All Forum Posts by: Ken M Middleton

Hey BP family,

My wife and I identified a potential home that we are interested in rehabbing. We got an initial ballpark bid from a contractor of around 20k worth of work but after the inspection, there were a few items that looked like they would cost significantly more (i.e. complete plumbing installed and perhaps replacing ALL the windows because they wouldn't open).

We asked a few contractors to give us an itemized bid (ala J. Scott's advice) with labor and materials separate, so we can ensure we are not getting over-charged and to make sure the total price is taking into account all the work we need done, but most of the GC's pushed back to say either they don't do that or this would make the price much more expensive if we asked for it this way.

Is anyone else experiencing this (reluctance of GC's to provide itemized bids) and what are my options in this situation, as there are not a lot of contractors in the area in which we are looking since it is such a small area (Columbus, GA)?

Thanks for any advice in advance!

KMM

@Jeremy Galloway Thanks for letting me know, man. No worries. 

@George Carrasquillo Did you end you using Coleman Construction, and if so, how were they? I'm looking for a GC in Alabama as well and was wondering how they worked out for you.

@Jeremy Galloway, my wife and I are looking for someone in Phenix City, AL. Do you happen to know anyone down there also?

Thanks for your responses in advance!

KMM

@Joshua McMillion thanks, man. Kyle and I actually connected yesterday, so lena and I will be there! Thanks for looking out, man!

@Michael Plante thanks, Michael. I appreciate the advice greatly and will do!

Hey all,

My wife and I are considering purchasing our first rental property and we could use some advice if this is something we should risk or not.

The numbers seem pretty good, as the asking price is currently $49,900 and the rental comps in the area are $775 on average. It looks like it could use some light cosmetic work (maybe 5k) but nothing crazy.  I have three questions that I would like to use the collective knowledge of BiggerPockets to help with if possible.

1. The house has been on the market for 117 days, so we are thinking about offering less than the asking price, but not sure how low we should go. Any advice here?

2. The location is about 90 minutes from where we currently live, so we are wondering if we should make this our first investment. We could get there pretty easily each weekend. 

3. It is in what is considered a 9 out of 10 flood zone, but it appears the damage would be low based on the actual area. The statement from the report read "Based on this property's risk and building details, it is expected to see $2 in flood damage in 30 years," but it also said that there is a 96% chance it would flood in 15 years. 

Any advice on any or all of these three questions is greatly appreciated. Thanks!

KMM

@Raymond J. Rodrigues, just to be clear, you have a hard money lender who will do owner-occupied?

Huge shout out to @Paul Welden and @Stephanie P. for their advice on this. Has been CRAZY helpful so far!

@Paul Welden thanks so much! I’ll call you this afternoon!

@Stephanie P. Amazing! Will PM you now!