All Forum Posts by: Laura Thorne

Thanks for sharing!  As I get cold feet, this is a good mantra to come back to!

@Manolo D. I do wonder if I should say what I anticipate spending. Then I'm worried that even if the contractor estimates it will be lower,they will give my estimate as the bid. Since I am learning as I go I can't be sure anyone's estimate is off! 

@Glenn Banks fair points! 

@Bill Devola I am sorry your experience has been so rotten but I really appreciate your sharing to help me!  Great insights.  

I am buying my first rental property through a short sale.  The place needs a lot of work and I plan to use a general contractor.   How do you make sure you are working with a good one?  I am asking for references from the last five jobs.  So far no one has gotten back to me!  What are the best ways to manage the contractor through the project?

Also, does anyone have a recommendation for a great general contractor in the Minneapolis area?  Thank you!

Congratulations!  I am in a similar boat though my deal has not gone through yet.  

@Wayne Brooks I do have two days for the inspection period which are over now.  The tricky part that I forgot to mention is that there are still tenants living in the house so I can't show up any time with contractors.  I have to first approve through my broker and theirs.  I wish I had given myself more time for the inspection period.  I will have to walk away if they don't grant me enough time to get the bids.

I am in the process of buying a duplex in a short sale.  It has been accepted by the seller but their bank has not yet accepted.  

In my offer letter I wrote in an inspection contingency and that I would absorb the cost of the repairs provided they were under $20,000.  Unfortunately I said I would decide within two days after the inspection if I wanted the proprety or not.  I quickly realized that was not enough time to get bids on the repairs (seller has really that the place go).  The seller is giving me a few extra days but I really need at least a week to get my bids.  

Any advice on how to negotiate for the extra time and if the repairs exceed 20,000 for a new purchase price?

Welcome @Krystle Padilla!  Thank you for your service and I am excited for you.  I know this contradicts what was posted earlier but I am not working with one broker exclusively.  I probably will as I become more experienced but we are looking for our first duplex and I am trying to find it off market as well, without a broker.  I am worried about being pinned down to someone so early in the game.

Karen Bjorkman and Andy Jacobson and Maslon Law firm are both very good.