There are no easy answers, you have to do your homework. Look at comps, and all the info available for the area, and not just the area, the neighborhood. Also, values in one area of the country or buying patterns, have nothing to do with another. In California $20,000 will cover the deposit.REO runs from $300k-$20,000,000! Get to KNOW your area.

Regarding mobile, you might want to go down or call a mobile home dealer, and talk to them. Ask them what the market is in your area, what City/County requires regarding mobiles, etc. They should be able to give you costs involved (utilities, permits, etc.) If you are buying used, be cautious, and make sure it meets all current codes, etc. If you install on a foundation, it is no longer a "mobile", but a modular home, and is the same as a stick built house in most regards. Again, double check everything, because every community is different. Figure your costs, any financing, and what payments will be, then see if it makes sense. If not, forget it. For what you have into it, you can sit on it.

Do comps and find out what's selling in the neighborhood. What's the zoning, can you do mobiles/modulars? What do houses in the neighborhood comp out at? What is the unemployment rate in the area? Who are the potential buyers? There's a lot of info missing here. No easy answers, gotta do your homework.

Also, does anyone have any good sources for finding cash buyers investors, or joint venture partners for new commercial income type properties? Office buildings, fourplexes, etc.? We are in Orange County, CA, very high valued properties here.