All Forum Posts by: Jose Jacob

 I am little confused here.  You bought it for $125K.  Reno (top) $70K.  Is that $70K includes your GC payment ?.  Why do you want to pay yourself ?  If you do that. you make less profit. Right?  Not making any sense. 

This contractor do all my reno for last 7 years. We go together to the HD or wherever and he pick up the material, I pay for it and he transport that to the site. We have an excellent relationship. Apart from that I pay him an excellent bonus if the house sells more than my original ARV because of his beautiful finishing. We both have lot of respect for each other. I treat him very nice and pay him very good.

I know several stories of contractors using someone's credit cards for purchase for other job of their own. Not all of them, but there are some out there.  

Quote from @Mary Winter:

Quote from @Jose Jacob:

Quote from @Mary Winter:

Hello BP Community!

I really need help with this! I attached a picture below. The cracks are on the soap holder portion of the bathtub. It is a one piece bathtub located on the second floor. It was installed by the builder prior to building the bathroom.

Can this be fixed? I am worried that it could cause leaks down the road. Any assistance you can provide would be greatly appreciated!

 Is this a ceramic or plastic tub ?  You can contact a handyman person and they can fix it for you.  There so many if you google it.  Again compare the cost to repair or replace it.  It may break again if you don't fix it properly

Thank you so much for your time and input! 

 Believe it's acrylic. The builder put it in before the bathroom was built. I agree with you, which is why I want to find the best way to fix this. I can use that to find a qualifying handyman. 

I saw some people used Bondo fiberglass kit to patch the hole and the cracks and applied resin over the top. Do you know if this would be a permanent fix? 

 Are you planning to rent the property or fix and flip ?

 Rick,

How do you search for these criteria people you mentioned.  Can you pls help

 I buy all major materials by myself with a HD Pro card which gives me points and credits to use towards my purchase. My suggestion is that you should buy the material which give you an idea of the price of the materials.  Because I pay for the materials, I know the cost of each items now. Now I can tell if the contractor charge me more than it really cost.  

When you give the job, you can do it two ways.  One with all inclusive or Two you buy the material and they charge you for the labor. You will definitely will save some money if you choose option 2.  But don't ever give a contractor your credit card, unless you trust them 100%. They will buy material for their personal job using your card.

Kevin,

Fix and flipping is not an easy way to become financially free.  It is one of the hardest type of investing which need a ton of experience and contacts.  

You need to know your market

You need to know the numbers and ARV

You have to have a excellent contractor.

You need to have good capital

Moreover, Partnership will not work initially in flip business especially when you dont have any experience. 

My suggestion is to pick an area where you want to do fix and flips, get a good realtor in that area as your friend and study the market.  Help some investors in that market so that you can learn from them.  You have to be on your foot to learn fix and flip. 

Try house hacking first. then you go into other parts like, fix & flip, BRRRR, LTR, MTR, STR so on...

Good Luck

Podio sounds good to me.

I am flipping for the last 7 years and if the windows are not functional, I will replace them. If they are functional and look old, I will try to paint or clean it and will save them.  If you are renovating the entire house with new items and the window doesn't look new, it may hurt you.  We should give the buyer a functional window.  Again check with local realtors or investors  and get opinion.  Good luck

 Install it and take it with you for your next projects.  

If you planning to rent the property for a LTR, the numbers have to make sense.  How much equity you have there ? Can the rent cover your loan and other payments?  If that $50K loss make you drain you which means you don't have much equity in it. Then you monthly income may not cover total monthly expenses. Try to do an MTR to cover your expenses and try to sell it during summer time. Do the math and see whether it is better to loose $50K now or more in the long run.  That is the key.  Market may come up a little bit and the rate may come down to 6.5 to 7 % which may give you a better chance to sell next summer.  Thank you for your Service Sir.