All Forum Posts by: Christina R.

I am quickly learning that money is the key player here; s/he who controls most of the money has the upper hand at all times.  Learned so much just in the last 4 weeks that I will do differently on the next rehab.  

There are several threads about this on BP and they are all a good read; if you use the search engine feature you'll get many different pro and con perspectives. 

This is my take on it --> it can be very effective as far as ease of access and also economically speaking (lower rate than a HELOC and HML, say) and it's unsecured but my opinion is that you  must be very disciplined to do it.  As someone mentioned, one screwup on payment and you're screwed up.  I have a reminder in my phone for 3 days ahead of the due date to electronically make payment so I dont lose than 0% rate.  

I thought for months about doing it and discussed it with my husband before actually using this technique and it was not an easy decision but I also have enough cash in the bank to cover what I've used on the promo if needed to pay it off by the expiration period - that's my exit strategy.  My objective is my refi will pull out what's needed to pay it off and my bank cash stays exactly where it is. 

So my main question to anyone considering doing this is what is your exit strategy if you plan to use CCs to finance deals or parts thereof?

The fortune is in the follow up - anyone who calls back after cursing you to Hades is a motivated seller. 

We had Goodman in our personal residence years ago, my rental is getting a Goodman and our personal home now is getting a complete Goodman furnance/ac system replacement.  What's the margin on Goodman products? I think I got a really good deal on my personal home because I learned from bidding out my rental where to start haggling but I'm curious how much they mark up their material. 

I am sooooooooooo way interested to see the replies you get to this,  lol.

My first thought is that the group of investors that recommended them have been using them consistently for years in that neighborhood and therefore are at the top of the food chain when it comes to prioritization of work.

does  a "fart fan" have to be vented through a stack in the roof per code?

I'm doing my first rehab for rental on a 2/1.  I have my contract with my HVAC and plumbing as well as electrical as to what needs to be done.  I'm installing CAC in this house and the sub put a floor vent in the kitchen area where the stove is going.  This is a small house; the entire above grade is 975 sq ft over 2 floors (city rowhome).  There is already a floor vent on the opposite wall as well as one about 4 feet over on the interior wall on the same side as the kitchen area/stove.

I'm going to ask him to move it across to the front of the house, under the only window on the first floor.  Our contract does not specify placement of vents.  Can anyone tell me if there is a code requirement for vents for a licensed contractor installation?  (I have texted this question but no response yet . . . ).  

Additional question -- because we are switching the placement of the sink in the only bathroom, I need - per code - to do a vent.  Does it take any  money out of the hvac's pocket to do a Studa vent in the already opened up space behind where the sink will now go versus running a stack to the roof (which I will have to pay more for my roofer to come out and do)?  

Thanks for all replies, in advance.

Christina

do you currently live in the DMV?

that totally makes sense!

@Jamael Reed

 Around my area in MD the tax assessment could mean absolutely nothing in relation to what a seller is willing to pay on the open market.  For example by current rehab is assessed around 20K but I only paid 10k... it could be in reverse as well.  So just wanted to bring that up as something to consider.  

You can only pay what you can afford to pay to do the deal.  I can't stand the "money question" because I feel like I'm insulting people but it is a necessary part of wholesaling.  We don't pay retail.  I will tell you that you will get a HUGE confidence boost when your first deal is done.  To get to that, you will hear a lot of nos but you will get there to the yes eventually.  So even if you offered more, you let the seller know what you can pay.  And you need to go lower than what you can pay because the back and forth on the price.

You can do this, good luck!