All Forum Posts by: Vania Castillo

The options for exit strategies continue open.  Hopefully, I can have a clear path soon and continue moving forward with this project or the next one.

Through this process, I have learned so much about people's characters in the business.  This sector is totally different to what I'm used to, so it is a learning process.  

I thought this journey would be only about numbers and materials and it is not.  I'm very appreciative of those that had come on my path and offered guidance and support.

Thank you so much for your feedback guys!!!

I was super busy las week.  I'm glad the week finished.  I still continue exploring my options and have not decided what to do yet.

Taxes are up to date as I took care of an outstanding tax lien on the property.  

August 21, 2017

My perspective partner never provided me with a S.O.W and has vanished.  

Finally... I have one of 2 estimates for states I and II of this project and I'd like to share it with you all

@Brandon Ingegneri thanks you for contributing to this post.  I did checked out your FB page.  Love the quality of your work.  Looking forward to finally getting some numbers!

August 16, 2017

Today, I spoke to the foreclosure lawyer who reassured me about my ownership of the property and told me that I could start working on it.  I offered to go to Providence, so we could go together to City Hall and clarify the situation, but he said that that was not necessary.

My prospective partner still has not given me any references, or the S.O.W :(

After clarifying the paperwork, next thing to do is to get insurance.  Vacant policy vs Builders risk.  Any suggestions out there???

@Brian Pulaski Yes, I'm expecting the he gives me the quotes for all the bids he gets.  That is how I/we can have a more realistic idea of the budget and cost of our project.

@Julia Ann Same experience here in R.I., Julia.  I also smiled at the idea of getting 10 estimates :)

@Jesse Andrews. Thank you for contributing.  I'll call you later today!

Please let me know whether the photos are showing now.  My prospective partner says he is going  to get several quotes for the subs.  

Local investor in RI are very reserved, although I'm in touch with @Anthony Thompson, however the person he referred me to was not receptive and did not pick up the phone or returned my phone calls.

@Stuart Smith the idea of an option is a good one, although I don't know how it it works.   I'd like to learn more about it.

@Andy Krzanowsky thank you for your input.  Indeed I need someone with experience/trustworthy in  my situation.  I'm awaiting for S.O.W estimates and will try my best to compare it when I get it.  I'm not in a hurry, but keeping cost under control is VERY important to me.

You could not see the pic a posted from the inside?  I'm new to this, please let me know.

Thank you!

August 8, 2017

Navigating the sea of insurances....

Can someone, please  shed some light regarding what insurance to take for my project?

@Patrick Liska once shared in thread: "Vacant policy covers the existing structure plus improvements as they are done. the builders risk insures the material and i believe aspects of the project as it is built, since there is no structure. so if you happen to take a builders risk and you are doing reno, it may not cover you for the existing structure ."

Based on the description of the plan I have for this project, what makes more sense and is more cost effective: taking a vacant policy or a builder risk policy?  Will moving temporarily in a part-time basics to the property once one of the unit is in livable condition will save me money in insurance as I can change it to owner occupied?