All Forum Posts by: Doug W.

Unless you:

1) can be there EVERY day or at the least be available to be there daily

2) know who to call (plumbers, electricians, framers, window installers, roofers, landscapers, etc. etc.) 

3) know how to manage sub contractors 

4) know what order to have the sub contractors in to do their work

5) can provide a detailed SOW

6) (if needed) can produce or otherwise provide something resembling a building plan for your sub contractors to work off of

7) can estimate take offs (or at least can you confirm a sub's take offs?)

8) are you ok with making 48 trips to Home Depot and then the jobsite to pick up and deliver materials? [Good luck with this particular time suck.]

... if "no" to any of the above I would hire a GC. Otherwise you will kill your project's timeline. 

P.S. you will also spend a lot of time getting subcontractor estimates if you plan on starting from scratch with your subcontractor contact list.

I invested in signs that say "Smile -- you're on camera". They also have a smiley face on them. I think I bought them at Home Depot. I tape them to the window, facing towards the outside, on every exterior door. 

I intend to purchase 3 trail cams w/ night vision. Two will go outside, high up on trees, covering the exterior doors. The third will be installed on the interior (location TBD). 

I would hire a (good) painter and paint the interior trim around the front door and all of the interior doors white. Change out the interior door knobs with new ones that have the brushed nickel finish.

Also, your dishwasher drain line needs a high loop. <--- this will likely come up on your home inspection report. 

What city? 

Save it and sail it down the street next week when Irma arrives. 

What, specifically, do you want to buy? What's the criteria? 

Just pay the contractor to do the work. Period. Unless he is paying for the rehab and doing it strictly at-cost (taking no management fee) then there is no reason to "partner" on this and cut him into the profits. 

You are going to be screwed if you get a standard homeowners policy and then you need to file a claim in a house that is vacant in the in middle of a flip. Good luck even try to get a standard policy once you tell the insurance agent what you are doing. And if the agent looks the other way then all he/she is doing is trying to take your money.

Call REIGuard (part of National Real Estate Insurance Group). They offer insurance for rehabs (and buy and holds) that is, IMO,  the right mix of builders risk and a vacant homeowners policy for when you are flipping a home.

Keep in mind that even if you go with the run of the mill builders risk policy the type of insurance you need @Ryan Moore is going to cost more per month then the standard policy you would get for your own home.

***this is all just my opinion and in no way should be considered legal advice. Do your own due diligence.***

I am seeing more competition from builders who intend to tear down homes that I would intend to flip in their existing footprint. In this case they are willing to pay significantly more than me since they will be increasing the ARV significantly.

I have run the numbers on national HMLs and local ones and it almost universally comes out to 20%-24% per annum.