All Forum Posts by: Lance Wakefield

Another good direction to go is a floating laminate floor. This is also cheap and can move with your house as it moves. It will do a much better job of hiding imperfections in the subfloor than the vinyl. It also looks much better if you get the right stuff and is very durable. If you need anymore hep with it feel free to PM me. Good luck!

@Jerry Brawner

Welcome to BP! What area of real estate investing are you looking to focus on? Where are you looking to focus? (as in what part of DFW or elsewhere) Best of luck to you. I build, flip and renovate homes. Let me know if you ever need help on the construction side of things. 

Welcome to BP I also live in the north dallas area. 

Sounds like you have lots of great experience! What direction are you moving in now? Are you sticking with mostly commercial? or you plan to go back to residential? How long have you been in the DFW area? 

Welcome @Account Closed Do you have any idea as to what part of DFW you plan to invest in? After all its a pretty big place. What type of investing do you plan to do? Buy and Hold, wholesale, fix and flip?

I work in Collin County as well. Deals are few and far between. I would really recommend partnering with someone experience on your first couple deals in this market. Right now things are pretty crazy as you know. So splitting up some equity is a small price to pay rather than making a mistake particularly on your first deal. 

A couple questions for @George Searcy What experience do you have? Who do you plan to have GC the project? How do you plan to pay for the properties? 

Where in dallas is this property located?

It seems to me like you should get your subs lined up pay them time and a half or something and plow the rehab at full speed. Try and get it done in a week then it doesn't do much to your closing. If you're not doing anything structural, changing out plumbing or electrical or hvac you should be able to finish up cosmetics in a week maybe two at the most in one unit.

I am a contractor and project manager in the area. I can help you run your projects on your first flip. I can also rehab your sfr's to be rent ready. Let me know what direction you're looking to go in and how we might be able to work together. Also welcome to BP

I agree there are lots of ways to do it. If I was in your position I would wrap the mortgage and have her seller finance the rest if she is willing. 

Hi @Jeremy Scott

I am a contractor in the DFW area and I would agree with @Manolo D. I would emphasize one the he said. CHANGE ORDER I would agree that bidding a house from the outset there are things that cannot be foreseen. An example would be decking under shingles, or subfloor under bathroom tile. When the demolition is complete those items are uncovered. At that point in time, NOT the end of your project those items should be identified. When they are identified a change order should be worked up and signed by both parties, if that isn't the case I would never pay an extra dime. 

I would also say an experienced GC and recognize a lot of signs that can lead to those expenses and build them into their bids. Experience is key. $2000 to learn this lesson isn't too bad either. Could have been a lot worse.