All Forum Posts by: Bryan Walsh

If you are looking for a quality contractor in the cleveland area that understands investment budgeting or if you are looking for eyes on the ground, dm me!

I appreciate the feedback.  

It’s about 28% of the value so that option may be out. I have 3 family/friend potential lenders but they are the type that don’t see the potential in real estate, but I know 2/3 would reconsider if they seen it done first hand. For the past few months I’ve contemplated selling my house and renting somewhere on a budget and using that money for an investment. Maybe that is my best option. 

Thanks again! 

Hello, a little about me, I've been reading and absorbing as much information about REI for the past 2 years. I have a decade of construction experience and plan on doing as much of a rehab myself as I can just starting out. My favorite part about REI is the deal analysis portion. I'm in the Cleveland market area. I'm looking at getting started and plan on purchasing my first property before the end of this year, i'm looking for a BRRR type of situation but if i find a good opportunity for a flip i'm open to it.

Current situation is I only have about $5000 in liquid cash and I am continuing to save. I have a little over $60,000 in equity built up in my house. I have a bankruptcy that i'm almost 2 years out from and I'm told i'm not eligible for a HELOC for 5-7 years from discharge and a refinance not eligible until at the 2 year mark in October.

I'm just wondering if this is an option or if anyone has seen or done this in the past.

Question: After i find a deal and look into finding a private money lender, since I have no "skin in the game" as it would be my first deal and have very little capital, would a private lender be open to financing 100% of the purchase and rehab cost and accepting a lien on my house with the equity I've built up? I know that they say if the deal is great that lenders will be more than OK covering 100% but I feel that is for someone that has had experience already.

All questions, answers, and/or criticism welcome. 

Thanks, 

Bryan

@Akeam Baron

Can’t beat Chief Architect. But it’s pricey.

@Brian Pawl

For the past year I've been soaking up as much real estate and tax knowledge I can get my hands up. I'm currently on the contracting end so I'm focusing on the other aspects. My goal for 2019 is to buy my first SFH and flip it. Once I get my feet wet I'd like to BRRRR a SFH or duplex around the end of 2019 or early 2020.

-Bryan

@Elizabeth Goff If you are still in need of a handyman/contractor, I'm looking to take on more clients. My contact information is available in my profile. 

-Bryan Walsh

To answer the original question that was asked, $40-$60/hour would be fair rates, at least in Ohio unless specific circumstances.

and to respond to someones comment of $250/ceiling fan. You don't need to hire an electrician to hang a ceiling fan, handyman services are not in the same category as construction contractors. Yes drive time is a factor but $100/hour is ridiculous in my opinion.

Based off skimming through your video and the pictures on zillow, my estimate would be mid to low 60's for rehab costs.

Hello Chris, I'd be glad to assess the work that you need done. I can take care of all of those needs. Message me if you're still in need.

-Bryan Walsh

Old post, but it will benefit people inquiring the same questions.

Contractor in Ohio, This is how i tend to do business.

Jobs under $5,000 the contractor should be able to cover until final payment.

Jobs between $5,000 and $20,000 should be paid with 10%-20% up front and the remainder paid at the end.

Jobs over $20,000 should be paid in 1/3 payments.