All Forum Posts by: Michael Do

@Kyle Webb Perhaps the laws have changed from last time I looked. They do keep moving this around and its always up to interpretations. Luckily in the state of Oregon, 10 hours course work and a test and proof of insurance and bonds is all you need. You could probably invest about $2k to get your GC license next week if you wanted to. Sounds like it might be good to get depending on how many you do. I personally like the bootstrap method. Try one flip first before you go into getting all the licenses and such. See if it works and if you like it before putting a lot of time to get everything set up long term.

@Kyle Webb As per the CCB requirments. I know they are up to interpretation. My understanding is someone can buy a house with the intent to fix and sell and if they use a licensed contractor for the licensed work. If you go in and need to only do cosmetics you don't need to get a licensed. A few years ago people were doing un-permited work to their own homes because there was a clause that said you can practically do anything to your own home if you live in it. This lost them the money they wanted and caused some safety issues.

Corey,

Depends on the size of the rehab. I am finishing up a couple projects this week and expect payment over the next few. Im working on finding investors.loand to fund rehabs for the future. The right property and deal I could make something work.

I'm game. Love to participate as a General Contractor and newbie flipper in the making.

Just joined the site. Excited to participate. Currently own and operate my own construction and mechanical company in Portland,Or I work for investors now and always looking at my own flip as the right one comes.

I currently had a client doing what you did. She decided to get a pre-inspection to use for herself to spring up any problems before putting on the market. I then came in to correct all those items. I am sure the buyer will use it as a reference, look at my invoicing for work completed and hire their own to be safe. Good luck on the sale

Kyle, As a general contractor in Portland,OR I would wait till you get back. I'm currently doing a couple flips now for investors and both houses are miles from each other and are totally different in approach and finishes. I'd wait till you get back and choose the area you want and price range. If you were going to do anything my preference would be for a real estate license to make it easier to find the deals. Once you have the deal running the project you can do with a GC and you can act as a manager of him. Good luck. Let me know if I can help when you return.

From a contractors point of view we have to deal with a lot of non licensed workers. I would look into reporting your builder into the local contractor board. Unfortunately if you sue them in some areas the judge will fine him but make him complete the work which will go round and round and be pointless. Unfortunately your going to have to bite the bullet and finish the property and you'll know next time to verify a contractor is licensed and bonded in your state. It will be hard to sell as is unless you give it to someone. An investor will know your in a tough situation and have to give you a low price in order to correct everything. Good luck.

As a general contractor in Portland,Or I do a lot of bids based on square foot price. When doing flips and general home remodeling I get the same questions all the time both from serious clients and tire kickers. I've learned to guesstimate projects over the phone to weed out those who think a "simple project" is a few thousand when is really tens of thousands. Here are a few examples I use, you can find these all over to get good ideas: Paint: $1-1.20/sqft laminate Flooring: $2.50/sqft Hardwood Flooring: $5/sqft Drywall Repair: $1/sqft Carpet: $15/sqyd Handyman Hourly Rate: $30-50 Electrician Hourly: $75 Plumber Hourly: $65 Finish Plumbing: Double Material I.e Toilet cost $100 labor:$100 Granite: $50/sqft Windows: $500/window Demo: $1/sqft Trim: $1.50/ft I like to have investors and realtors to email me pictures and scope of work and I give them a rough number in about half an hour. If it's close they then hire me and I will get into more detailed bid and visit the site. Hope this helps. Let me know if you have any questions. Be happy to help from a contractors point of view.

Hi, I am new to the site. I have my first potential deal. I am a General contractor who works for a few flippers venturing on my own now.

House:

Thinking of an offer of $425k

Reno: $75

Comps/ARV: $600k-650

I always thought I would start with a smaller house. How do I find investors in the Portland, OR area that will invest in the purchase, how do I find working capital, and is there a good way to structure the deal to use my company to do all the reno?

Facts: House is probate sold by a family friend. Mortgage paid for so any offer is pure profit for family. They dont want to finance and want to get rid of the house. Already had cash offers for $400k with not mls listing.

Any tips for a newbie?