All Forum Posts by: Mike Kalob

Thanks Brian,

Yes this is for a very small 1 bed apt where the only thing in the bath needed is install of new vanity.. kitchen needs new cabinets, countertops, floor, and appliances.. that's it.  

Again, this isn't a rush job as I'm not planning to flip it or rent it out asap so I have time on my side.  I'd see the need for a GC to reduce carrying costs if I were flipping though.  

Given, I have the time and I'm not moving any electrical/plumbing , I don't see the need to pay the 30% GC premium thanks.

With all the GC horror stories here, has anyone bypassed General Contractors altogether and just have Vendors Install?

Are most Vendors who Supply & Install Licensed, Bonded, Insured in the same manner as GC's?

I'm in no rush, so in a Kitchen/Bath remodel what is suggested to have each trade come in first (ie leave floors for last so it won't get dirtied while other trades install their supplies first, or leave bath as last so it can be used while Kitchen trades do their thing?)  Thanks much,.

It seems every contractor wants at minimum 1/3rd, 1/3rd, 1/3rd (or more upfront), despite advice on here to not put more than 10% down.

I've scoured the General Contractor Payments in the forums and it seems the ones who have SOV contract clauses and itemized scope of work down to the penny with weekly payments (payments being 5% behind actual work done) are those with multifamily projects over 25+ units.

Are the rest of us single-family apt/homeowners stuck with less favorable contractor payment terms? There's a BP article from an ex Contractor advising against demanding an itemized list as that turns off most contractors who don't know how to appropriate general overhead expenses to these smaller projects.

The advice was to not ask for itemized cost list.

That seems contradictory to commentary advice, so there seems to be a gap between theoretical advice vs what's actually expected from contractors.

Anyone successful in paying behind work schedule for a SFH or single apartment? I've read about 10 contracts online and picked the upper middle one suited best for the Owner as the most detailed itemized ones freaked out all the contractors. Thanks

It seems every contractor wants 1/3rd, 1/3rd, 1/3rd, despite advice on here to not put more than 10% down.  

I've scoured the General Contractor Payments in the forums and it seems the ones who have SOV contract clauses and itemized scope of work down to the penny with weekly payments (payments being 5% behind actual work done) are those with multifamily projects over 25+ units.

Are the rest of us single-family apt/homeowners stuck with less favorable contractor payment terms?  There's a BP article from an ex Contractor advising against demanding an itemized list as that turns off most contractors who don't know how to appropriate general overhead expenses to these smaller projects.

The advice was to not ask for itemized cost list.

That seems contradictory to commentary advice, so there seems to be a gap between theoretical advice vs what's actually expected from contractors.

Anyone successful in paying behind work schedule for a SFH or single apartment? I've read about 10 contracts online and picked the upper middle one suited best for the Owner as the most detailed itemized ones freaked out all the contractors. Thanks

Anyone successful moving a property from their personal name to single-member LLC without paying the Realty Transfer Tax? I prefer using a Warranty Deed vs Quitclaim based on previous posts here.

Here's a case (https://www.avvo.com/legal-guides/ugc/nj-realty-transfer-fee-does-not-apply-to-related-entities) where Mack-Cali seemed to use the "related party" clause to be exempt, though this seems to be the minority of cases, despite different jurisdiction laws, thanks.

I read the great post here on BP about hiring a Project Manager rather than a General Contractor which is fine and dandy, however, somewhat impractical as an online search for RE Project Manager doesn't yield much vs GC, and the former doesn't have any reviews where the latter tend to.

That said, I'm seeing if anyone has a recommendation as I need a kitchen and bath redone in a Fort Lee, NJ co-op.  Nothing high-end, just durable and middle market finishes as my plan is to rent it out long-term, thank you.

Hi All,

I plan to move my rental properties into an LLC (about 2 per LLC), and was wondering if anyone did this via a General Warranty Deed.

I'm in NJ and looking at the form to be sent to county clerk and it looks super easy enough. Do I need a lawyer to do this?  

Aside from filing the form with county clerk and having tenants start paying LLC's name, is there anything else I must do? The LLC already has EIN # and state tax ID#, separate bank account.

Advance thanks.

Hi All,

I'm about to do a bathroom and kitchen gut job and wanted to hire out subcontractors since I have some time on my hands to call them directly.. since there is no special quirk about my project I don't believe hiring a General Contractor makes sense and I've read other posts where hiring specific trades directly saves a ton of $$$$.....

My question is, since I presumed the GC would have furnished the Certificate of Liability which is required by this particular building my unit is in, do all sub-trades generally carry the same Certificate of Liability? Thank you in advance

 thanks much Daria,

this was what I was afraid of.  All the best in FL!