All Forum Posts by: David Avery

Fantastic Kevin, tell me about the Rehab needed, I will walk you through it.

With tenants it is a two way street.   You want to be nice but firm with everything.  If your not firm they will not care!  Only 10 percent of tenants really care about the property.  I could write a book about them,  

For Instance, When you have a vacancy and you need to show them your place have your spouse go look at their car/truck and see how clean it is.  

I think keeping the yards, garbage, etc up.  Rent is paid on time, maybe a deduction if paid by the first. 2%. Late fees are enforced.

Most ok windows can be removed and new installed for $300.  Contractor will take old away and clean up when done.  They will be middle to better windows and done right.

I would get bids and my figures are pretty sound amount.  Of course a window that is 12 inches by 12 inches cost the contractor about $49.  but install is almost the same as a big window.  Say 4 feet by 8 feet , that window will cost about $400. before install, Most window sixes on most homes are still about $300 a window average.

P.S.  when there has been a fire generally the city is involved, that means everything needs to bring brought up to current codes.  I don't think your first deal should be this.  It is very hard to do because it is like building 2 new houses.  Sometimes it is even harder!!!

My first deal was a burn out, I bought it for 14,000.  But here is the catch, I paid $1 and then the $13,999 when I sold it,  It cost me about $30,000 and sold it and make $27,000. I was a punk 23 year old kid in the late 70's.

I had to deal with city inspectors and do everything to what they said.  What a hassle!!!

Permit for everything!!!  sometimes they would re schedule and then the property/project got delayed.

Unless you buying this for pennies on the dollar, I would re consider your first deal doing this!

The owner most likely got 70% of total value in a check.  But the owner still has to deal with 2 units basically un safe etc for months, and demo of same is a lot of cash to remove.

Piece of cake,  Call 15 contractors, have them come an hour apart over the next 2 days.  Only 5 will show and have them bid apples for apples.  The real cost are after the studs, electrical and plumbers can be very cost a bunch.  If you call general contractors they can give you bids for everything.

Are you buying the materials, I suggest you do. Or have access to pay for the materials as the subs need them.  Then you have control of product and cost.  You could easily spend $50, 000.  If I were their I could bid it in about 15 minuets!

Make a decision on exactly you want so a apples of apples bid is going to happen, Have everyone just do what is code and nothing else.  U tube and google a bunch prior to give you idea's.

any thing else just ask

good luck

dave

Yea, they make sound proofing material. It comes in 4' X 8' sheets and is 1/2 inch thick and is cardboard in color and it is fairly light weight.  Easy  to install and cut, just make sure the electrician is aware so his outlets will be out an inch  out instead of one half inch!  I think material is about $15.00 a sheet.  There really isn't much between upper and lower units, just don't tile or wood floor upper units ! Insulation doesn't do much between up and down for sound at all, save the labor and material for something else!

How can you do wrong to buy a new/fairly new house. In a newer great area. With interest rates almost half of any rents!!!

  Our United States is fine as long as we don't think we are all going to die!

Save up and get a property and if you don't like it rent it out for almost twice your payment!

Then you have to find a place to live!!!  So crazy great market.

Interest rates below 3.  And single dwelling housing, anything clean is multiple offers in 3 days $10,000-$30,000 above list price.

Phoenix market is on Fire/Great.  Sellers market.  Wholesalers dropping like flies here!!!

Went to a house last week and I received 3 emails from  3 different wholesalers on it..

Crazy market for sellers!!!!

Anyone can sue anyone.   It's sad that this has happened .  If there is anyone in this BP community  that can give some good direction to Vina. 

 Sure their are several real estate attorneys on here that could give suggestions.

If she could recover her monies in a legal  and quick way, that she feels okay with, wash her hands from this bad experience!

Going after a person , that may not even have an address.   Once we had an person tie up one of our properties and his address was a Post Office box address.  What a hassle that was!!!!  Sure this man is a lot harder to serve than maybe building a new house.

Someone here reach out and give her some direction.

We are a community.

Considering that I "flipped" houses in Pueblo,  My agent loved to picture it professionally. Yes $125.00 was the fee. at least 3 months ago it was.  But that was Pueblo, Colorado where houses in okay neighborhoods could be bought for $45-60K.

crazy great flip city!!!!!