All Forum Posts by: Sean Carroll

@Tim Wang these seem about average but to ensure it is I would get at least two more quotes for the work. One way you can save is to ask for a labor quote and material quote and go buy the materials your self from home depot. If you open a pro account you can track all expenses and begin asking for either free delivery or a discount on materials. They already offer a "bid room" discount for orders over $1,500 but if you get enough quantity from multiple projects you can begin asking for discounts under $1500 purchases. This is more work for you but can help save you money.

@Tim Wang are these labor and materials?

@Braden Schlabs it’s really your risk tolerance. If you lend people are doing it at 10-20% apr. You are somewhat Garunteed that return where as if you partner you can get more of a return but then you can also take a loss.

@Braden Schlabs

hard money is like a bank. High interest and high points with a lot of requirements and you have to front the cash and then be reimbursed usually. Private money is just high interest but usually covers purchase and rehab with first position of the title. Equity partners provide all the money and you do all the work and they take 50% usually. 

@Gabriel Benavidez Here are the things I would attempt

1. Seller Finance the entire property

2. Sell finance 10% and find a conventional lender that will allow her to finance 10% and you the other 10%. (there are some out there)

3. Family and Friends

4. Lease option/ Rent to own

@Joseph Parker I would go through with it then if the numbers make sense with two vacancies. Plus now you have the chance to increase the rents to market rates. If worse comes to worse you could always go below market rates. not ideal but then you would have the vacancies. It sounds like you have a great opportunity, I would stop talking yourself out of it and pull the trigger.

Also when you talk to them ask them why they are leaving and see if you can help them resolve the issue so they stay. Do a site visit to make it more personal.  

@Peter Turner I buy everything from home depot. One stop shop, I just tell my contractor that if any of the materials are bad to no install them and call me and send pictures so I can deal with it.

I would call those Tennant's or do a site visit. Would it still cash flow nicely with the two vacancies?

@Rigo V. a good scope has the materials sku number and pictures. Also concept pictures help if you are trying to mimic a picture. You should be paying your GC out of your pocket and being reimbursed by your HML. We do weekly draws with a list of items to be completed each week. If all items are completed then we invoice the full amount agreed upon. If only 90% of the weekly task were complete and the delay is on our end then only 90% of the weekly draw is invoiced. If it is not our fault such as subfloor needs to be replaced then we do a work change order in order to incorporate the new work that is not on the original scope.

@Account Closed I am investing from out of state. PM me which recommendations you would like