All Forum Posts by: Deano Vulcano

Yes I supply all the materials. I have preset all of my materials on the Home Depot Pro website. I use the same stuff over and over. So when I`m getting ready to start a project, I go online and place my order. If it is over $2,500 they send it to a special department and within minutes tell me how much they can discount the order. Then they deliver it to the jobsite that day or the next. I pay for it with my Home Depot card so I can track my different projects. Then I pay it off with my credit card and collect the points.

To find contractors I keep in touch with the realtors who are dealing with foreclosures. Some banks are having these realtors fix up the properties, they tend to know the guys who are good but not expensive (but not always).

The other way is to go to Home Depot or Lowes first thing in the morning and get business cards from the contractors walking in the store. This way you can see what type of truck they have and get a feel for character. Just make a note on their card if it`s someone you may want to call. Plus if they are there early it`s a pretty good bet that they have it somewhat together. Unless they just never went to sleep from the night before.

Morris, I`m with you on the driving for dollars. I only mentioned it because it was free (minus the skip tracer). It has not worked for me at all, but I`m lazy, I like the low hanging fruit.

I like only talk to people who have raised there hand and said "I would like to sell my house"....that`s half the battle.

I totally get "direct" marketing. But tired Landlords, out of state owners, probate etc. have not necessarily raised their hands.

Hi Bruno (great name). It has never been an issue. When is the last time you started a new job and they paid you up front. No workie-no payie

Since I am only paying them for labor, they have to work first. It`s different if they are providing materials.

Yes I have dismissed contractors on the second day. My truck broke down...buh bye.

Wholesalers, REO real estate agents, driving for dollars, courthouse foreclosure auctions and networking with others in the business is FREE! And the percentages beat the heck out of direct mail.
I have flipped well over 200 properties, I have never used direct mail. But that`s just me, to each his own.

Hey Bill is there a particular reason you are considering using the same contractor on both projects?

I`m assuming from your question that you have not used him before.

I wouldn`t give any contractor I`ve never worked with two projects without seeing his work first. Heck, I don`t give any contractor a dime until he gives me a few days of work on one. My experience tells me the way the work the first few days is a pretty good indicator of how they will be throughout the project.

I always get a "labor only" quote for the whole job. At the end of the week I assess the work completed and give him a draw accordingly. This gives him an incentive to get a lot done.

Laura, I would strongly suggest downloading the BP podcasts starting from the first one. This will keep you busy for quite awhile. You can listen to them while driving, working out etc. You will get more info from those than all the Guru courses put together. Such a variety of subjects are covered, and when a particular aspect of the biz strikes your fancy, just go back to the forums to ask questions and acquire more specific knowledge about that area. You can even contact the guest of that podcast personally to glean even more info....absolutely priceless.

Bryce, maybe because I`m an old time flipper, but I would NEVER tie up that much money, with that amount of rehab for a possible 10k, especially on a condo. And on top of that your first flip? Not in my lifetime. Valerie said it best, sometimes the best deal is the one you pass up. Be patient, my friend. Don`t flip just to flip, make a wise "business" decision. My minimum profit on a flip is 25k. If my numbers don`t work out for me to make that much profit....next!

Hi Mike, why not single family homes? Is there a reason you are looking at multi-family properties only?

I am looking at buying a condo in downtown Charlotte. but I am totally unfamiliar with values in that area. Can anyone help me out to let me know if this is a good deal. Here are the specs:

1br 1 Ba.....790 sq. ft....top level 18 ft. Ceilings with windows all the up...balcony...granite countertops...all appliances...some city views...asking $85k...the address is 1208 Caldwell st. The neighbor said it's an up and coming neighborhood (scary...I know). They just built a brand new apartment complex next door. I just can't seem to get a handle on the value.

It just went back on the market yesterday, financing fell through. So if its a deal I would have to act fast.

Thanks

Deano

Here is a flip I`m doing.

I would like to get input on what others would pay for the following work.

Kitchen

Install new countertops, sink, faucet and cabinet knobs

Bath #1 Install new vanity, faucet, mirror, light and toilet

Bath #2 Install new vanity, toilet, 2 faucets, 2 mirrors, and two lights

Install 2 storm doors

All new switches, outlets and plate covers (21 outlets 10 switches)

New mini blinds on approx. 15 windows

Install 2 exterior lights

Reglaze 5 windows