All Forum Posts by: Grant Lawrence

I have two people that I have done different work with for a few years now and we are all own properties independent of each other.  Now we we have decided to look into buying a property together but need to know how bet to structure the deal. 

 One guy has the money and the other guy and myself are the carpenters boots on the ground.  We plan on buying a distressed property and trying to do a cash out refi to pull out most of the money for the other guy and give him a rate of return on the remainder.  Money guy will finance the down-payment and repair.  

Any advice would be appreciated.

Quick two cents.... I bought a duplex in Winooski last August.  One unit was really good condition with long term renters paying market rent.  The other unit was a gut job.  I am a carpenter and did all the work.  Now both units are rented and I am in the process of refinancing.  Point being; muilti unit that needs work on one apt.  They have low holding cost and potential for sweat equity and forced appreciation.

Grant 

I honestly would just do a 2x8 double with posts every eight feet.  Span charts are easier to use with joists spacing and span.  This is a pic of a 2x12 triple with half inch plywood gussets for a 103 in wide window in a kitchen I am doing in a rental right now. 

 https://www.facebook.com/463659290511468/photos/pc...

https://www.facebook.com/463659290511468/photos/pc...

https://www.facebook.com/463659290511468/photos/pc...

I am not an engineer but I am a carpenter who does this kinda work a good bit.  I personally look up lumber span charts for this kinda application.  I would always over build and in this case I would rebuild the entire thing starting with a ledger and floor system that is framed out of 2x8 or bigger.  I personally like post instead of knee braces but that entails footing or sono tubes.      That all said I dont know the laws in Texas and you may want a license contractor to handle this for liability sake.  Always cover your butt.

I started a property management company with a friend this past year, we had be managing properties for family members in a less formal sense for a few years.  Now that we are trying to grow we are implement systems and operating procedures through the use of management software.  We have most things solidified and are ready to market our services.

Quick questions for the direct mail specialists:

1.  Do you think that direct mail marketing could work to grow a property management business?

(I create my own lists of absentee landlords, local landlords who own multi properties, properties owned by an LLC from the grand list)

2.  What direct mail company would work best for this scenario?

Any additional advice, comments or ideas are greatly appreciated.

Grant

If you don't mind expanding with a house hack you could do an owner occupied multi unit and put only 3.5 down.  I was told by NEFCU that they will do this in some instances for people who are not first time home buyers.  It may have been that my first loan was with them and I was going to buy another house using them again....  Worth checking into as they do portfolio loans.

Just a thought.  

My 9-5 is as a carpenter for company that does high end and period homes.  We use a lot of Marvin Ultrex which is a fiber glass frame guaranteed for life (not vinyl) and much more expensive.  As for wood we do A LOT of rot repair on Andersons and Marvins that are only 10 years old or less because the home owners did not maintain them (the sill in particular).  

I have been told the saying "they don't make them like they used to" holds true for trees.  The grain pattern of modern tress is not as tight as it used to be and thus is more prone to rot.  I have seen old window sills that are original to a house that  is 100 yo and they are holding up where new sills less then 10 are rotten.

Just my two cents as a carpenter and custom wood worker.

Grant

My state does not require a real estate licence.  A partner and I are looking into this as well.  I was told to start with genral liability and as the businessn grows to add professional liability.  Also first register the business with your state and get your tax id from the irs.  You need this stuff to get insured.  This may or may not help your particular situation.

Good luck

Zinnser bin says on the can not to use on large areas as it becomes brittle in that case.  It cracks and doesn't hold up.  Read the can to get specific.  But I had a smoker unit that I bit everything and it has held up so far.  Only been a few months though.....  Best luck

I just refinished my Southern yellow pine floors.  Lookes great and the old growth has a tighter grain structure (much stronger).  Wish I had the before and after pics.

LEAD LEAD LEAD.  I am EPA lead certified and often in older homes people would use Japan Dryer to speed up the drying time to get the job done.  Older Japan Dryer used to have LEAD in it.  People often dont think about the fact that floors that look like they just have poly on them can have lead also not just the paint in your old house.