All Forum Posts by: Reed Starkey

I know this is late, but I am pretty sure it is illegal to say there is a standard rate.

@Jenet Christiansen I am sorry to hear about your loss. As with any profession, dishonest people give a bad name to those of us making an honest living. Some situations are just not appropriate for Realtors, and the MLS. These are the people the experienced people are looking for. They provide solutions to those who desperately need them. An investor will not pay full market value, as they need to make a profit, so if it is a marketable property, and there is no urgency to unload the property, the MLS is the best solution.

My question to you is this:

Knowing that some people need the assistance of an investor, is there any marketing you received that was not offensive?  What could one have done to be more appropriate? 

I would like to see a source for Independent Contractors on BP.  I think this could add significant value.  I would like to search for IC's by location and what type of work they offer.  What are your thoughts?

@Brandon Turner

@Scott Lewis

That is basically what I was trying to accomplish with a simple Lien Waiver.  I don't understand where the need for the other stuff comes in for my protection.  It seems like that is more for the protection of the contractor.  Would you mind sending me a sample of what you are using?

I asked my attorney for some Lien waivers, and I got more than I understand.  I was hoping to pull from the vast knowledge of BP to help explain.

I received the following:

Notice of Commencement

Notice of furnishing

Sworn Statement

Partial Conditional Waiver

Partial Unconditional Waiver

Full Conditional Waiver

Full Unconditional Waiver

Claim of Lien

I think I understand the Partial/Full Conditional/Unconditional Waiver, but I am a bit confused on the rest.  If someone could explain these in laymen's terms, It would be a great help.

Thank you

I am looking to see if any companies are doing rehab and flips on a large scale.  I searched, and it doesn't appear anybody is doing this.  If you know of any please let me know.

@Dawn Anastasi

You're an animal! Thanks for the inspirational sorry. 

 This is Gross returns, all they are looking at is purchase cost to final selling cost.  No consideration to the cost of repairs, and holding costs etc.   I have seen a few articles trying to figure out the return on a flip by this method.  It is a silly guess at best.

To me, the size of the project has a lot to do with how to handle it.  If it is simply carpet, paint, and an update to the kitchen for example, I will hire those jobs to various subs.  If however, It is a complicated rehab, I would rather hire a GC to organize the work.  They will make sure you don't do the drywall just before the plumber comes in and has to tear out a wall to install a pipe.

First you want to walk through the property and look at as much as you can yourself.  Once you get it under contract, then you can look to uncover some "hidden problems"  I would advise hiring an inspector, just like you would on a personal residence.

If the seller is intentionally hiding an issue, there is not a lot you can do before hand, as even a good inspector can only do so much.  You can sue the seller for any problems they did not disclose to you when you purchased.  It also depends on how you are buying.  Most distressed properties come "as is" with no seller disclosures.  You must do your best to figure some of those problems into your budget.   No matter how good you are, there will always be unexpected expenses in this business.

Hope that helps