All Forum Posts by: Nhi Nguyen

Oh boy, we didn't get very far this past week because of a couple of distractions, and hiccups.

- We got the insulation in.  I over-calculated ceiling insulation, so ended up buying too much.  

- Some special size windows & doors cost too much so I'm working hard to find alternatives.  Just for feeling: 2 slide door to the back cost $6000!!!!  These are not even high end brand.

- This week I have to pause construction because windows & doors issue still pending.  The whole team now work on a customer's mancave. 

- Tomorrow I'll have the final quality for roof quotes.  Hopefully we can roof it the week after next.  I'll have to make decision on the windows & doors tomorrow as well.  Need to be brave about it, hoping the sale price would make it up.  Hahaha.  Fingers crossed! 

Next up: photos and/or video of the inside, maybe tomorrow or Friday.

Okay, I got some fairly good news from my meeting with the broker today.  I wrote down and asked all the questions suggested here.  :)

- Finance: the broker would take care of that by himself as portion of his investment.  He would one way or the other get enough fund to cover the rest up to 50% of the total cost.  He would rather have some other investors stepping up by investing more though.

- All partners have a saying on key issues.  Monthly meeting for status reports would be scheduled for all partners at his office in SJ or by call in.  Partners can always drop by job-site and/or ask questions.

- Project management makes daily decisions based on agreed-upon master plan.  Important issues are raised at meetings for opinions and final decisions.

- It's a partnership, so P&L are spreaded according to invested percentage.

- Minimum share is $500K, but I got special treat :).  Friends of mine could go in at lower numbers, as long as my group add up to $500k or more.  We're friends, right PBers? :)

- Insurance will be in place

- Only 6 homes, so they all would be built at the same time.  As soon as possible, marketing will kick in to presell.  My cousin owns a TV station in this area so that's a big plus.

- This is in the best part of San Jose, with very desirable schools.  So again, the comps look very good.  

That's it for now.  

@Johnson H. @Account Closed 

Karen,

We've tried both in our whole house remodel projects and new constructions.

1) For cheaper projects: quicker is better. Paint first, mostly spray on everything since walls mostly are all in 1 color.  One exception is hardwood & tile floors, which we apply the rules below.  Touch up at punch-list.

2) For high end projects, quality is more important.  Here's what we've been doing, step by step:

+ We paint 3 coats for new walls.

     - Primer gets sprayed first

     - Ceiling main color first coat next.  We've been trying both spray and one guy going after with a roller while the spray is still wet.  Usually we get good results, and it'd be it!  If not, 3rd coat will be applied for that particular ceiling only, by roller.

+ Flooring:

    - Carpet flooring gets installed after all painting.

    - Hardwood & tile floors get installed before painting walls.  This is so because we want to install baseboard and door trims after hard floors to get perfect cuts.  

+ Bathrooms:

    - Tubs & showers are in first at rough anyway.  So we'd like to have wall tile works done before painting too.  I don't like semi-gloss paint gets over-sprayed/rolled onto tub & shower wall areas.  

    - All fixtures, vanities and plumbing except toilets, mirrors & accessories (paper & towel hangers, etc...) would be in first.

    - Reason are: these areas are small enough for rolling and taping.  So painting after benefits; tile work is messy no matter how much you ask the guys to be clean; the traffic back and forth from cabinet & plumbing crews within tight spaces would cause major touch ups anyway.  And with design colors usually used in bathrooms, touching ups often end up in re-painting the whole room for consistent look. 

+ Doors & trims:

    - Trims & baseboards are installed then get sprayed after hard floors.  We always spray trims

    - Doors are sprayed at the same times as well since we use the same gun tips for professional look.

 + Walls get painted next.

    - Since all rooms have different colors in high end projects: rolling is quicker.   

+ Kitchen cabinets & counters get installed after

+ Touch up kitchen walls & ceilings.

+ Common practice: After each room is done painting, door is closed and marked off limit till walk-through for punch list to reduce unnecessary touch-ups. 

One key thing to remember is to have as much dust generating work done as much as you can before painting final coat.

Welcome to the site Jesse.  I'm listening to the podcasts everyday too, at least 3-4 of them to catch-up.  I'm on show 60 today, plus the last 10-12.  :)

You said your target for the first year is 2-3 flips.  Where/how do you look for your flips right now?

Again, welcome and check out tons of other useful stuffs on this site, namely in "Learn/How-to guides" and "Resources/FilePlace".

hey welcome to the site.  This site is definitely addictive.  I'm finding myself checking the forums 1500 times a day now.  :)

They should have a award for the more frequent reader.  :) (master addictive or something like that).

Don't forget to check out the how-to guides section (Learn) and the FilePlace (Resources).  Lots of cool stuffs there.

Thanks @Account Closed : I was talking about the ROI. Invest in $4.6-$5M, get net of $1.5M-$1.75M. This is net, after all costs deductions of course. :) In the cost calculation projection chart, it's all detailed out. I might get crossed up on the terminologies. If I do, my apology. :) By the way Peter, I like what I saw on your profile's list of 2014 projects. Great profile.

 Congrats J. You only work ... temporary to save more and invest full time again right?  Hehehe

thanks @BeBe Cheng 

They have a lawyer writing the paperwork for them. 

Once anyone is determined the numbers make sense and is ready to move forward, they advice to look at these with personal attorney. So I'd definitely do that. 

cool Johnson. 

Btw, are there lots of interest in this Friday meet up?  I'm trying to go this time too. 

thanks @Johnson H.  

Only some of the points were in my list. Most of them are solid questions to raise at my meeting. 

As for contracting, all details would be spelled out in the scope of work. Which if the project goes through, there would be another thread to poll for advices from me :)