All Forum Posts by: Erik Berg

Hi Ozzie,

Using the low end of your ARV, 75% of $330k comes out to $247.5k. Less the estimated rehab ($50k) you get a max offer price of $197.5k.

Assuming your ARV and rehab estimates are accurate you would look really good if they accepted your $180,000 offer.

All that being said have you done comps on the rents in the area? Only way this isn't a home run is if rents are low. If it cash flows nicely the only other thing someone could nitpick on is the Return on Equity but then they are really trying to find something wrong.

Hi All,

What Social Media platform works the best for your Real Estate investing journey?

Background on the question: I earn my W2 from Cybersecurity and deleted almost all of my socials almost years ago. As I try to replace my W2 with passive income I am noticing a huge gap by not being able to connect with other like minded individuals and groups. I'm trying to do a targeted restart and not download all of them. What works best for you?

Project completion follow up:

Went with a company called Precision Painting Plus. Seemed corporate but had a solid quote. Very satisfied with the work.

They were the least expensive quote at 12k, I received 6 quotes total. 2 said they outright didn't want the job and the additional quotes ranged form 18k to 25k.

• - All in price was 14k. Quote was 12k and then materials (which I never received anything itemized for) was 2k
• -Job took a total of 6 working days.
• -Included pressure washing, sanding, carpentry, caulking, etc
• -Some days there were 7 guys on site but typically it was 4.
• -Used 19 gallons of paint due to an extra coat being needed as we were going from a darker color to lighter in on area

Hi BiggerPockets!

I live in the Westchester area of New York. I am looking for some recommendations when it comes to this project.

Questions:

1. What should I expect to pay? Internet say large houses can be upwards of $10k my house is 2200 sq ft and needs everything (power wash, sand, minor carpentry, etc)

2. Will I be able to find a painter that can act as a one stop stop or will I need multiple contractors? Ex. I need minor carpentry work (One door frame and 2 pieces on non-load bearing soffit), power washing, sanding, removal of old caulk and application of new caulk.

3. Should I buy my own paint or should I see if the painter has vendors they receive a discount from?

4. Is it unreasonable to ask for a materials and labor breakdown when asking for quotes?

5. How long should I expect the project to take. Online I see about 3-4 days but I don't expect my job to be easy so I think I am expecting 1 week.

The Expected Project:

-Repair of rotted door frame and two pieces of soffit

-Pressure wash of of house

-Prep Work (Paint Chipping, Sanding, Caulking)

-Paint house 2200 sq ft

-Paint 2 car garage (Only the top portion. leaving exposed cinderblocks unpainted.)

@Dmitriy Fomichenko

Glad to hear it!

@Sean Toomey 

Long Island is a great place with the exception of driving into or out of it!

TN is def on my radar. Currently evaluating Nashville and Chattanooga. Any places you recommend I look in TN besides those?

@Chad Rocke

Thanks for the helpful list. I didn't know about the rookie podcast. Added to my queue!

@Alexander Szikla I appreciate the perspective. Thinking of NYC as on sale is not something people usually do, but perhaps I may turn my attention to the Bronx. Certaintly wasn't a market I was even consdiering research, but I think you have added it to my homework list.

What is your favorite out of state market right now? Weather it be something you are currently in or want to get into?

Hey @Matthew Rynne I'm a newbie myself so I'd take anything I say with a grain of salt!

With regard to the tear down project you mentioned I would check out to see how the lot is zoned. That way you can start planning on whether or not you will be putting single or multi family on the property. The below links appear to be for your town.

http://www.longbeach.gov/globa...

http://www.longbeach.gov/globa...