All Forum Posts by: John Whittle

Awesome deal looks like you should go ahead and count that free apartment as cash flow.  Keep us updated this is exactly what I was planning on doing when I get my first.  I've been evolved as a contractor on a few 203ks and talked to a few loan officers, heard its nothing but a pain.  Should be worth it though.  Hopefully the bank will except my bids when the time comes.

You could put it in a contract but getting them to pay would be a different story.  Plus they would be more likely to let stuff go causing you more problems later.  

Something isn't right.  9 months is way to long, a newbie should be excited to do something.  Even if that something is screwing up actual work.  

Here I thought I was bad for putting off work a few days on stuff like this.

I'd call and ask him what the deal is.  If I had someone investing in me like that.  I would of called them long ago to tell them how it was going.

This is fairly common from the lowest bidder or the handy hack down the street.  Usually they tell you though.  "Hey I need such and such to do the job."  There is a reason they are the lowest bidder.  They only charge enough to get there drugs and/or alcohol.  Tools come off his labor and will be in the pawn shop shortly.  Quality work not likely.

Is that expensive truck in your avatar yours?  If it is and you don't have money saved up. You might want to think about priorities.

You look young, live frugal and invest.  Just don't quit your day job any time soon. It'll pay off later.

Its all depends most of the older houses around here with plaster are straight on the brick with furring strips.

It can definitely raise maintenance costs. Anytime you need to get in a wall its harder to patch. It gets weak after awhile in spots too. All in all its not a deal breaker. A house that old you also have older ungrounded wiring and cast iron plumbing drains to worry about.

The most important thing is to screen your tenants very well. Make sure there income is atleast 3 times the rent a month. Have decent credit etc. you will stand a better chance. Certain areas will have a higher turnover/non-payment rate you just have to account for it.

Whats you numbers? Gross rent/expenses. Account for everything utilities, trash, insurance, maintenance, mortgage and vacancy. I'm sure more of the seasoned guys will be along with percentages for you. I've been trying to pay attention on here but it hasn't sunk in yet.

One of the guys I work for has his phone system forward me emergency calls. His phone system is separated out into maintenance, showing, emergency etc. I have his keys and a credit card. When he leaves for extended periods. I have to call into the maintenance line voicemail. He doesn't pay me anything to monitor and he gets to relax the whole time.

I would leave keys in case of a lockout.

Could be most likely means unclosed or unobtained permits. Walls may have to be torn out etc. to get the permit closed and a certificate of occupancy.

Some thing was off from the beginning. Thats a high price for a 200 amp panel. Someone charging that much for a panel would charge $55 a point to change outlets not rewire them. The price to rewire should of been closer to 10k itself. I think someone screwed up the bid. Like everyone else said just keep after them. Steven had a great idea. That would drive me nuts as a contractor.