All Forum Posts by: Bryan Devitt

It shouldn't take 9 man days to paint an apt, but they are also only charging $15/hr. Either the workers are illegals getting a 1099 for $10/hr or.. yea, that is the only way that number works. The hours/days it took are ridiculous but the price isn't. Keep the extra paint on site and use it for touch ups between turn overs next time. Patches and hole repair should come out of the tenant's deposit as long as it was written into their lease like it should be. So the prices are normal, the hours are not but you get what you pay for.

Brick is great, if it was done right. If it was done wrong then the walls behind it could be rotted and you won't know until you see the issues inside and it costs a fortune to fix. Slate roofs are great, but the nails holding it and the flashing eventually fail and the slate sometimes breaks causing leaks. Then you need a new roof that costs about 2 - 2.5x a normal roof replacement. If it is on a rental, it is probably original and on its last leg. It *might* last another 10 or 20 years, or it could be leaking now and you don't know because they're harder to inspect than asphalt. So IMO brick and slate aren't that much better than wood and asphalt unless you know how it was done, when it was done, etc. I would expect above average repair costs for those two items just in case something bad happens and you're not whacked for a $10k surprise out of the blue with not enough reserves.

I don't see any upside to this at all. Right now you're getting your rent payment every month (and late half the time) and you can increase it with the market. You would be handing her a gift of never having a rent increase as long as she (hopefully) takes care of the place? There is a TON of risk and you get nothing out of it. If you want to sell it, then sell it, but don't do this half in half out crap IMO

Get a window AC and a couple box fans from Walmart. For $300 your house could be 70* every day

I just would have been more mindful of what I was doing with my money. I could have been FI by 30 or 35 at the latest if I had some guidance back then. You're on here though, so you're already WAY ahead of where I was at your age. Do the best you can at whatever you choose to do and it will always lead to happiness and probably money

I hope you had a good deposit to cover this BS

People will invest in anything if there is a return in it. I am a little confused as to everything you said though. Are you looking for a backer to purchase the land so you can split it, develop it and make it small rental homes?

With the big corps owning so many SFR and running thin margins, what happens when there is a recession? What would the eviction rate have to be before they went under and had to liquidate, flooding the market, driving purchase and rental prices down further and creating a snowball effect?

You could also load up their bids once you got them for us to review. If you're getting multiple quotes for each stage though, you will see what the average is and how high some guys will be. Also, make sure you have contracts! Do NOT do a handshake deal or T&M (time and materials) because a lot of guys turn into dairy farmers and in the end the cost is double what they said it would be and then they just look like the Olsen twin meme with their hands in the air like they didn't know.

To give an estimate on the whole project, we would need a LOT more details. If you have it, we need every detail about the entire build with pictures. Everything the contractors get in order to give a bid, we would need to see. What might seem like small details like different trim or adding crown molding would double the time it takes to install it.