All Forum Posts by: Martin Zawarski

asking price $325,000. You need to get at least $3,250 a month rent to start. Some people shoot for more than 1%. I shoot for 1% after I fix up the home and I tend to go overboard with my fixes. I try to make my buy and holds special by adding granite, tile, hardwood, stainless appliances, new HVAC, and trim such as crown mldg and a three tone paint.(ceiling flat white,walls flat tan, trim semi white) But after I do all that I need my 1%. I just bought a house that needs nothing and is in move in condition and I am still putting $12,000 into it and I am leaving the kitchen go with its vintage 1964 flush pine cabinets and Formica tops.

What will the fix ups be on this investment. Every property need something, even the good ones!

quick tip-----first investment and you are having issues with down money. I would buy an inexpensive detached single. Remember sometimes it is best to get something that is beat up. There is never a question if the kitchen or bath should be gutted. I am doing a flip where the home was built in 1988 and I left the original oak cabinets in and added granite and tile backsplash. I debate with myself that I should have taken the cabinets out. But that wreck and junk and dirty and dank place----guess what. That is the smell of money! The junkier, dirtier,dankier the place is the more is smells of the green stuff. If your numbers are good on the house you should easily be able to get funds for start up.

I would go ahead with that layout with the refrigerator cabinet. Add inexpensive granite tops. It seems that there is approximately 10-11 lineal feet of countertops of 22 sf of granite at $33/sf plus under mount sink. You can have granite tops for under $700, Formica would be about 325. Now have fun and do your own tile backsplash, with discounted discontinued tile from hd or lowes for 4/sf. The tile backsplash is typically 18" high x 14 lineal feet is 21 sf of backsplash or $85. And you have a gourmet kitchen. I love doing my own tile. Back splashes are fun and easy.

Originally posted by @Jean Bolger:
@Martin Zawarski

- Exactly! My sister moved to the town I mentioned in my post (the one that has individual garbage pickup). She was appalled by the inefficiency of it and tried to organize folks to support municipal pickup. But no. It seems that municipal garbage services would be intrusive big government at its worst; the thin end of a socialist wedge that would deprive the citizens of their right to choose which noisy truck lumbered up to their house on a weekly basis ;

• These trucks get 2 mpg
• A single hauler need 5 trucks full time to replace 35 independent haulers
• These are the biggest and heaviest trucks in neighborhoods
• Probably there are 10 garbage trip per week on any given street versus 1
• These mom and pop trucks are the dirtiest polluters
• Garbage goes out on your block just one day a week. How many of you are awaken by the 6:00 pickup everyday.

I have a 68, 23, 18, 18, and an 8 unit complex. One of my biggest gripes is trash pickup and the fee for that. Being a hands on landlord, I check the dumpsters regularly and what do I find. Almost everything. After one weekend I found three dumpsters at one community filled with old pressure treated material. These people didn't just fill one, but three of my dumpsters. Now at this apartment community, their rear patios are concrete, not pressure treated. What is happening is everyone and their cousin use my dumpsters like its theirs.

Recently I ran for commissioner of my municipality and won. One of my BIG issues is having a single hauler system. Right now in our small municipality we have 35 independent haulers, each driving up and down the streets every day of the week. It is up to the homeowner to make arrangements for trash pickup. And it costs 25-40 a month. So what do people do with excess trash or clean outs of the garage, homes, basements, yards, They take it to my apartment complex and use my bins.

But there have been public meetings about this issue and certain people show up and scream bloody murder that by going to a single hauler all the mom and pop businesses will go out of business and the big corporate accounts will thrive. In an adjoining municipality five trucks handle the entire job. think about the savings in $$$$$ and roads.

But I bet you have a system of independent haulers so your apartments are the regional dumping ground. What to do about it. Lock and key on the trash, a camera, or single hauler system.

I have a settlement coming up on an agreement signed in July. I have given them several extensions to march 31. I am sure there will be more. Who knows when it will settle.

So true about the bird. Sign them up. Have firm costs for allowances and move onto the next deal. Don't focus on what might occur.

You are one lucky dude. To have a GF like this who supports your dreams to get into this business. I just structured a deal and getting my son ( a lawyer ) to go in 50/50. And I get free labor from his wife who will remove wallpaper and paint. This house doesn't need much either, just a refresh.

I don't know if I would use any of the three. I understand this is your first flip. I would try to use this situation into a long term relationship that is beneficial to you on not just this one deal. You need someone in your corner to help you with your next and your next and your next deal in both BUYING and SELLING. Find someone hungry who wants to form that kind of relationship. Post something on CRAIGSLIST that you are seeking a realtor to represent you in multiple deals and that you are an active investor. Get some resumes and then interview them and see how you click. forget the 1% OR 2% OR 3%. How can you parlay this opportunity to help you out in the long run??? They will make you more than the 1% savings many times over.

I own two condominiums with two partners I have that we have owned for 30 years. The property is paid off and almost depreciated fully. It will generate $300,000 for the 2. So I will get $100,000. I don't want to do a 1031 because it is fully depreciated.

At times I think the asset should not be sold, but with partners, there are some things you cannot control. Bit with the $100,000 I will get, I could invest that buying 4-5 homes putting down $20-25,000 down for each and make on average $400 per home. I get upside on appreciation on 4-5 units. I believe I am in a better position, but I am sentimental. This is a home in a community I built. I designed them. This is a two bedroom condo built in 1985 and is really a 55+ type of unit. I built these when I was out of college a couple years and back then I didn't have a clue what a 55+ community was. But that is whom bought the units. My first 55+ was a 16 unit community, then I did a 40 unit community just like it then I did a 136 unit and then a 80 and finally a 32. All the same from 1985 to 1993. Dang, I miss those days.

But tell me your thought. The partnership is being desolved and I am reinvesting. I guess that is life.