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All Forum Posts by: Grayson Lynum

Grayson Lynum has started 7 posts and replied 18 times.

Post: Big residential remodel!

Grayson LynumPosted
  • Contractor
  • Loveland, CO
  • Posts 18
  • Votes 14

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $265,000
Cash invested: $125,000
Sale price: $565,000

Purchased full gutted barn style home. Fixed the framing before putting it all back together! Check our instagram for pictures! @choice_city_home_services

What made you interested in investing in this type of deal?

The challenge of a really nasty problem!

How did you find this deal and how did you negotiate it?

A realtor called me with this deal, I paid the asking price.

How did you finance this deal?

My own cash and hard money.

How did you add value to the deal?

Complete remodel!

What was the outcome?

Stunning new home with all new components, that looks beautiful!

Lessons learned? Challenges?

Too many!!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

The Investors Source in Loveland was a great partner.

Post: Where are my Fort Collins contractors at?

Grayson LynumPosted
  • Contractor
  • Loveland, CO
  • Posts 18
  • Votes 14

Fort Collins is a bit of a tougher one! Their contractor licensing is strict and it reduces the pool of properly licensed contractors. The city knows this and keeps a sharp eye for projects that are not properly permitted.

Post: Handyman, Home Service Pro Pricing, what are you charging?

Grayson LynumPosted
  • Contractor
  • Loveland, CO
  • Posts 18
  • Votes 14

Hey all, just putting this out there hopefully as a resource!

If you provide "home Services" (ie: handyman work) How much are you charging? 

I'll Start: 

There are two main ways to provide pricing and a million reasons to do one or the other; Bid work and hourly. 

Bid work: priced by the job, usually work that takes more than a day, or insurance work. 

Hourly: We charge $100 for the first hour with a $100 minimum. Then $65/hour or fraction thereof for the rest of the time. The $100 first hour covers phone time, office and billing, and drive (within reason, like 25 miles) to the repair site.  In addition to the hourly rate is materials which we can line out on your electronic invoice.

NOTES!!:

1. We are great with technology, send us photos, videos, or facetime us if you want to get a ballpark quote! We will happily give you one.

2. We do not YET charge for phone consults, but we are happy to tell you how to fix it yourself if you are comfortable with this!

3. If we cannot perform the work due to licensing issue, like a electrical panel replacement, we are happy to give you the name of our electrician, just ask.

4. Insurance bids can be much more pricey than non insurance work. That is because insurance work requires more work from us. In addition the insurance company has a pricing system of their own that we can use to bid the work, this does not affect your price regardless since the insured is only responsible for their deductible and any non covered upgrades. 

5. If you are trying to avoid an insurance claim (just pay out of pocket) let us know. with deductibles well over $1000 these days we can often make repairs for less than your deductible, and will let you know if it will be faster and cheaper to just keep the Insurance out of the situation.  

6. Don't be afraid to ask! We are licensed general contractors and have a lot of resources at our disposal. We have licensed electricians, plumbers, engineers and hvac techs on staff or retainer,  who can be quickly deployed to remedy any situation.

7. $100 for the first hour is crazy you say? Negative, its a bargain when you're getting a real pro. Also we can provide so much more benefit such as talking with your tenants about any other repair issues, and observing possible tenant issues. 

Finally, keep in mind that you are paying for a whole hour, don't be afraid to use it! We will happily inspect the roof, clean out the gutters, adjust a door etc. 

@Matt M. its a daily struggle isnt it!?! As business owners are we the gold miners or the folks selling supplies?

With enough capitol and a great business relationship one would develop land and partner/own a modular builder to supply the homes. Particularly in areas like resort towns where affordable housing is a real problem for the people that work there!

Thanks everyone for the feedback, it has been very encouraging!
Contrary to popular methodology, I am not trying to compete with custom home builders. I have no intention of building high-end homes, or for them to take more than nine months to build.
I am very familiar with high-quality modular homes, and am plotting How to take lots and put beautiful modular homes on them, this will allow me a very quick turnaround, high-quality end result, and that a “low” price point.

