All Forum Posts by: Marcus Curtis

Now THAT is a sexy bathroom! Great work! 

Now... I have to be "That Guy". Have you considered installing a GFCI for the outlet above the sink?

There seems to be a lack of transparency from the seller. Of the city has no record of permits and your concern is workmanship you should (as always) have an inspection performed on the property in advance of closing. Specifically, as there were structural repairs/improvements, I would be sure that there is also a structural review of the footings, sills and beams. Buying, selling and renting real estate is all about transparency in both sides. Make it be known to the seller that this is something you feel they are lacking.

Originally posted by @Jeremy Tillotson:

@Richard Warner I had a large contracting company at one point, (before doing full time investing) we had 3 large accounts and echo everything@Marcus Curtis says. Also if you plan to invest in RE, you must sign a statement that you have no affiliation with an REO or P&P company for the last 24 months. At least that's the way it is here. I am glad to have been out of that business for much longer. It is not uncommon for the contractor to be used as the bank for the bank. You may have have 30-50k in receivables at any time, and they use this as leverage to get you to reduce pricing on monies owed. Now if you do it outside of HUD and for landlords you may find a business, but I think its more of a job you create for yourself more than a business. Just my .02 cents.

 Very well put!

Hi @Richard Warner 

Fresh out of high school and going into college in late 2008 I started a small "Handyman" business to earn some money to make bad decisions on the weekends. Soon, that small one kid shop grew into a full service asset management and property preservation business performing trash-outs, winterizations, board-ups, and full fledged construction/remodeling. I entered the industry at the perfect time just as the 2008 housing crash hit bringing me and my team of six guys unlimited work throughout my state. 

The reason I got out of the business is because it is cut-throat and the deception was unheard of. I worked directly with national lending institutions and their asset management departments. You think you have a reason not to trust your bank because of their "hidden fees"? Try working for them. I still have accounts in collections for these banks to this date that I have not gotten paid on. 

They pay is good but it is slow. If you are going into the business you will need the ability to float expenses for months. Some advice to you if you choose this route is read up on HUD Guidelines, code compliance and, of course, real estate. The reason I was trusted with such large amounts of work at such a young age and no reputation was because I knew what increased the value of their assets and what did not. I knew where the "budget" was best allocated. You will not get enough work if you are just doing trashouts. These guys like one-stop-shops where they simply send you a list and you get it done.

Lastly, as with everything, you need a CYA Policy. Document everything! Photographs, files and letters!

...People who's profile picture is of their cat or dog...like @Joel A. 

....... or when their profile picture gives them some sort of resemblance of a saintly angel descending from the heavens... Like @Joshua Dorkin 

... ORRR when a they use a beautiful blonde model to further exemplify their macho stature... Like @Jay Hinrichs 

I am just glad you started this topic,Joel... it is great to have a place to voice what is really on our minds. Also, you have reminded me that I need to update the photo of my ugly mug. Making an appointment with the photographer tomorrow.

Hello All, Looking for some input on a company/website name. I have done a couple wholesale deals as a "hobby" just helping some friends out of tough situations but have decided to jump into wholesaling full time outside of my 9-5. Looking at some business branding and website options right now. My question is would you use the word "House" or "Home"? Example: www.abcHOMEbuyers. com or www.abcHOUSEbuyers. com The word Home may bring an emotional response due to the idea of "no place like home". The word House may be more nutural. Another thought, I am simply overthinking this one. If they are truly motivated sellers-which we will be targeting- they will not give a hoot about either. So, marketing geniuses, what are your thoughts?

@Tom Henderson great to see others in Minneapolis. Sounds like your portfolio is in a great area- uptown and Nordeast are hot right now. I manage several properties in uptown off Bryant, Garlfield and Colfax.

I am in agreement with you on the items you listed above (i.e. fire pit, pet friendly, green space). In regards to whether to use coin operator machines or not you should consider giving BDS Laundry Systems a call. We use them at several sites. In the short of it, laundry isn't a cash cow for most properties especially in the uptown area. Many transient tenants can go home to mom and dad's in the burbs on the weekend to do their laundry. For smaller sites such as quads, having a electronic laundry system setup would be more for ease of management. You lease the machines and the vendor services them. 

Something to consider and to add to your list of desirability is in unit laundry. Admittedly hard in these older constructions it is one of the top five things renters in the Twin Cities and nationwide are looking for. Even better, if you can by chance submeter your water it is an even bigger win for you. 

Also, something allot of people overlook in these older buildings, if you have hardwood below the carpet get it refinished. This can easily add $80-100 in monthly rent. Feel free to message me for a referral for a good floor re-finisher. 

If you have not yet got the chance to you might consider getting involved with Minnesota Multihousing Association. They have great content and have monthly events helping us all understand what new construction developments are implementing and how old bones are getting renewed to capitalize on new renter demographics.

Contact a local cabinet maker. We install solid maple cabinets in most of our units. The average kitchen comes out to around $1,400 in cabinetry versus $800 from the box store. The difference, solid wood, quality hardware, and durable finishes. Cabinets are an improvement that you should be expecting to get 15-25 years life out of... Laminates, particle boards and cheap hardware do not stand up to the time test. Don't be cheap. Do it right the first time, set it and forget it.

You are clearly in the right here. I hope you have written lease policy stating no pets. You need to have your attorney take the reigns on this one if it goes any further. Next thing you know they will file a complaint with HUD for discrimination and you will have all the ADA backers breathing down your neck. Documentation is key!

This situation is like a fish riding a bike. It makes no sense! Anytime a tenant cries wolf in saying they will call an attorney over some pathetic thing such as iron in the water it is a waste of your managers time, a liability for your property and all around just a pain in the arse. I may ruffle a few feather with this blunt statement but get rid of them. Getting them out now is cheaper than spending $5,000 on legal aid and attorney fees six months from now when their water goes wrongs again.