All Forum Posts by: Asim G.

I am getting bids on my SFH. Scenario is that a RE broker who has experience in commercial building is working on my quote . He reached out to me and is working on providing all details. His business partner has a GC license that is being used for my project.

qus

1) Who should I sign the contract with - the GC or the broker. the Broker will act more like a project manager ensuring things are going well. He has been the primary contact till now. should his name be there on there contract?

2) What address should be used. The GC company's registered address or the office address of the broker? Does it matter from legal perspective?

3) anything that I should be aware of or I am missing?

I am getting bids on my SFH. Scenario is that a RE broker who has experience in commercial building is working on my quote . He reached out to me and is working on providing all details. His business partner has a GC license that is being used for my project.

qus

1) Who should I sign the contract with - the GC or the broker. the Broker will act more like a project manager ensuring things are going well. He has been the primary contact till now. should his name be there on there contract?

2) What address should be used. The GC company's registered address or the office address of the broker? Does it matter from legal perspective? 

3) anything that I should be aware of or I am missing?

@Anthony J Ruma - I will be contact Steve. Seems like you are in Livermore, so any reco from your city or further easy is also welcome :) thanks a ton

thank you @Anthony J Ruma

I am getting quotes on removation/additions and want someone who is reliable and gives resonable quote. Any recommendation wold be great.
Do you think for a first time, GC is the best route to go or is it ok to deal with tradesmen seperately. Opinions of experts would be appreciated.,

Hello,

We are working on a remodel/addition of the home and that includes redoing the external look of the home and am getting bids on the home from GCs. 

This is the first time I am doing this and am not sure how to proceed with finalizing the contract.

Each GC has their own flavor of the bid with different level of details and explanation of what is covered and what is not covered. Most bids are a 1 pager with a high level summary of the work with a rough payment schedule. Here is an example of a bid.

So far I have been talking to the GCs to get more detail of what is covered/not covered in the bid as I am comparing them. I am confused as to how I should structure the contract and be more specific with the scope of work in the contract. For folks who have done new construction, how detailed is the scope of work. I am just looking for templates/ideas on how to clearly define scope of work with the contractors.

Thanks

To the best of my understanding, the startup valuations are declining and for recent IPOs, the stocks decline before employees have had a chance to vest all their stocks. Here are some examples.

- Nutanix IPO'd at $37 and is currently at $16.50. 

- AppDynamics was about to go IPO at a valuation of $1.5B, as a down round before Cisco came in with a last minute deal.

- Cloudera just went IPO with a valuation of $2.5B, while it was valued at $4B a few years ago.

So an employee who is set to make $500K at the higher valuations will end up with $200K-300K with more realistic valuations. I am not sure if this windfall of $300K will cause the property prices to go up or will the drop in windfall from $500K to $300K will contribute towards damping the property prices.

There is also some uncertainty with the H1B program and I know some H1B holders who are refraining from buying their first home till the air clears.

On the other hand, the local economy is doing well, lots of folks from out of state are moving here for new jobs and home prices are not showing any sign of slowing down.

To sign off, here is a feature on CNBC news about a teardown in Palo Alto (@Jay Hinrichs old hunting ground) that was listed for $1.9M and sold for $2.55M. 

http://video.cnbc.com/gallery/?video=3000616243

Thank you @Mitch Messer. The contract between the seller and wholesaler has been amended to provide for walk-through to confirm vacancy before closing. In addition to ensuring the vacancy, here are the steps I have taken

1. I have confirmed that the property has a clean title and the preliminary report looks good. The close is being handled by a title company

2. I will be wiring the money on the morning of the CoE.

Are there any other steps that you will take to make sure there are no gotchas that I could be missing.

I would also like to invite @Jay Hinrichs and @Brandon Turner for their thoughts.

Thanks

Hi,

I am planning to buy a wholesale property to buy and hold. I have heard a lot about wholesale in podcasts and read about it in forum posts such as the following.

https://www.biggerpockets.com/renewsblog/2016/07/0...

I wanted to get feedback from the experts here if there is anything I am missing. Here is the status on the property.

1. The property has an occupant in it who is in the process of moving out.

2. The wholesaler has a contract with the current owner and has opened escrow. I have received a preliminary title report, and the property has a clean title.

3. The wholesaler has sent me a copy of his contract with the current owner and an assignment contract. The assignment contract is requiring an EMD of $5000.

4. The contract between the seller and the wholesaler states that the property will be vacant before escrow.

Are there any gotchas in such a transaction that I need to look out for. How do I ensure that the property is vacant before CoE.

Thanks

Hi,

I am planning to build a custom home as a primary residence. As a part of research, I am learning more about construction loan products, and have not found any which do not require a GC.

I am planning to act as my own GC to save costs. I know people who got these types of loan products in 2007-2008 time period. Can anyone point to a bank or a loan product that allows for an owner-builder without a GC.

Thanks