All Forum Posts by: Craig Parsons

Quote from @Melanie P.:

Quote from @Craig Parsons:

Quote from @Melanie P.:

Brilliant! ^^^^^^^^^^^^^^^^^^

 I hope you are not a PM either

Keep hope alive! Congrats on painting one apartment one time for $1,000. That's like really awesome. Now try scaling that. One month you need 10 units painted the next month you don't need any. Get the picture?

I'm sorry you all feel like you have to bash people who actually know how to work and get things done. I have been a painter for more than 40 years and I can routinely repaint apartment turnovers for less than $1000.00 per unit. Obviously this depends on whats what but if its a 2 or 3 bedroom and things like cabinets do not have to be redone, its a pretty simple operation.  I have worked with plenty of PM's during their tenant turnover period so no I do not get the picture.

Quote from @Ruchit Patel:

Quote from @Craig Parsons:

This is a wild idea  but could he use the collateral in his property here in California to buy cash flowing properties in another state to generate some income.  I always say a million in equity plus 5 bucks still wont buy you a cup of coffee  but there has to be a way.  So I am assuming he makes money from wood cutting  but claims no income to the IRS and FTB?

 at 3% interest rate, that would be amazing. At 7% interest rate, doesn't work. Number won't add up. If you know something, let me know. Thanks. 

Why do you say that any deal can work if you buy it cheap enough. Your ROE may be low  but you can still get an infinite ROI

From what I can see from your numbers and I could be reading them wrong. If you take all the cash flow each year and give it to the investor for the first 5 years. then after 5 years you could refi 80% LTV and have enough cash to pay him back his 29k. So with this he would have his 29k plus another 15k from the cash flow for a total of 44k making him have around an 8.75% per year return on average for his money. Feel fre to pm me any time I enjoy figuring these things out. I think keeping them in forever may be a viable alternative as well.

This is a wild idea  but could he use the collateral in his property here in California to buy cash flowing properties in another state to generate some income.  I always say a million in equity plus 5 bucks still wont buy you a cup of coffee  but there has to be a way.  So I am assuming he makes money from wood cutting  but claims no income to the IRS and FTB?

Quote from @Bruce Woodruff:

Quote from @Craig Parsons:

Quote from @Bruce Woodruff:

Painting over (encapsulating) the old siding will look a lot better. I have never seen a vinyl siding that doesn't look like...well vinyl siding. But it will last longer. Maybe. I just talked with a Behr Rep and their new Dynasty line of exterior paint is expected to last 20 years, and that's in the desert..

Personally after having been in the painting industry for over 40 years there is no paint that can be guaranteed to last 20 years.  That being said Behr Dynasty is one of my favorite products, I just would never ever expect it to last that long.  But sales people will do what sales people do.  

 I know, right? 20 years in the desert is a long damn time. But with my many years of experience with Behr, mostly the Marquee line, they are pretty dang  amazing. I am painting my eaves right now with the Dynasty paint, $72 a gallon, I will let you know how it goes in 20 years.... ;-)

I hope you get a pro discount!  You will not be disappointed with the performance though. The only issue I have with Dynasty is it has a lower per square foot coverage than the others, but I guess if you want something to last a long time its all about having a good "Mill Thickness" anyhow.  Good luck with the project.

Quote from @Bruce Woodruff:

Painting over (encapsulating) the old siding will look a lot better. I have never seen a vinyl siding that doesn't look like...well vinyl siding. But it will last longer. Maybe. I just talked with a Behr Rep and their new Dynasty line of exterior paint is expected to last 20 years, and that's in the desert..

Personally after having been in the painting industry for over 40 years there is no paint that can be guaranteed to last 20 years.  That being said Behr Dynasty is one of my favorite products, I just would never ever expect it to last that long.  But sales people will do what sales people do.  

In my opinion you are best to paint it. The thing with asbestos is you do not want to disturb it. Drilling/nailing/screwing to or through the asbestos will definitely disturb it at best and break off chunks at worst.  A good paint will last a long time all depending on the environment it is in. 

Quote from @Melanie P.:

Brilliant! ^^^^^^^^^^^^^^^^^^

 I hope you are not a PM either

Quote from @James Wise:

Quote from @Craig Parsons:

Quote from @James Wise:

Quote from @Eric James:

Quote from @Melanie P.:

Quote from @Eric James:

Quote from @Melanie P.:

Quote from @Eric James:

Quote from @Nicholas L.:

@James Wise

I think part of the issue is that, per 2016 Brandon Turner, every property cash flows $250 a month forever, and so there's no such thing as a $5K turnover

 I've had rental properties for 14 years and never even had a $1000 turnover

 You've got rentals going 14 years that you've never replaced the flooring? Never painted? No plumbing issues?

Yeah, sure.

 Those don't cost thousands of dollars.

 You said you'd never had a $1,000 turnover before. You're quoted above.

 Yes, I've replaced flooring, painted, and had plumbing repairs. Never been above $1000 for a turnover. I don't understand why this seems so strange. I get having a rare tenant who trashes a place, but I haven't had one to date. What seems strange to me is that you think it's common. 

 You can't get a unit painted for under $1k. You haven't repainted an entire unit in 14 years?

 This is exactly why people do not trust property managers. Obviously it depends on size but I have repainted plenty of units for around $1000.00 or less in California to boot. Obviously these are nothing fancy but they are also not slums. The fact that you state something cant be done shows your lack of effort to spend your customers wisely!   But I bet that cool Smurf Blue body paint you have costs plenty.

 Hurry up bro, you don't wanna miss your flight.

 Again proving your lack of thought. I made no mention of the flying anywhere to fix a problem with a Out of state investment. I merely stated it is possible to paint a unit on turnover for around $1000.00.  And this is why PM's are not trusted.  I think you may of consumed too many of those mushrooms you live under.  

Quote from @James Wise:

Quote from @Eric James:

Quote from @Melanie P.:

Quote from @Eric James:

Quote from @Melanie P.:

Quote from @Eric James:

Quote from @Nicholas L.:

@James Wise

I think part of the issue is that, per 2016 Brandon Turner, every property cash flows $250 a month forever, and so there's no such thing as a $5K turnover

 I've had rental properties for 14 years and never even had a $1000 turnover

 You've got rentals going 14 years that you've never replaced the flooring? Never painted? No plumbing issues?

Yeah, sure.

 Those don't cost thousands of dollars.

 You said you'd never had a $1,000 turnover before. You're quoted above.

 Yes, I've replaced flooring, painted, and had plumbing repairs. Never been above $1000 for a turnover. I don't understand why this seems so strange. I get having a rare tenant who trashes a place, but I haven't had one to date. What seems strange to me is that you think it's common. 

 You can't get a unit painted for under $1k. You haven't repainted an entire unit in 14 years?

 This is exactly why people do not trust property managers. Obviously it depends on size but I have repainted plenty of units for around $1000.00 or less in California to boot. Obviously these are nothing fancy but they are also not slums. The fact that you state something cant be done shows your lack of effort to spend your customers wisely!   But I bet that cool Smurf Blue body paint you have costs plenty.