The risk with a custom home is how long it takes of course. On-site work on a modular from first excavation to wrap up can be done in less than six months. On top of that, the modular home builder takes care of everything and the construction process above the foundation. Leaving me to worry only about landscape (minimal), foundation, basement, septic, well as well as any outbuildings necessary like a detached garage.

Post: How many here do new construction spec homes?

Grayson LynumPosted
  • Contractor
  • Loveland, CO
  • Posts 18
  • Votes 14

Hey all, Im a GC in Northern Colorado, and buy and hold investor in SE Wisconsin (home country) 

My thought is to buy one off lots here in CO and "install" really nice modular homes on them. I do NOT mean anything like a mobile home or doublewide. 

I am trying to work out any of the objections as to why I should not do this!

Any input would be appreciated, and connections would be great!  

Hello All! 

Im a GC and buy and hold investor. With the housing shortage here in Northern Colorado I am looking into building one-off single family homes on lots and then selling them. 

I am looking feedback on why I should not do this!

However more importantly id love to connect with anyone who is having success with building and development on such a small scale. I am not opposed to growing and scaling in the future, however that is not where i am starting from.

Thanks all!

Post: Rental property break in!

Grayson LynumPosted
  • Contractor
  • Loveland, CO
  • Posts 18
  • Votes 14

So it's our first ever BRRRR.

We put 5 weeks of blood sweat cash and tears into this property!

We were so happy to hand it off to a professional property manager, and visions of rent checks, danced in our eyes!

Then the glass repair guy chose not to replace a dangerous broken window because no one had shoveled the driveway.

The same day my property manager arrived to show the property to a potential renter (difficult to rent in January) to find the house “quite cold”.

When she went to check the heat the thermostat had been ripped from the wall. Keep in mind this was the upper Midwest in early February.

Then went in to discern that the offender had not only kicked in the front too for ingress, but had also left a tribute in the toilet.

I joked that had the water been left on he may, in fact, have flushed his tribute.

Thankfully the property manager is a Pro and met with the police then immediately arranged for the handyman to fix the door and thermostat.

The question is, when does it make sense to upgrade the protection for a property?

In this case, it will be a few hundred bucks for a thermostat, front door repair and furnace check. But when does it make sense to install cameras and monitoring?

Post: Looking for strategies for change of situation

Grayson LynumPosted
  • Contractor
  • Loveland, CO
  • Posts 18
  • Votes 14

@Jeff Dumps

Welcome to Northern Colorado!

I agree with the other folks, in your situation Id likely get rid of the duplex in Alaska, that is unless you plan to move back soon.

But a more pressing concern is reliable consistent employment. You said you had been doing it on a part-time basis in Alaska, are you working full-time now, it is in the same industry?

I changed jobs and states once, but since I showed that it was the same industry and position as before the bank happily lent to me even though I had just moved.

If you were part time in say, healthcare, if you can get a full time job in healthcare, lender’s may be more willing to work with you if you can show that continuity.

Post: Long distance BRRRR Investment in SE Wisconsin

Grayson LynumPosted
  • Contractor
  • Loveland, CO
  • Posts 18
  • Votes 14

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $65,000
Cash invested: $24,000

BRRRR owner financed, we provided repair funds. We did an extensive renovation and the ARV is right at $200K
Being professionally managed, $830/mo after all costs including 20% taken out for repairs and Cap Ex.

What made you interested in investing in this type of deal?

Bigger pockets!
Also familiarity with the area and market

How did you find this deal and how did you negotiate it?

Knew the owners and were made aware of their desire to sell.
They had cash offers under our agreed purchase price, but we paid more if they agreed to hold the note.

How did you finance this deal?

Owner financed, credit cards and cash!

How did you add value to the deal?

full remodel.

What was the outcome?

Beautiful, fully renovated investment property. We will do a cash out refinance in the spring, after seasoning, and use the proceeds to buy another!

Lessons learned? Challenges?

DO YOUR FIRST DEAL!!