All Forum Posts by: Stacy E.

I'm interested in this as well but haven't found the right property...

I'd like more information as well...

Welcome to BP!  I am currently living in Fairbanks AK.  Let me know if you sqing by this way and we could get together.

~Stacy

I am planning to use Allure Ultra from HD.  It's a little pricey but I've read a bunch and it seems the best for me in the basement apartment.  GL

Wholesaling is tough.  I have heard it's the most difficult way to get involved in real estate.  I would say start by networking in your local area.  Then try driving for dollars and yellow letters.  Also READ!! There are tons of great resources here on BP regarding wholesaling. 

Hi Everyone,

I am in the middle of converting a single family into a duplex.  It will be a basement unit and I have egress windows to make to bedrooms.  I had a grand idea of doing a custom terraced window well.  However now, I am thinking a pre-fab window well may be better... I am leaning towards Bilco- Scapewell--- Does anyone have experience of specific types? TIA

This site can be a great resource.  Network with people in your area, find your niche and take action.  If you have questions--- ask... BP is a great site.

Thanks for all the comments and suggestions.  It's good to know that I'm not the only one that goes over-budget.  Yes. when this is all said and done I could write in depth about the things I learned and what not to do but I've learned so much from the experience and will use it all for the next one.  I was able to do a couple things right as well which helps. ;)  My plan was to stay here for two years. I'm entering my second year now on the property. So I will have more options with it down the road.  A 1031 is not out of the question or even a straight sale but I also know that it will be a great rental if I can just reach the finish line...

@Joel Owens- I didn't think of this as a vacation rental but perhaps it could be for short term.  I certainly have the space.  I am close to the busline and "downtown" so that may be an option.  I appreciate the words of encouragement.  I will look into it more after the reno is complete.

I am working on with another contractor and am hopeful that he will actually get some things done as he says he is going to.  I think I may need to let go of my perfectionism on this one and just finish it up.

@Gilbert Dominguez--- I didn't think about a Bridge loan.  Hopefully I won't have to go down that road but it is something to think about.  

@Account Closed This project was financed by a "mini construction loan" where my rehab costs and price of the house were rolled into one loan with my local bank which I have extended for a fee of course.  I can't just stop because then the house will not appraise well.  I know that I need to finish it up. 

The question is how--- I think I'm going to prioritize a little more what I want and stick with them till completion.  There are some things I would like to change e.g. the popcorn ceilings but there are other things that are higher on the list i.e. laying down the floor over gypcrete. Pretty much every room has something going on with it but is not finished.  I would love for a room just to be finished.  

One thing at a time.  Thank goodness for BP

Hi everyone, 

I searched previous posts but I didn't find the answer to my questions.  Perhaps you guys could help.

After I bought the house, last year I hired him to fix the roof because my relator recommended him.  I paid ~3000 for him to fix all leaks but he never did.  I contacted him multiple times after a rain/during a rain and told him that it was still leaking.  He said that he would warranty the fix for a year but the leaks have never been fixed.  I recently sent him a message in writing with pictures of the water damage (which has gotten worse) and stated that I would have to go to licenses dept and BBB if this was not addressed.  He then came over and said it was a problem with the way the siding was done above the roof causing the leak i.e. not his problem.  (He had never mentioned this in our previous correspondence.)  So I then had the siding issue addressed and guess what, the roof still leaks.  

I notified him again but I am at a loss about what to do if he says he completed his job.  I think he is bonded but I don't have the number or know how to go about that.  He is licensed and permits were not pulled for the job.  What should my next steps be?

Thanks for the feedback @Jerry Powers and @Derek T.. I had a contingency of 23k in place but I am almost through that with more things to complete.  I have done some of the work myself and am always on the lookout for deals.  The handyman idea is a good one but you are right that I would need to be careful with it.  I picked up laminate countertops in good condition for the basement unit for $100.  I also have found some other greatly great deals on materials.  The Re-Store is my friend.    

I think I can chalk this up to the size of the rehab and large items (heat, insulation, roof) going over. I figured that I would just have to eat the overruns for now and hopefully be able to make it up in eventual cash-flow but was hoping for another solution. Another mistake I made was that I compared this to my other rental in Va. The cost for things in Alaska is just more than VA. Lesson learned... Now off to paint. :)