All Forum Posts by: Account Closed

@Russell Holmes love the idea. Really, I looked into this, for sfr and REALLY want to try it. I found that the walls can be poured one on top of the other using a non-stick spray in between so your perimeter problem would be solved. From what I’ve seen, pier footings are poured low in the footings, then the rest of the footing is poured around and below the wall after leveling. Ledger grooves are made on walls for subfloors etc. then I think you could just put a flat roof over the top and canteliever the waves over a bit. It seems like price would be cut down majorly, but you’d need to cut costs by getting your own contractor to pour walls on site vs. ordering precast walls from a shop. Seems much stronger as you can easily add tons more rebar, and would cut down all the ridiculous time spent on siding and drywall.

@Lamont Marable A contractor should not be able to bill you for work they did not have in writing with you. Also, a contractor shouldn’t take a deposit for over $1000. Progress payments are made upon delivery of materials and labor. It’s best to have a contractor do something small for you first, and if they faithfully do that, then have them progress to do more. I typically don’t take any deposit money anymore as a contractor. There’s usually many phases to construction, so I’ll ask for payment upon completion of each phase such as painting walls, drywall installation etc, or near the end of the week when I need to pay guys, but my work stays ahead of the customer’s payments. The customer (you), comes first and the contractor is there to serve you, so he should never have the upper hand on your money! I think the best model for sfr remodeling is keep a diligent relationship of progress payments, so your contractor feels good that he will keep getting paid and you feel good that he’ll keep doing what he says. You should be able to ask your contractors to receive payment as work progresses, possibly on a weekly basis, or upon completion of phases. Many phases of residential construction such as painting or drywall don’t take much more than a week or two.

@Devin Scott. great discussions. Check out the other trending convo on self employed!

@Rich Hupper Getting a w2 is a whole different approach to life. I’ve been self employed for over 10 years as a general contractor with very short w2 experiences working for big construction companies. In w2, the sky is not the limit, there is no hustle at work (to make more per day) and you lose your immediate reward to taxes, which feels bad. ON THE OTHER HAND, W2’s ARE BEATING THE SYSTEM, WHICH IS ALWAYS A COMPETETIVE ADVANTAGE. ARE COSIGNERS A GOOD OPTION TO REFINANCE OUT OF A HARD MONEY LOAN? CAN WE BE JUST AS EFFECTIVE WITH A W2 COSIGNER? IT SOUNDS LIKE BRRRRR IS THE MAIN SYSTEM OBSESSED ABOUT HERE, AND I LOVE THE SOUND OF IT, BUT IS THERE ANOTHER SYSTEM THAT CAN BE A COMPETETIVE ADVANTAGE FOR THE SE? THERE WAS AN INDIAN (AMERICAN INDIAN :) GUY SHAREH OR SOMETHING LIKE THAT THAT WAS KILLING IT, BUT HAD 95% OF ALL PROPERTIES PAID FOR. HE WOULD FLIP TO GET CASH TO BUY AND USE CASH AS LEVERAGE TO CLOSE QUICK, INSTEAD OF HUNTING HML OR PRIVATE LENDER. I THINK FLIPPING FOR CASH AND BUILDING CASH THROUGH HUSTLE IN BUSINESS COULD BE THE MODEL I TRY. BUT THATS A GROUND UP MODEL WHERE YOU HAVE TO START WITH WHAT YOU GOT. SOUNDS LIKE SOME SE ARE BLESSED WITH GOOD LOCAL BANKS THAT WILL WORK WITH THEM, BUT SOME SE MIGHT NOT BE ABLE TO RELY ON A LOCAL BANK TO REFINANCE... IM TRYING TO FIGURE THIS STUFF OUT, SO THANKS FOR THE ALARM YOU JUST SOUNDED ON MY DREAMS OF BRRRRR AS SE. (SORRY FOR ALL CAPS, THE THING IS MESSED UP) ANY SUCCESS STORIES OF SELF EMPLOYED WHO SAVE/EARN/FLIP FOR CASH FOR ALL REI? BESIDES DAVE RAMSEY PLS.

@David C. Haha, so funny on the amended tax return..

Hi Stephany, Thanks for the response. I have so much to learn about financing, so every experienced answer helps! You are right about the remodeling costs. I'm able to trim them way back by doing most of the expensive work myself. I'm still in the hustling phases trying to breakthrough in real estate. I heard about peer to peer lending, which I'm looking into now.

@Wendy Fate Hi Wendy! I have a great realtor that was recommended to me a couple weeks ago. Her name is Lindsey Cutshaw from Greeneville area. Very on the ball. I recommend you google her for her number and give her a call!

Where do you go to get financing for majorly distressed houses in small towns? Example: contract price @ 20k and remodel cost $30k = total $50,000. The mainstream lenders pass these up. Is there any mainstream place to go to get hard money for these kind of deals?

@Christopher Phillips ok, thanks sounds good!

@Caleb Jordan. Cool, thanks!