All Forum Posts by: Karey Wright

@rayshawnholmes I think your skill set would be extremely valuable to any investor, especially to rehabbers. The ability to enhance the building by adding on space would definitely return greater profits. The most costly and difficult part of addid on space is the structural portion. Since you can create plans and review shop drawings from truss manufacturers, the possibilities are endless. I just wish you were located in South Florida.

@julie_marquez I'm also a Project Manager for a General Contractor, but in South Florida, and have many of the same respinsibilities as you. Just like you, im also in the process of trying to pull the trigger but i feel like im waiting on the right opportunity and to also learn more before i jump in.

I think having the experience is a good and bad thing. Good thing because you know how to handle certain situations and how to prepare so they don't happen; bad because you know all that can go wrong because you've gone through it before. 

I think the chance of the project not being successful is a fear. However, i feel like the fear of never trying is greater, so i set a deadline of September for me to pull the trigger on something. 

Good luck and let us know when you start your first flip.

@Carlos Abreu & @Jorge Magana thank you for sharing. Im in the early stages of acquiring my first property in the South Florida area to flip. I appreciate you sharing your first experience. Having others share their first experience gives the new investors more confidence to go out there and start something. 

Congratulations on your first deal. Please let us know your plans for your second deal. 

Usually in commercial construction there is a schedule of values that is agreed upon. No money is paid up front; however, sometimes mobilization is paid. Contractor is paid monthly based upon work completed per schedule of values. There is also a typical 10% retainage that is held on each payment and paid in full once the certificate of occupancy is received from the building department. 

Unfortunately, for the contractor they end up funding the repairs. Fortunate for the owner, they have better control of the rehab costs and are able to protect themselves from crooked contractors who take money and dont finish the jobs.

I'm a General Contractor in the South Florida area. I've pretty much just worked in the commercial industry and I'm aware that business is conducted differently in the residential rehab market.

I was just curious to know how most General Contractors set up their payment schedules when working on a rehab? Do they usually ask for a deposit? Do they usually get paid a set installment every month? Or do they get paid for work performed? Is retainage being held until work is fully completed?

I'm preparing to start investing in real estate myself and just wanted to know what to expect from other contractors. 

@Lucas Machado & @Jon Huber It's great to know there are people in my area that get together and support one another. I look forward to attending many of the local events. Right now I'm in the process of learning as much as possible through reading and listening. Once I get a little more knowledge, I'm sure I'll have plenty of questions and its good to know there are people in my area who can help.

Thank you to all who have welcomed me. I appreciate the advice and look forward to learning a lot more.

Hello everyone. My name is Karey Wright and I live in the South Florida area. I am presently a General Contractor and work for a commercial construction company in the area. 

My objective for joining this site is to learn as much as possible through education and meeting others who have the same interest as I do, which is making money in real estate. I have little experience with real estate investing other than being a part owner in a multi unit property a few years ago.

I look forward to being an active part of the community and learning a lot.