All Forum Posts by: Luz Pagan

@Arlen Chou,

I appreciate your advised. This process is so frustrating and I believe you are in the right track. I am probably  just a minor project in his whole agenda. I started contacting other contractors in outside areas that might be able to have bigger crews. However, I will take your suggesting and I will be then subcontract others and get the permits myself to avoid all this waiting game.

I am currently rehabing one of the house I bought. However, I notice that the project is taking so long. The Contractor we are currently working an the only one that answered in our area has delayed so much and we are behind scheduled. He told me his guys were going to be working on the house this week since all the permits have been obtained. Today, my husband went to the resident and his employees were not working, the same thing has hapend on previous weeks. 

There are so many projects that could have been done while waiting for the permits, but he promise that once the permits were in, he will have his crew will finish the project soon. Today I texted him, as well as my husband. I just want to know if this is normal for any of you guys or should I fired the guy? 

I am having so much trouble finding contractors in the area that I am investing, it is horrible. I am thinking of just hiring the experts myself, rather than hiring a General Contractor to hire the crews. I am losing money as this house is not finish yet. Any advised will be welcome! Maybe I am too desperate to finish..

Also, I cannot list property as a 3 beds home, but i guess I can say that it has an extra space that can be used as a spare room. Please let me know your thoughts...

Hi BP,

Last week my contractor informed me that he has requested to enlarge one of the rooms in the house, but explained to me that if I add a closet I will end up expending more money than intended.  Here is the situation: When I originally hired him I inform him that I want to enlarge the room, to make it a 3 beds home. He informed me that He will have to hire someone to inspect the septic and pay if need to improve its capacity. This means that I cannot sell the house a 3 beds home. Basically, I am enlarging the room for no reason. The following were some ideas and recommendations I have received:

1. Place a wardrobe instead of a closet.

2. Add a pole and a couple of shelves

Any other ideas?

@Richard Wilson

Also, the bank is able to give a letter indicating how much cash you have for the property. Meaning, not your balance, but your available cash for the purchase. How can this be helpful? You must have a number in mind for your first investment. In Some properties the realtor will ask you for a proof of funds letter. If you are not willing to go by a certain amount of money, do not tell them how much you have in the bank, but how much you are willing to pay. This is because in their MLS system they put a range in the houses they want you to buy, the higher value the higher the commission. So if you want to buy a house make sure that you have a letter that states that exact value. NY and the Tri-State area is a very expensive place to buy. Make smart moves and consider the locations. Read the reviews about the agent and work with those who are honest and have the time to answer all of your questions.

Awesome! I have seen properties sold for 150k in my area. However, they do not have a pool. These properties has 3 /2. The house I bougth is in the main entrance of the area (in the corner). So if I use your method I will probably walk with 20k. I understand this numbers are not guarantee. I am planning to post the before and after pictures of the house here in BP. Hope you can see it and I can earn at least the two digit profit from this deal. 

Thanks a bunch @Russell Holmes

@Richard Wilson.

Knowledge come with experience. Courses here and there might help you, but I do not recommend them. My humble recommendation is learn as much as you can from this site. look at every free seminar and video out there. The most important thing is do not say how much you are willing to expend to people. Find a realtor or wholesaler who is willing to walk with you the walk of your first investment. Do not give free money that you will need for your business.

@Russell Holmes,

Thank you for your adivise, it is greatly appreciate it. I have been looking at house sold in my areas for the ARV. That really helped me a lot. I will take your advised verify my area to be able to value the house at a fair price for any potential seller. I want honest people in my team.

Based on must comments in the site. Things that add value to the home are bathrooms, and kitchens. A garage to be converted into a room will also add valued, but you have to considered how much money will you expend vs your ARV. Consult with various contractors and a realtor of course in order to determine how much value your current home will acquire after the repairs. Be smart and do not invest in the house, if there is no need.

Good luck

Dedication.