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All Forum Posts by: J South

J South has started 0 posts and replied 2 times.

Post: Buying RE with Bitcoin

J South
Pro Member
Posted
  • Nashville, TN
  • Posts 2
  • Votes 0

@Jerry Shen I apologize if this is a repeat of info or if it constitutes an "application" that you don't trust, but your thread prompted me to locate Propy.com, whose website says "Propy allows buyers, sellers, brokers, and escrow/title agents/notaries to come together through the utilization of a suite of smart contracts on blockchain to facilitate transactions."  I have no stake in anything crypto, thus appreciate the interesting thread and feedback from all.

Post: Should I hire a project manager or trust the general contractor?

J South
Pro Member
Posted
  • Nashville, TN
  • Posts 2
  • Votes 0

Two ideas, but hopefully this is sold by now:

1) This might be like finding a needle in a haystack, but what if you partnered with a GC who will fund the rehab in exchange for splitting the profits?  Finding a GC who will do this would require one with decent financial resources to carry those expenses until sale and lights a fire under them to get the project finished quickly.  You could even offer a bonus structure that gives them a larger cut the quicker the project sells, giving them a greater incentive to make improvements buyers will want and to get it done.  You could still have a pre-construction meeting to agree on estimated repairs, costs, timeline, profit split, etc. and an agreement that they keep a mechanic's lien to cover their costs regardless if they do or don't finish the job.

2) If Shorewood is a hot market, buyers might be willing to do some DIY for a discount.  If this project suits itself to the following, fund the major repairs with licensed specialists (roof, plumbing, electrical, heating), then sell to a DIY couple looking for a "fixer-upper" for 85-90% of "after repair value".  They can make the finishes their own, they won't value their time spent managing the cosmetics (they'll only consider their material costs), and they'll think they got a deal.  The potential reduced holding time & cost and aggravation to get the final product just right, might generate same or higher profit for your time invested.