All Forum Posts by: Josh Tonecha

Im wondering if I am over thinking things or have legitimate concerns... ( my partners both disagree with my view) We have (my partners and I) eyed up a larger rehab where we will be gutting and totally rehabbing a larger commercial space and converting it into apartments that we will all hold as equal partners once completed. The lending will be hard money and the timeline tight. of the 3 partners we have a RE Broker, a GC, and myself a full time investor. The thought amongst the broker and the GC is that if the GC is not busy on his own jobs, he will take what work he can for our building and save us money by offering a better price vs the quotes we may get. My thought is while that sounds great on paper, if we end up not finishing on budget and the contractor now has 20k of our budget (hypothetical number) in his pocket, and we end up bankrupting and closing the door on this venture, there would likely be bad blood about him having profited well while our business folds up. I see a strategy where his expertise is leveraged to oversee that bids are in the right ball park and work is being done properly as well as compliance type issues (permits and such) are all in order. Any work needing done could be done by all of us as sweat equity as weekend projects and no one profits. Someone tell me if Im being petty or if this is actually a wise thought. Also open to hearing totally different perspectives. Thanks!

So my partners and I are examining our first larger multi family project (well large for us). Its roughly 7000 sq ft of former bar/hotel space that we want to turn into new apartments. The building will essentially need gutted anyways so a new layout makes total sense. 

Questions:

What is the most effective strategy for doing a demo of this size? We had 2 thoughts, paying a company to do everything OR hiring and supervising many laborers and ordering roll offs and just managing these people until its completed.

What is a good rule of thumb for estimating the cost of the rest of the repairs? 

This is in the Pittsburgh PA area so if anyone can speak to costs in this market specifically that would be most helpful.

Thanks,

Josh

@Brian K. Thank you! Trying to spread good news, not enough good news in the world today :) 

@Avi Garg thank you!

I wanted to take the new year as an opportunity to refresh my mindset and become more active in the practices that gave me a super charged start in this business. So I decided to take more time to listen to podcasts in the car instead of music, and take more time to become an active member of the BP community. 

I joined BP in '15 and made a few basic posts asking questions for financing and generally any information to help me get started. In a few short weeks of posting my wife and I had arranged a sit down with a local agent/investor to discuss our goals and ways of achieving them. We had explained to him that 1 property a year would be an amazing goal that we didn't really think we would achieve but we would try our hardest and work as a team.

That meeting was in spring 2015. As of two days ago we now have 4 properties, 6 units, and a wondeful business/ family relationship. Now my 5-10 year goal of exiting the rat race, doesn't seem very realistic, I am hoping for much sooner :) This site is amazing, with just a few posts we found someone who took us under his wing and showed us the ropes, how to avoid the mis-steps and really how to go from a couple of dreamers to a couple of real estate investors with multiple deals under our belt in about 15 months. 

@Ian Hoover <--- Reach out to this guy. Thanks Buddy! 

Here's to a great 2017!

Scott, I should have been more clear this will be an investment property.

We are  a couple years away from realizing our goal of purchasing a vacation home in Orlando and I am wanting to hear all the different ways you can finance these deals. If anyone has any great people they use to refer me to or some literature to read I would appreciate it. I'd love to see if I can accelerate the process safely, but in general need to know how to finance this project.

Thanks!

I'll be in Orlando this week and I need to find an investor friendly agent to show me a couple properties. We are looking to buy some vacation rentals in that area. Please contact me asap and hopefully we can set something up quick!

Curt Davis so this is not something worth paying for?

I'm looking for suggestions on finding Foreclosures. Are subscription based sites the way to go? Which is the best? Or are there alternate routes I'm not considering ? Thanks for any advice!