All Forum Posts by: Glenn Banks

Deborah Cavallaro It's going to be at least a $1k to get an engineer to look at a project. You have to put skin in the game sometimes. You need to consult with a professional, either an architect or engineer. They need to go to the project site, analyze the existing conditions, do calculations, provide a plan and written specs, the sign off on the design and assume liability for it. You're looking at a weeks worth of work and my guess is $3-5k in consulting fees. And that's not even the entire architectural plan set, add that in and you're getting close to $10k. These are professionals that bill $125 an hour consulting time, site inspection $80 an hour, drafting time $50 and hour. It adds up quick. Anything can be done though, I'd say go for it. Can't win if you don't play.

Sean S. What is the need for you to sign your own contracts with subs ?

Justin Valedon It takes years of experience to estimate a rehab because there are so many variables. It's easier and less time consuming to ballpark a number rather than trying to count each screw and nail. As a contractor in this scenario, I would help with numbers, after we signed a management agreement. A contractor would need to spend a fair amount of time figuring out the project, and would need to be compensated accordingly. You can also ask an architect to help, by signing a pre construction management agreement. They would be able to help you through the planning, feasibility, and construction management process.

Eddy Martinez This style of railing typically falls into the $4-7k range.

@Laura Thorne  When I was in school, my professor ,who was a practicing architect told me" if a client isn't willing to talk about budget up front, you should end the conversation shortly thereafter." If we had an initial meeting, and you stated your budget ($50k) and I though it was a $40k job, I would tell you so, then try to get you to create value by adding to the work scope and use up the remainder of the budget. I wouldn't do $40k worth of work for $50k, I would view it as egregious.But that's me. That's not everyone. The way to get contractors interested is to tell them what your overall plans are in real estate, and how they could continue to work with you. You have to dangle the carrot in front of the donkey so to speak. If an investor told me they do 2 projects a year I may have moderate interest, but if you told me you were planning to do 10 year and you wanted me to take care of all of them, then I become your go to guy. Don't get me wrong, you're going to go through a stretch looking for the right guy (or girl) but when you find them, keep them. 

Laura Thorne I wouldn't say your experience has been anything but normal. Building relationships is a major part of this business and all are very important. Speaking from the perspective of an experienced contractor, all I sell is my time and skill. There is nothing more valuable than my time. When you ask a contractor to do things that have them spending their time without guarantee of a project, you're technically asking them to put skin in the game when you have none in the game thus far. I look at it like this. Just as you need to screen contractors for a project, contractors need to screen investors. You are being put on the back burner because 1. They presume by the questions you ask that you are inexperienced and don't understand the full scope of what you're trying to accomplish. 2. You stated the you're looking for a "good contractor", the definition of which depends on who's lens you view the work through. From a contractors perspective a "good contractor" typically knows they're good, is well capitalized and has a backlog of projects. For this they command a premium cost, one that will compress an investors budget. From the investors perspective, a "good contractor" is a person isn't so busy, that's needs work, and isn't well capitalized. Basically a contractor that will do work that is "passable" for a fraction of the cost of what the project should have cost full retail. I say all that to say this, if you're serious, you will have to make it abundantly clear that you want to get a project done by these contractors. You will have to sell them to get them interested. Give them a detailed scope of work, plans, and a projected schedule. It will present you as more viable partner, who is well prepared and ready to rock the real estate world. Good luck!

@ Cassandra Oliver I concur with the other BP members on this, a project of this scope will be in the $500-$700 range and take a day to complete.

@ Benjamin Allen The best way to learn is to ask trades people the how's and why's of their trade. Then experiment for yourself. It takes a while for everything to absorb, years in fact. I started as an apprentice carpenter and I can design and build anything 13 years later. Go for it.

Devon Curney Use the NSS website, you can find it from the Dept. Of Neighborhood services website You can search by property owner, address, or tax key number. All info on taxes and code violations are listed here.

@Jay Y. Jay @Account Closed is correct in his assertion that the neighborhood surrounding your property will dictate whether you should upgrade to hardie or not. Vinyl is viewed typically as a low to mid level exterior finish. There are many different options when it come to vinyl, the most important of which is panel thickness, which ranges from .040 to .050. The thicker, the better. You'd be better finding a smaller contractor that can get nicer siding from the supplier and have them install it, saving you some money.