All Forum Posts by: Keith Bloemendaal

I've used Basecamp in the past, maybe I need to revisit...

Not sure if this is the right forum for this discussion, but I am building new homes so thought I would start here. 

Having come from a decent sized home builder as their project manager, I use several tools to run my projects. Just wanted to share what I use, and see if any one else wanted to share what they do. 

I am not a big fan of high cost software that runs on a desktop, I much prefer cloud apps, especially ones that sync and work seamlessly over multiple devices. 

Evernote:

One of my favorite tools, I use it mostly for mind mapping and idea gathering. Like when I started researching to get my GC license, I gathered all the info in an Evernote notebook, using the web clipper to save whole web pages about my state's requirements, books needed, fees, procedures, applications, etc. All in one neat spot I could access from anywhere. 

Google Drive/Apps:

I am a paid user of Google Apps (Google for Work now I believe), and for $10 per month I get all the features plus 1TB of storage for my docs. Everything I do is saved in Drive. I organize it like you would any other file system, and again, I can access on my phone or anywhere I can get online. 

My email runs through Google Apps/Gmail, my docs are all done in Drive, Calendar is managed through Apps, I even make custom maps for my projects in My Maps from Google. 

Google Sheets:

I use spreadsheets to manage my projects extensively. I use one to track my cost estimates compared to actual costs by line item. I use another to track timelines and scheduling (still working on my template for this, if you know of any good ones, let me know), and just about anything else I can think of goes in various spreadsheets. 

Pen and Paper:

Yes, I keep a legal pad on my desk and in my truck at all times with lists to keep me productive on what is needed and most important. 

I also use a 3 ring binder for each project to keep paper copies of everything I have in the project folder on Drive. I generally keep this in my truck until the project is complete. Then I analyze the data and file it away for safe keeping and for use if needed for future projects. 

What about you?

Could you share more details on the loan you are providing? Is it a flip? Buy and old? Percentages? Etc... Thanks for posting this. I am working with a private investor to partner on some new construction and so far it is working well. 

Ok, lots are under contract, they refused to budge from asking price (I was prepared for that) and mentioned lots will most likely go up in price after the 1st of the year. 

Regardless, they are under contract and I will be meeting tomorrow with Realtor to get some premarketing in place. 

New Update:

Meeting at 10am with the land owner for the lots I am trying to purchase. I am going in at $85k per lot, they are asking $91.5k. In my few phone conversations with them, they seem unwilling to negotiate and don't care that I am buying 3 lots for cash, so we will see how it goes. I will either be having a martini with blue cheese stuffed olives with lunch, or iced tea ;-)

These are the lots my partner and I want, the value is there at full price, but if I can get them cheaper obviously it's better for my bottom line. Being project manager for the last several years, I have seen and signed over 120 OTP's, but always on the selling side. Let's see how good my negotiating is for the buying side. No realtors involved other than the land owner is a realtor, but only sells his own land (he has a ton here). 

So, my plan is to have the lots under contract TODAY. Get surveys done next week and get submitted for permits asap. We will have a dual closing for the lots and the construction loan at the same time to hopefully save on closing costs. By the time we close (30 days or less) I will have permit in hand and can break ground immediately. 

Glad to see they figured out a way to get this on a regular thread instead of the Marketplace. Looking forward to following along!

Update:

I just got off the phone with my banker I use for commercial lending to fund my new homes I am starting. He said they would basically do a "rental" loan (his term), they would fund the construction interest only for 12mos, then P&I would start on the 13th month 15 yr amortization on 5yr term. I could make this work, but would have to leave my equity in the lot, which I would pay cash for. 

I see the negative in this which is the 15yr term and the cash out of my pocket, but I am looking long term gain, not short term. The property would still cash flow, and I would have approx 50% equity from the start in a brand new rental home. 

I am sure I will explore other options as I get closer, these are goals for 2016...

Agreed @Account Closed try not paying your property taxes, you don't own anything. 

I actually just left a company that owned 13 of these exact style car washes. They are cash kings if managed properly. They must be maintained, operational, and in a good location. 

As @Jonathan Wilks the automated systems are great for getting monthly subscribers, and we had just up fitted 4 of our locations to be able to do this, the downside to that is that you now need someone working on site during regular business hours to sell the packages and apply the RFID stickers to the vehicles. 

That company's main business was home building, and when they went from building 150+ units per year, to 12.... the car washes kept them afloat. 

@Joe Villeneuve you can have more than 4-10 loans, it just moves you into commercial lending rather than conventional mortgages, right? If I am not mistaken, the loans then move to 20-30yr amortization on 5yr terms (depending on your lender). If the market crashes, yes, the bank can call that note at the end of the 5yrs. If your equity looks good, rental market is good, that likely won't happen, but the bank won't give you favorable terms in a down economy.  

This is why I aim to have 50% equity as fast as possible in my properties. Keep the bank happy, they will continue to work with you during rough times....