All Forum Posts by: Account Closed

@Alan F. this is actually funny. New marketing strategy eh? We may have to give it a go 

PM me if you'd like an opinion from an active gc in the area

What peaks your interest in Terre Haute being an OOS investor? 

First of all file a complaint on the attorney generals site. They take these complaints seriously usually and will be able to more than likely take this contractors license away so they don't do this to future investors! They will also be able to help in proceeding with next steps and give advice! Otherwise pretty much any attorney should be able to help you with prosecution as long as you have evidence. (Contract, text messages, pics, etc.) 

Yes! As a GC and investor foreclosures are the worst when it comes to investors not budgeting enough in there renovation numbers to complete the project! So many unknowns and very difficult to base it on average sq ft pricing. So many variables. Great post! 

@Alex Collins Hey Alex,

Congrats on where you are at so far. Having a great career is always a huge step in achieving financial freedom and allowing you to get into investing without the need of private or other creative financing sources. Have you looked into Fannie Mae's new program? Starting next month you can buy a multifamily up to 4 units with only 5% down! I would suggest starting there if you are able to find a decent enough property. Live in one unit and let the others pay for your mortgage. After a year you can move out or stay and pull out equity to finance your next deal! 

Once Approval is given I typically have the material list shortly after. Within a week of approval/before starting I'm able to tell the investor what items are on backorder or any shipping/logistical issues. From there I state that once the item is in it will take us x amount of days at that point. So if shipping is delayed or there is a problem out of my control it does not fall back on me. That is the best question to ask in my experience is "once it's in how many days after is your completion". I typically give them a start time and rough completion time (x amount of days/weeks) but we do not agree on a specific day until all materials are ordered. 

The good contractors shouldn't have a problem with adhering to a schedule. If they are used to working with investors they should know time is of the essence on these flips/rentals. There are plenty of people out there looking for work that can not stay busy. The real question is where to find them? No Craigslist and definitely no Facebook or nextdoor. They are all desperate in my experience and there's a reason they are commenting on everyone's post trying to get work. It's an issue I have with hiring W-2 guys as well. Alot of the good workers aren't on Indeed or LinkedIn etc. They are working all day everyday and the only way to find them is to know someone that knows them. I have found some success scouting neighborhoods where work is going on and giving out business cards. Sometimes gas stations you see someone with a Construction t shirt on. Lowes or menards early in the morning as well is good. This is definitely a struggle In any industry is just finding good people.. 

@Matt McCurdy

"good, reliable, and affordable"

It is funny you say that because I heard a great quote basically saying that you need to pick two of those. You can not have all three. If you play it out in your head it makes perfect sense. Match any two together and the third is more than likely missing.  

Anyways.. I know the specifics are unknown but when you mention longer construction time or more costs associated with the project why were these two an issue? 

For example on all of our bids/quotes I can give a specific end day when we will be finished. If we go over theres something like $50 a day I take off for every day were late. I have ALWAYS finished on time by giving myself leeway in the initial schedule and have never actually had to do this but I offer it for peace of mind. Maybe this is something you can set up with contractors in the future? Require that they be done by a certain AGREED upong date or an agreed upon daily charge will be associated? 

Saying that I am very clear when certain line items are "up in the air". Something like a bathtub replacement I have came to know sometimes its not as simple as ripping the old one out and installing a new. Sometimes there is plumbing issues such as the drain pipe. Same thing with leaks and flooring/subfloor replacements. There are some things you do not know until you demo. On those items I make it very clear there will be some expenses up in the air and that portion of the quote isn't set in stone. Everything else though is. If I didn't bid it correctly and it's taking longer than expected that is on me. Not sure if this is where other contractors are trying to make stuff up and get more money from you or not or if they are not clear with there bid but hope this tid bit helps a little!

@Rabeeya Khan feel free to pm me. We do a lot of work here in Indy with PM companies as a preferred vendor. For the most part it seems okay but there are a few items that definitely stick out to me as being steep.