All Forum Posts by: James Landsford

@James Landsford That punch list is a lot of work that won't necessarily help with you increasing rents over time. I agree with @Taylor Dasch to get more quotes. Red flag for sure. You did mention that this was a nice rental. But do all the other houses in the subdivision have stained fences? If not don't stain it. I never stain fenced when installing new ones in rentals. I would forgo altogether the decorative fence too. regarding the driveway & sidewalk I would recommend not adding a brick ribbon. Over time they get uneven and breakup. Then you eventually have to demo it. Stick with just concrete if you need to expand the driveway & sidewalk. Consider adding gutters and extensions versus french drain. Unless you had a foundation repair company you trust tell you needed a french drain. Because the gutters usually a better solution at much lower cost. Do you need new gas lines? Is there a leak? If not then don't replace. I would leave the landscaping in the front yard as is. Tenants are responsible for maintenance. And you spend all that money on updating it will be for not. Because tenants don't maintain the yard. I would stay away from brick pillars. If the current wood ones are ok leave them. Paint them if you need to. If falling apart replace with cedar wood posts and stain. Looks great and way cheaper than any masonry work. If you hadn't noticed in this post stay away from an masonry work if you can help it. Same goes for the side port steps. If failing replace for sure. But don't add brick. Hope this helps.

Thank you for the in depth response! I should have said that my goal is to flip the property by EOY but rent is this year to hopefully recoup some of the renovation costs

1 Vote

Dallas, Texas

Quote from @Taylor Dasch:

It’s really hard to say it depends on a lot of things - My rule of thumb - especially when it’s higher than I think it should be, is to get at least 3 quotes. If one is way too high or way too low I think it’s a red flag.

I concur - what do you think would be a reasonable quote for the scope above?

1 Vote

Dallas, Texas

Longer story short, I have a nicer rental that I picked up in the Dallas area. I was going to complete some notable upgrades on it but do not have a lot of experience in completing some of the tasks. The list of what I need done is listed below. So far, my normal guy has quoted me $15,000 for labor, trash and debris removal and equipment rental (no materials included). I have no idea if this is reasonable at all. Here is the scope of work.

1. Remove and install new, 120 feet of privacy fence and also stain the fence.

2. Install 150 feet of decorative fence around the front part of the lawn

3. Dig and remove around 200 square feet of an old concrete driveway, frame and lay down the concrete (concrete will be ordered from concrete supply business) and complete a brick ribbon around the driveway. Also we are expanding the driveway to 400 feet so dig up yard etc. to accommodate the expansion.

4. Dig and remove around 20 feet of old sidewalk. Once again, frame it and concrete it (bagged concrete on this) and then add a brick ribbon.

5. Put in a French drain that runs around 150 linear feet.

6. Run new gas line from the street to house.

7. Build new brick mailbox at front of property

8. Tear out and redo landscaping around front of home (140 linear feet)

9. Front porch has wood pillars, I want to make those brick pillars. I also want to tear out the concrete platform and steps and have brick steps and brick platform. Total steps are 3 and platform is 4x4.

10. Tear out side porch steps (3) and do brick and then lay brick over concrete so it is a brick patio (8x10 patio top)

11. Painting some areas outside/miscellaneous small work such as outdoor ceiling fan etc.)

1 Vote

Dallas, Texas

Quote from @Chris Wilson:

You are talking about 22$ an hour per individual for an 8 hour day plus whatever equipment costs they need to cover. In addition to that they are having to pick up and deliver the materials.

Another way to look at it is that it would cost less than 3$ a foot ( for 120' ) Why only 3' feet deep? How long a stretch does it run to provide proper slope to drain the water effectively? Have they ever done this kind of work before?

I am not qualified to say how it should be done. I just know that when we had french drains installed around the house foundation and redid all the drainage systems in the yard they were 4' deep and they made sure that the slope was sufficient for the task. We had two others installed later to divert water from coming downslope into our yard to protect a drain in front of the garage. The soil here was clay so the digging even with excavators where they could use one was challenging.

I most definitely 2nd getting the utilities mapped first before digging.

I am using rough numbers on the depth but around an average of 3 feet. No equipment was needed. I average 2 guys at around $25 an hour. Seemed reasonable - but was not sure if $250 would have been more realistic.

0 Votes

Cleveland, Ohio

I need to install an L-shape French drain that I would say needs to be around 3 feet or so deep. The total linear feet would be around 120’. I was quoted by a 2-man team around $350 for labor as it would take them around a day to finish if they pick up materials (I am paying for materials).

Is this a reasonable cost for this type of job?

0 Votes

Cleveland, Ohio

I have a few rentals on the lower end of the spectrum that to me, have more of a liability issue. Right now, they are under my main LLC with a lot of my more high end property. Would it be worth it to create a new LLC and quitclaim the Lee lower end properties to it? Or would that be a futile task? On paper it makes sense but I would be curious if anyone with more experience on this subject matter has an opinion.

thanks!!!!

0 Votes

thanks!!!!

0 Votes

I am new the forum but have used BP for years. I currently own around 30 rentals, all free and clear, in the Houston area. In the past year and a half, I have grown increasingly tired of the in and outs of land lording and am having a harder and harder time dealing with tenants and finding decent labor. I had an investment group reach out to me and over the past few months we have gone back and forth regarding a potential owner finance deal for my 30 unit package. The group has the 10% down I am asking, is willing to pay 9.99% fixed IR and pay 90% of the appraised values per home. I am highly tempted to explore this deal as it would allow me to have a solid monthly income, remove me from the ‘game’ and the internet seems very attractive.

I have already spoken to an attorney who will draft the contract, note etc. and serve as the trustee.

Is there any downside to this type of a deal for a seller? I am 42 and am at the point where I am really losing interest in the business.Thanks!

0 Votes

Houston, Texas

All Forum Posts by: James Landsford

James Landsford has started 6 posts and replied 11 times.

Post: Large Renovation on a nicer rental - I have no idea if this quote is reasonable.

Post: Large Renovation on a nicer rental - I have no idea if this quote is reasonable.

Post: Large Renovation on a nicer rental - I have no idea if this quote is reasonable.

Post: Large Renovation on a nicer rental - I have no idea if this quote is reasonable.

Post: Large Renovation on a nicer rental - I have no idea if this quote is reasonable.

Post: French Drain Install - Labor and Materials - am I getting ripped off

Post: French Drain Install - Labor and Materials - am I getting ripped off

Post: Liability with multiple rentals and using multiple LLCS - does it make sense (LEGAL)

Post: Transferring Lower End Rentals to New LLC? Worth it

Post: Calling it quits and selling out via owner finance… Mistake?